Hi there and thank you in advance for your help.
I have 18 months left on my IVA, however my mum needs more care and so I need her to move in with me.
She has capital to put up for around 1/3 of the propert but I would need a mortgage for the rest.
I can afford the mortgage as I have a very secure job and the mortgage would be less than my current rent. My mum may be able to lend me the money to pay the IVA off but doing some reading suggests this may not help.
What are my options please? I have to move now as who knows where she'll be in 18 months!
Chances are at the moment that you will not be able to get a mortgage. Can you think of renting a larger property? Your mum could act as guarantor and possibly pay for a rental deposit. Private rentals are normal better ones to go through.
Sharing from experiences of dealing with debt
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Assuming your IP agreed and then that you could actually secure a mortgage you will be introducing equity release complications and would have to be very specific about ownership shares in the deeds.
Paying the IVA off with a full and final, before purchasing, would remove a potentially disasterous situation with equity release and free you to concentrate on obtaining a mortgage, which would be easier with the IVA cleared, although still on record. I would suggest a chat with Ryan or Shaun regarding the possibilities. They are both brokers with great knowledge and experience of adverse credit. Their details can be found on their profila pages here:
Easier option is to rent somewhere big enough and get your mum to act as guarantor and out deposit down
Chat to Ryan and or Shaun but I think it will be quite difficult to get through the list of challenges you are faced with for home ownership, as well get around the equity issue right now.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
From a healthcare professional point of view have a read into funding care etc before accessing your mums funds to pay for a house. If you are selling any of her assets includinga house to fund this and she then needs togo into a care home in the next few years it may be this house couls be required to fund her care. Its bit complicated but from a care point of view so have a read up on the Age Uk site about funding care ans doing this.
You mention who knkws where she couls be in 18 months-it could be you find yourself homeless if the property paid for by sale of her current home is seized for her ongoing care.
Juat a word of warninb to be aware of before commiting to anything.
It might be you are aware of these clauses and have other plans in place. So apologies if its irrelevant. Take care.
