IVA question

MiaowMiaow

My partner has an IVA which will be paid off in 2 years

If he was to have his name on my mortgage would they be able to take money from me?
and likewise if we married would they take money from me?

I have no equity in my mortgage and have debt myself.

I am doing some research but just hoping someone may know or have experience with this

Many Thanks

FiatFan_2

Were you a couple at the start of the iva and did they take your income into account in the iva? Chances are they wouldn't take money off you.

I think that if you added his name to the mortgage then the ip would try an equity release in the 54th month.

Just my thoughts on it

UpToMyNeckInIt

Hi MiaowMiaow,

Whilst I appreciate that his IVA is his alone and not an interlocking arrangement with you, if I were in your shoes, I wouldn't risk putting your partner's name on the mortgage. As FiatFan says, there is a risk that your house then becomes a joint asset, and the equity release clause may then apply.

I appreciate you claim lack of equity, but aparently house prices are on the up again, so just what the situation will be in Month 54 is anyone's guess. In short, it's a risk (a small one though).

Best to check with his IP for a definitive answer.

Foxy-Stoat_3

Not a just case of adding his name to the mortgage.

Your mortgage company would have to do a new joint mortgage transferring the equity/neg equity into both your names and credit scoring the pair of you together which is highly unlikely as he is still in an IVA...also you would probably need at least 25% cash deposit to achieve this which I assume you don't have as you have no equity. You would need to pay the mortgage fees and stamp duty if applicable and the legal fees.....you sure you NEED his name on the mortgage???

Also, the IP would need to agree to your partner taking on additional borrowing which isn't normally allowed.

Best to wait until the IVA is finished.

MiaowMiaow

Many Thanks for the replies.
I don't need to add him to the mortgage and he certainly does not want me to.
We are engaged and I just wondering if we should wait till the IVA is finished before we get married in case they then take money from me which I certainly can't afford!
Thanks

MiaowMiaow

Fiatfan - we were not together at the start of his IVA
thanks

rabbit_burrow

Just remember that as soon as you apply for a joint financial product (mortgage, loan, bank account, etc), you become 'associated' on your credit report. So anything adverse on his can reflect on you, and vice versa.

I have searches on my report from when my husband has applied for things without my knowledge, and also when he had BT installed. These were not joint applications, but because we are financially 'linked' on our individual reports, anything he does can also mean a check on mine.

Just be aware of that before tying finances together.