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Question about IVA and mortgage
Hi
I am in the process of setting up an IVA, it's at the creditors meeting stage so not fully done yet. The question I have is around my mortgage. It's joint with my partner but the IVA is just in my name as it's my debts.
The mortgage is for a 1 bedroom flat which we bought in 2007 and is currently in negative equity so unable to sell even before entering into the IVA. We have a 2 year old daughter so currently sleeping on a fold out bed in the living room which is not ideal. As the IVA is for 5 years I really don't want to still be living there when she is 7!! Would it be better to change the mortgage into my partners name only so that we might have a better chance of getting another mortgage at some point to move? He is self employed though so not sure how easy that would be to get another mortgage. He wasn't when we first got it. Just not sure what to do about trying to move. Renting our flat to rent somewhere else is tricky as if we didn't have a tenant at any point we couldn't afford mortgage and rent and not even sure we could rent due to having the IVA. Any advice would be appreciated. Thanks in advance
I am in the process of setting up an IVA, it's at the creditors meeting stage so not fully done yet. The question I have is around my mortgage. It's joint with my partner but the IVA is just in my name as it's my debts.
The mortgage is for a 1 bedroom flat which we bought in 2007 and is currently in negative equity so unable to sell even before entering into the IVA. We have a 2 year old daughter so currently sleeping on a fold out bed in the living room which is not ideal. As the IVA is for 5 years I really don't want to still be living there when she is 7!! Would it be better to change the mortgage into my partners name only so that we might have a better chance of getting another mortgage at some point to move? He is self employed though so not sure how easy that would be to get another mortgage. He wasn't when we first got it. Just not sure what to do about trying to move. Renting our flat to rent somewhere else is tricky as if we didn't have a tenant at any point we couldn't afford mortgage and rent and not even sure we could rent due to having the IVA. Any advice would be appreciated. Thanks in advance
0
Comments
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oh why have you agreed to an IVA without working out this crucial part????
How much unsecured debt do you have? How large is the negative equity on your flat?
If your partner is self employed, then there is little chance the lender will agree to moving the mortgage into his name only.0
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