Mortgage with my brother but I'm on an IVA

phil190885

Hi, I was wondering if anyone could help me at all.

I have a mortgage 50/50 with my brother. I got into financial troubles last year and went on to an IVA. I was told at the time it wouldn't affect my brother at all.

Recently he applied for a loan and was turned down. They suggested its due to him having financial ties to someone on an IVA. Obviously we have the mortgage together and have a joint bank account (which we no longer use) so I will get this closed.

Is there anything else that we can do and does anyone else have any experience of this?

As we're only brothers and my debts etc have nothing to do with him I think its very unfair that this goes against him.


Thanks in advance
Phil

nellynottm

Hi

The best thing to do is make sure all joint accounts that can be closed down, are closed down. Which will just leave the joint mortgage.

You will then need to write to each of the Credit Reference Agencies and explain that you would like to be financially disassociated from your brother. Explain that you are aware that you have a joint mortgage together but that this is your only financial connection. The agencies should be able to separate your financial associations based on this. If they cant, then at the very least they will be able to apply a note to your credit report explaining your situation which lenders will be able to see when they do a credit check on you and/ or your brother.

I hope this helps.

Anondebtadvisor

If you have a joint mortgage you will have a financial assosiation with your brother and your credit rating will affect your brothers.

If you have a joint mortgage which is still running you cannot disassosiate yourself from your brother i am afraid