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Partners IVA, Rental Income & bonuses
JLS9999
Posts: 3 Newbie
Hi
I'm new to the forum so apologies if a problem like this has been covered previously.
I’ll try to keep this as brief as I can! It feels very complicated to me but hopefully someone on here can make some suggestions.
I have two flats, one that I live in, one that I rent out (£1200pm 2* Mortgage re-payment) and there’s around £100k equity in each one. I’m 41 without much of a pension fund so I’d like to keep my rental to subsidise that.
My problem is that around 18 months ago I met my partner who has had an IVA (Dec 2015) and defaulted on that. She has 3 children and I would love for us all to live together in a house which in the area we would like to live will probably be upwards of £375k. Without the IVA our mortgage budget with combined wages (£38k & £24k) and £100-120k deposit from sale of one flat would cover that. Obviously with the IVA I would have to go it alone and wouldn’t get anywhere near that. As well as the wages and rental income I get a yearly share bonus of around £12k so as things stand, all seems affordable it’s just the technicality of the IVA.
All her debts have now been paid off using my share bonus for this year. I am now looking for the best plan of action to eventually get the house that we dream of. I understand that this may take a few years while her credit rating is repaired which is fine.
If anyone can offer any advice on the fastest route to get to where we want or suggest any other options it would be great to here from you.
Cheers
I'm new to the forum so apologies if a problem like this has been covered previously.
I’ll try to keep this as brief as I can! It feels very complicated to me but hopefully someone on here can make some suggestions.
I have two flats, one that I live in, one that I rent out (£1200pm 2* Mortgage re-payment) and there’s around £100k equity in each one. I’m 41 without much of a pension fund so I’d like to keep my rental to subsidise that.
My problem is that around 18 months ago I met my partner who has had an IVA (Dec 2015) and defaulted on that. She has 3 children and I would love for us all to live together in a house which in the area we would like to live will probably be upwards of £375k. Without the IVA our mortgage budget with combined wages (£38k & £24k) and £100-120k deposit from sale of one flat would cover that. Obviously with the IVA I would have to go it alone and wouldn’t get anywhere near that. As well as the wages and rental income I get a yearly share bonus of around £12k so as things stand, all seems affordable it’s just the technicality of the IVA.
All her debts have now been paid off using my share bonus for this year. I am now looking for the best plan of action to eventually get the house that we dream of. I understand that this may take a few years while her credit rating is repaired which is fine.
If anyone can offer any advice on the fastest route to get to where we want or suggest any other options it would be great to here from you.
Cheers
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