OK so I am nearly half way through my IVA and it is in my own name my husband is not included. When the IVA finishes we will want to re-mortgage or move home. If my husband who has a good credit history applies for a mortgage in his name only will this be possible do you think? He would be able to afford a mortgage on his own as he has a high salary now but I just worry as he is financially connected to me at the moment as we are both named on our mortgage currently if that makes sense. Thank you.
It could be financially possible, however, many lenders do not like to do this whilst you still reside in the property, as you could still have a claim to title whilst not contributing to their security.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
If you are financially connected, your iva, will impact on his ability to gain finance / new mortgage therefore it may be prudent to wait until your iva 6th anniversary is here and gone and your record is cleared.
You would then both be in a position to be on the mortgage again - is there another reason why you don't want to be on the mortgage?
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In all likelihood, lenders' criteria will have changed by the time your IVA concludes and therefore what's available now is likely to have changed. At present, lenders are generally not keen to leave married applicants or present co-owners to be removed from a mortgage simply due to previous credit issues for one of them. Those who may consider an application are likely to charge a higher rate of interest which may defeat the object of the exercise. I'd suggest having another look nearer the time.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.