Will my IVA affect my partners mortgage application??????

hendrix1

Hi can anyone shed some light i am so anxious that my partners mortgage application will be reject by the underwriters due to my previous poor credit ratings. The short version is, we have been offered to purchase the house we live in and only need to borrow max of 30% of the value on a mortgage. I opted to stay off the application completely due to the fact that i am in the middle of a fairly complicated divorce and just finishing/finished paying a joint IVA with my soon-to-be ex-husband. My partner is going ahead with a single application he has a perfect credit rating and his bank was more than happy to accept unfortunately i have been bombarded by the underwriters via the bank with questions of why i am not on the application and wanting to know my income and situation. I am so worried his application will be refused even though i am not on the mortgage _pale_

Anondebtadvisor

If you have any joint accounts you may find that you have a financial assosiation to each other, have you credit checked yourself?

If you have no joint account i shouldnt imagine there to be a problem

Good Luck

hendrix1

Thank you for the reassurance. We have no joint anything financially mainly due to my messy(ish) divorce we have purposely kept it separate. It just worried me as they keep asking why i am not on the application and wanted my income and dependents details. This is an opportunity to purchase a great home in a current climate when many are struggling to get onto the property ladder at all Thank you again

holly_hobby

Your partner will have to declare all (non-mortgagor) residents post completion whom will be over the age of 17, of which of course you shall be one. So this shall have to be declared - which if you already live together, is where the lenders persistent questioning re residency is being driven from - as they have an idea you will be moving in with him, which is why they delving deeper with personal details.

Having declared residency, the lender will require you to sign "a consent to vacate" disclaimer (which is common in all such situations), this is in respect of vacant possessionary rights of the lender, should the mge fall into default - and completely standard practice, so don't worry, its not personal.

As I say, if you are to live there post completion with your partner, you need to disclose it as part of the application process, otherwise they may reject for deliberate concealment, if they feel that the situation is any thing other than him moving in on his own.

Hope this helps

Holly