Taking over mortgage while in an IVA

leanne6539

Hello there, i am hoping you will be able to give me some advice. Im in a joint IVA with my now ex partner and am living in the house we have a joint mortgage on with my three year old. I have advised the IVA company of the separation and i must say they have been very understanding, we have kept it in joint names and submitted an I&E to reflect the fact we are living apart. Recently the amicable split has turned nasty and he is telling me he wants everything split and is cutting down on the money he was providing for my daughter (he was paying £50 per week). I am now going to have to go back to the IVA company and advice this which i am not very happy about as i have done all the paperwork for the review and will no doubt have to do more work. I wont go on about how i have two jobs and he gets to go out drinking three times a week - but i am concerned about the house which i want to keep and the mortgage. He did agree that I could keep the house but i have not had this formalised by taking his name off the mortgage - will i be able to do that as my credit rating is obviously shot with being in the IVA?? I just want this sorted incase this nastyness continues and he tries to make me move out. Also, would i be able to keep the house if i were to go bankrupt? There is no equity in the property. Greatful for any advice please!!

beecher2

If there's no equity in the house and your credit is shot, then I think it is unlikely that you'll be allowed to take on the mortgage alone. What's the amount outstanding on the mortage, and what's your salary?

leanne6539

beecher2 wrote: »

If there's no equity in the house and your credit is shot, then I think it is unlikely that you'll be allowed to take on the mortgage alone. What's the amount outstanding on the mortage, and what's your salary?

Hi, there is £108,000 left on mortgage, house was valued at £109,000. In total my earnings would be £26,000. Ive been on various online mortgage calculators and top end estimates would be £112000 but Im guessing thats for people with good credit ratings :-( If its not possible to take over the mortgage on my own, where do i stand with the house and mortgage company since i have been paying the mortgage on my own for the last 6 months! Im scared to call them up incase i set alarm bells ringing at Abbey!! thanks

Conrad

Leanne you will not be able to take the mortgage in your name alone and you will not be able to get any kind of mortgage in the near future until your IVA is cleared and all debts are paid on time in full over a period of years.

ALL mortgage money comes from investors. Those investors don not want any risk at the moment, apart from a handful of small very high charging lendrs who would consider you if you had about 40% equity but the rates are so high as to be unaffordable.

You either stay as you are for several years or you sell up and rent.

Hope it all works out for you.

leanne6539

Conrad wrote: »

Leanne you will not be able to take the mortgage in your name alone and you will not be able to get any kind of mortgage in the near future until your IVA is cleared and all debts are paid on time in full over a period of years.

ALL mortgage money comes from investors. Those investors don not want any risk at the moment, apart from a handful of small very high charging lendrs who would consider you if you had about 40% equity but the rates are so high as to be unaffordable.

You either stay as you are for several years or you sell up and rent.

Hope it all works out for you.

Thanks for the advice!! Looks like im stuffed then!