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remortgage with me on a debt management plan and partner having iva

smakwam2017
smakwam2017 Posts: 3 Newbie
in Mortgages & endowments
Hello all,
Its probably a stupid question and the answer I'm expecting is no, but I'll ask anyway. We would like to get some work done on your house and want to remortgage. We currently have a joint mortgage. We have equity of about 250000 and want to borrow 100000 BUT my partner has an iva and I have a debt manageement plan. My credit rating is excellent on all 3 agencies as it is on the Credit Club here.
So, my question is whether I would be able to remortgage in my name only?
Thanks in advance for my replies.
Geeta

Comments

  • tom2205
    tom2205 Posts: 42 Forumite
    Really going to be dependent on your income and the specifics of the IVA / Debt Management Plan.
    I am a Mortgage & Protection Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • Neutrinno
    Neutrinno Posts: 310 Forumite
    Seventh Anniversary 100 Posts Name Dropper Photogenic
    edited 28 February 2017 at 1:08PM
    Is the IVA still active and when was it registered? How long have you had the DMP?
    I am a Mortgage Broker.

    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.
  • smakwam2017
    smakwam2017 Posts: 3 Newbie
    Hi Neutrinno,
    thanks for the reply, the IVA finishes next year and the DMP has been in place since 2012.
    Hope this helps.

    Regards
    Smakwam2017
  • Neutrinno
    Neutrinno Posts: 310 Forumite
    Seventh Anniversary 100 Posts Name Dropper Photogenic
    edited 1 March 2017 at 4:52PM
    smakwam2017 wrote: »
    Hi Neutrinno,
    thanks for the reply, the IVA finishes next year and the DMP has been in place since 2012.
    Hope this helps.

    Regards
    Smakwam2017

    I guess your only option is in sole name. Your partners IP wouldn't allow her to borrow more than £500 whilst in the IVA, unless you were going to release some equity as a final settlement for her creditors?

    There are a few lenders who may allow in sole name with your DMP, some may want it repaid on completion. The affordability of the loan in your name only would be a big factor, would it even be worth if it with your current mortgage? (ERC's?, low rate currently?, partner happy to agree? etc), a secured loan could be another option.
    I am a Mortgage Broker.

    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.
  • smakwam2017
    smakwam2017 Posts: 3 Newbie
    Hi,
    Appreciate the advice, I think a secured loan might be a better rather than a re-mortgage.
    I will research both options with a finance advisor.
    Thanks again
    Regards
    Smakwam2017
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    What's the £100k for? That's a sizable release of equity. With obvious concerns for lenders given your credit history. You'll have some convincing to do.
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