loan on mortgage BUT have co-ownership and an IVA(which is finished soon)

irish.baby

Hi,

I could really do with some help, i'm looking to get a loan on my mortgage to do some repairs and extension on my house (i.e desperately need a new roof and a damp course) but can't afford to do it without a loan. I was looking into getting a loan on my mortgage when my IVA ends (Jan) as i have never missed a mortgage payment or had trouble paying it. BUT when i went for a loan on the house when i first bought it (13 years ago) i got told no because my house is also on co-ownership (NI's version of shared ownership). Has this changed or will i be able to get a loan on the mortgage if i move to a different provider (from Halifax)????

please help, would be grateful for any advice

thank you
irish.baby

kingstreet

It will depend on the loan to value of the mortgage on your share. If you have sufficient equity, possibly.

The IVA issue will depend on what adverse credit information remains on your credit file after the IVA is completed. If there are still defaults showing, it's unlikely you'll be accepted.

I suggest you obtain copies of your credit file from all three CRAs to see exactly what is on there. The £2 paper copies are fine. Don't pay good money for meaningless credit scores.

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/gb_consumerletter.ehtml

Experian

https://secure.wiseconsumer.uk.experian.com/wiseconsumer/secure_index.html?data=00

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=register_display&tpl=regPurchase