My partner and I would like to buy a house

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tiffany
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by tiffany » Wed Aug 23, 2017 6:28 pm
Hi,

My partner and I would like to buy a house. I'm in an IVA, he isn't. I'm only a year in yet so still a long way to go.

We will have a relatively decent deposit, about ten to fifteen percent, (acquired by him) but we are unsure how to go about applying for a mortgage: should he apply alone? Should we apply jointly? Should he apply alone and use a deed of trust to include my income in the application, to enable him/us to get a bigger mortgage?

I keep reading conflicting things about my ability to get a mortgage whilst in an IVA so any advice would be much appreciated!

Thanks
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Foggy
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by Foggy » Wed Aug 23, 2017 6:39 pm
In a nutshell you will not be able to get a mortgage for another 5 years and a lender would not allow you to be joined into one for income purposes. Additionally, if you acquire any interest in a property the creditors would want a share of your equity, if any, towards the end of your IVA.

You cannot take on further credit nor should you join your partner financially -- the first is not allowed by your IVA and the second would taint his credit score by association.
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Ryan
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by Ryan » Thu Aug 24, 2017 8:42 am
Hi Tiffany,

With that percentage deposit you could only take the Mortgage out in just your husbands name and therefore only his income can be taken into account for the Mortgage. Feel free to contact us if you require any further information though.


Regards
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Ryan
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by Ryan » Thu Aug 24, 2017 8:43 am
Sorry I meant your partners name.
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Lisa Thomas
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by Lisa Thomas » Thu Aug 24, 2017 8:50 am
Sorry Tiffany but as the others state, unless things change, you will be stuck for 5 more years at least.
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