Other half’s parents help!

[Scott9090]

Hello,

First post so sorry if it’s a tad long.

Split up my my ex in March 2018, had a large amount of debt. Got a IVA in June 2018.

I’m with someone else now, who lives with their parents. There looking to downsize their property and have offered to give us X amount of money for a deposit on a help to buy scheme (money won’t be given for renting etc).
They don’t know about my IVA (partner does though).

Is there anything that can be done in helping us get a property?

Thanks
Scott

[Foggy]

I believe Ryan, a whole of market broker with experience in IVAs, has a contact that can assist Help to Buys .... but I am not sure if this could, or indeed, should , be done in an IVA if you are intending to be joint owners.

If you become an owner there will then be a requirement to either extend the IVA by a year or attempt to release equity if there is over £5k. It could also be argued that 50% of the deposit monies donated by the parents is yours and could be grabbed as a windfall by the IVA !

The solution, if your partner can afford it, would be for him to buy a property in his sole name and ownership.