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MORTGAGE ADVICE
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I’m hoping someone is able to advise me.
My husband has £60000+ debt. Because of his debt I have always paid all bills including the mortgage and I am the main earner (£40000 to his £22000).
He wants to go for an IVA. His name is on the mortgage. I want to remove his name and he has agreed as I am worried that when the mortgage comes up for rate renewal we will be left with poor options or unable to change rate if I am associated by name to his IVA. I have the ability to pay as I always have. We currently have £130000 outstanding on the mortgage. I was told by a mortgage adviser that I can’t remove his name if he still lives in the house. I feel at a loss of what to do. Will his IVA effect my rating and renewal as our mortgage is in joint names and was my mortgage adviser correct?
My husband has £60000+ debt. Because of his debt I have always paid all bills including the mortgage and I am the main earner (£40000 to his £22000).
He wants to go for an IVA. His name is on the mortgage. I want to remove his name and he has agreed as I am worried that when the mortgage comes up for rate renewal we will be left with poor options or unable to change rate if I am associated by name to his IVA. I have the ability to pay as I always have. We currently have £130000 outstanding on the mortgage. I was told by a mortgage adviser that I can’t remove his name if he still lives in the house. I feel at a loss of what to do. Will his IVA effect my rating and renewal as our mortgage is in joint names and was my mortgage adviser correct?
Thank you.
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Comments
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His IVA would affect your credit rating if you have any joint accounts. I'm not sure about the advice you got from the mortgage advisor, perhaps worth speaking to a broker or solicitor
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