Moving in with my partner - will my IVA affect her?

thinkpositive1

Ok I need to talk to my IP about this. I don't get the logic of what is being said here in terms of how the mortgage lender and IVA plan consideres the calculations.

I don't want to get into too much detail here about numbers but I am advised my house would easily generate £600 a month rental income. This is half of my mortgage payment. Council tax and utility bills for my house is around £280 a month. Therefore I will be almost £900 a month better off in trems of new income and money saved.

Then if I look at costs I will contribute to my partner's house (we are roughly on similar incomes - her's is usually slightly more and mine varies (self employed) ....so taking Millie's advice through my revised IVA I would need to pay approx 40% of the new household costs (her mortgage and utility bills etc.). There is no way that will be more than the £900 a month I have "gained".

So I will be financially better off than I am living in my own home and would therefore be able to increase my IVA payment a little and should have a bit left over.

Isn't that a good thing both in terms of the IVA - I will be able to pay a bit more to creditors for the final 3 years of my IVA and in terms of the mortgage lender as I will be in more robust financial position to keep on top of the m/g payments with a more steady income coming in (rent)?

I do not understand why this triggers a problem?!

If all the calculations were to result in me having LESS money and thereby putting my ability to sustain IVA payments in jeopardy then I would totally understand it being a problem. However, personally, I will have more disposable money each month and the IVA could be increased.

Isn't that a good thing?

milliemonster

The issue aswell is what happens if you have a period of time with no rental income? how will you be able to afford to pay your mortgage and towards your partners costs?

I still don't think you will gain consent to let when the rental income will only cover half your mortgage payments

thinkpositive1

milliemonster wrote: »

The issue aswell is what happens if you have a period of time with no rental income? how will you be able to afford to pay your mortgage and towards your partners costs?

I still don't think you will gain consent to let when the rental income will only cover half your mortgage payments

Simple - my partner knows I will pay what I can. If I have no rent one month, then I won't be able to pay her or pay her much. Lettings agent have said in my area and type of house I should have no problem letting - very high demand. They reckon on forecast of 10 in every 12 months to get rent - divide across 12 months etc. They will actively promote and manage it.

I really struggle to "get" why any of this would cause a problem. Things are better for me, my partner, my mortgage lender and my IVA creditors. It should be simple to see the benefits all round????

milliemonster

Then all I can suggest is you speak to your IP and see what they say?

thinkpositive1

milliemonster wrote: »

Then all I can suggest is you speak to your IP and see what they say?

Thanks Millie, about to check this out with IP.