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Gifted Mortgage where the property is subject to an IVA
phirst007
Posts: 1 Newbie
Hi,
My new partner and I are looking at the possibility of buying the house she lives in with her children, the mortgage is in her ex husbands name and he has an IVA which he needs to settle very soon, so he's happy for us to buy the house using a gifted mortgage the gift part being my partners financial settlement from the divorce.
however I'm getting mixed information on if this is possible or not, some people are saying that because the house is subject to an IVA that the creditors will insist that the property sells for full market value and nothing less, others are saying as long as you get it in writing and the creditors get what they are owed (around 12k) then they'll be happy.
Does anyone have any knowledge of this?
Thanks
My new partner and I are looking at the possibility of buying the house she lives in with her children, the mortgage is in her ex husbands name and he has an IVA which he needs to settle very soon, so he's happy for us to buy the house using a gifted mortgage the gift part being my partners financial settlement from the divorce.
however I'm getting mixed information on if this is possible or not, some people are saying that because the house is subject to an IVA that the creditors will insist that the property sells for full market value and nothing less, others are saying as long as you get it in writing and the creditors get what they are owed (around 12k) then they'll be happy.
Does anyone have any knowledge of this?
Thanks
0
Comments
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Have a look at this, it may help - http://www.stepchange.org/Debtinformationandadvice/Debtsolutions/Individualvoluntaryarrangement.aspxI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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