IVA completed advice

STU79WBA

Hi everyone.

My name is Stuart and could really do with some advice, its a bit complicated and i don't know which information to start with so i'll try and explain it as best i can.

I have recently completed an IVA and have received my certificate of completion.

Me and my ex-wife separated 6.5 years ago (officially divorced 3 years ago) and when we separated she moved out and i continued to live in the house on my own.

The house is mortgaged through Leeds Building Society, its a 50% shared ownership mortgage with Midland Heart being the housing association who own the other 50%. We took the mortgage out together 11 years ago. The mortgage is still in both of our names because due to me being in the IVA at the time we separated our mortgage company would not consider me having the mortgage in just my name, which i understood.

My ex-wife and I still have a good relationship, and she was happy to leave her name on the mortgage until after the IVA was completed and was and still is willing to transfer the mortgage/house over to me without any complications or conditions etc.

So for the last 6+ years i have been living in the house on my own paying for everything including the IVA payments without any problems, and everything except the mortgage is in just my name of course.

So now the IVA has completed which is great and its fantastic to be debt free for the first time in many years. I expected to have to wait a while before getting the mortgage transferred over to just my name as i of course will need to build my credit rating back up. But when i contacted Leeds Building Society for some advice they advised they wouldn't consider putting the mortgage in just my name until 6 years after the IVA completed. I was devastated.

I do have a good relationship with my ex-wife but with all the good will in the world i don't think she'd be happy with her name still on a mortgage of a house which she would have moved out of 12 years ago by the time i'd be able to take her name off of it. Plus i want it just in my name as soon as i can of course.

I really don't want to have to sell the house, as the whole point of me going through the IVA was so i could stay on the property ladder, as opposed to selling the house and taking the bankruptcy route.

Affordably wise there is no problem, I can afford the bills and the mortgage all on my own comfortably. I have been doing that for the last 6+ years anyway and all whilst also paying an additional £250 a month IVA payment which i thankfully no longer have to pay.

I would really appreciate any advice regarding my options, if there are any, other than selling up.

Thank you so much in advance.

Stu

ACG

I think the major issue is that it is shared ownership. There are not many lenders who do shared ownership and those that do, typically will not look at bankruptcy until 6 years discharged. There may be 1 or 2 who would look to do it after 3 years discharged but thats still 3 years off.

Are you in a position to but the full 100%? That may open up a few more options for you.

kingstreet

I can think of lenders on the high street who will lend six years from the date the IVA was registered, not finished/discharged etc.

They also do shared ownership, subject to LTV etc.

Broker job tom uncover the appropriate options.

Elfbert

My partner finished his IVA a while ago, and he is now jointly on a mortgage with me on an SO property.

We used Nationwide, and they were interested in when his IVA started, not the end date.

I would strongly recommend using a broker though, as the last thing you want is a failed application when you already have the IVA as a potential problem.

Best of luck.

ACG

Elfbert wrote: »

My partner finished his IVA a while ago, and he is now jointly on a mortgage with me on an SO property.

We used Nationwide, and they were interested in when his IVA started, not the end date.

.

Are you sure?
This is there criteria for bankrupts (which an IVA effectively is):

• The applicant must not be an undischarged bankrupt.
• Applicants who have been discharged for at least 3 years can be considered.

Elfbert

All I can tell you is we went in-branch, did the full declaration, including everything about the IVA, and they accepted it all.

The advisor did pop out to check regarding the IVA with someone more senior, but returned saying it was fine. They actually didn't even ask for the statement of completion, or whatever it's called - which we had with us, in case they wanted it as proof. (Obviously entering into the IVA is a matter of public record, so they could've checked that date anyway.)

(ETA: I think the question asked was 'Have you entered into a voluntary arrangement within the last 6 years'. So we explained that the agreement was entered *into* more than 6 yrs ago, although not completed until recently. That's when she left to consult someone else, but returned to say that was fine, it was the date it started that mattered.)