Wife looking to get mortgage

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p138

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Post by p138 » Wed Feb 24, 2021 4:37 pm
I have an IVA which isn’t attached to my wife but I submit a joint income & outgoings statement each year. My wife is looking to get a mortgage, will this cause an issue if mortgage payments are greater than our current rent payments?

Foggy

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Post by Foggy » Wed Feb 24, 2021 6:07 pm
In most cases the income of the solvent partner is only used to calculate her pro-rata share of household expenses, so you are only allowed your share in your IVA. What she spends her money on is her business, not the business of your IP.

At the moment you are allowed a proportion of the rent payments against your income (or should be) - If the mortgage payments are higher I would imagine that they will still only allow you the same amount, rather than increase your expense allowance in this regard.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Shaun Vickery

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Post by Shaun Vickery » Thu Feb 25, 2021 10:59 am
Just also be aware that many mortgage lenders normally require mortgage applications in the name of married applicants to be made jointly. With your present IVA that may cause an issue. This should be checked before she makes an application to avoid unnecessary credit searches being recorded on her credit file.
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Ryan

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Post by Ryan » Fri Feb 26, 2021 5:54 am
We have just helped a number of clients is this same position, you just need to find the right lender to consider this.
The IP would not know you. Your current interest rate could of just increased!
Ryan Radford
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Foggy

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Post by Foggy » Fri Feb 26, 2021 8:18 am
Fri Feb 26, 2021 5:54 amRyan wrote:
We have just helped a number of clients is this same position, you just need to find the right lender to consider this.
The IP would not know you. Your current interest rate could of just increased!
OP currently rents --- IP would want evidence of an "increase" at review.
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

Ryan

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Post by Ryan » Fri Feb 26, 2021 2:45 pm
Hi foggy
Evidence is shown by a bank statement, they do not ask for mortgage letters, copies of offers etc.
The other side to this, is it is actually nothing to do with the IP what amount your wife pays out for her mortgage and they have no say if she wants to increase it!
All they can do is assess inc & exp and agree affordable monthly payment at review for the person in the IVA.
P138, you will be fine
Ryan Radford
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Zebra Money Centre

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Contact me at http://www.ivamortgageexpert.co.uk or via the expert page
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