Joint Mortgage and sole IVA: Can i get another mortgage?

jlee1

Hi first time posting on here...hope you can help?
I went into an IVA in January 2010 and obviously I am aware that I can have no credit for 5 years so 2015, but my husband has recently queried as our 2 year tracker mortgage finishes at the end of this year...he is convinced we will have to sell our family home as i won't be eligible for another mortgage...what can i do as i feel this would tear us apart?:(

Charco_2

You can continue with the mortgage you've got

You can look at a mortgage product that would mean only your husband's name was on the loan.

You CAN find a new product that will include you both!

jlee1

Thanks.
So you're saying when our current mortgage deal finishes in November we can continue with Santander on another deal....does having an IVA affect the rate you are offered.
Surely if mortgage was taken over in just my husbands name we couldn't have as big a mortgage...presently at 270k so he won't earn enough to cover that.
Jlee1

lookingforthelight

Hi,

Just thought I'd pipe up with my thoughts.

As I understand it when your fixed rate deal ends your mortgage will automatically move onto the standard variable rate.
Your options then are to stay on the SVR or try to move to another product with the same lender. I wouldn't think they would lend you any additional monies and you may not get the best deal available, (but still may be better than their SVR).

Moving to a different lender altogether may be possible but probably difficult.

Charco_2

As above, when your deal ends, it doesn't mean you no-longer have a mortgage, you're just outside the best deals. So you can simply continue with Santander on their SVR or ask what kind of deals they can come up with for you - they will almost certainly definitely take advantage of you for the rate ("I'm sorry, you're a risk for us, we wouldn't be sure you could pay back your borrowings at 3.94% so we're going to charge you 5.4%..." see how it makes sense!?)

It is not impossible (difficult yes, impossible no) to find other lenders though so do shop around to see what is available. You wont simply have to accept what Santander give you/take from you!

Probably right about the affordability of it for being in your husband's name only at those figures. On the other hand, i do know some couples who weren't able to get mortgages together but Mr was able to get the mortgage on his own STRANGE! Anyway though in your circumstances if there was equity you would have to address it there and then for your creditors too. (It was more of a general suggestion rather than specific to you)