IVA + Mortgage Advice

aaroniq · 24 September 2019 at 9:14AM

Hi,

My girlfriend and I are looking to take advantage of the help to buy ISA before it closes at the end of November. However, I have recently entered an IVA, will this affect our ability to have an ISA? And when we are ready to buy in the next couple of years how will my IVA affect our mortgage application?

Is there any way for both of us to be on the mortgage applcation and still get a higher amount of borrowing, given the area we would like to live, we would probably need the full 250,000, so believe both of us would need to be on the mortgage in order for us to get approved?

Or is it possible to get the house purchased in my other half's name and then get the deeds/documents changed at a later date?

Also in the IVA am i eligible for the Help to buy equity loan?
Or would everythign have t go into my partners name?
Any advice or help is greatly appreciated, as i am not sure about any of it in truth,

Thanks alot,

foxy-stoat · 24 September 2019 at 11:46AM

You wont be able to buy anywhere until your IVA is at least complete, maybe at the end + 6-12 months.

Your partner should open up a H2B ISA and start saving - you, technically, shouldn't be able to save anything.

mwarby · 24 September 2019 at 7:29PM

both times I've purchased I've had to sign something around being single/matrimonial home. I think the lenders would want both halves of the couple on the mortgage, this has the pro of both incomes being taken into account but negative of your credit history's both being examined

I agree with foxy stoat,your partner should concentrate on saving, any savings you can contribute will be minimal. Once you are clear of IVA and have a 10%+ deposit saved start talking to brokers to see what your chances are

IVA + Mortgage Advice

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free