hi
I'm currently on IVA for almost 2 years now. still have another 3 years to go.
my question is : my brother lives abroad and he wants to invest in the UK, he wants to buy a property in UK. he wants to give me a good deposit to get me a mortgage to buy a property for him. can i have this done?
if the iva people know later, will they take the property from me? although the deposit is not mine. I'm using my name to get a mortgage only??
Even with a good deposit, the fact that you are in an IVA will mean that it is very unlikely that anyone will touch you for a mortgage.
Even though it would be your brothers property, the fact that your name would be on the mortgage means that it would be viewed as your property.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi and welcome to the forum, can he not buy the property in his own name and you rent it from him? I doubt whether your credit rating would allow pass any credit check due to you being in an IVA.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
This is an unworkable plan - given that your credit rating will probably mean that no-one will touch you for a mortgage. Is your brother a UK citizen by birth, and is he aware of your IVA? Is there any other family member that could help him?
Thank you all for your responds,
Just to clarify that the mortgage bank have no problem with the Iva, as long as the new house is not in the Iva ,
Is this possible, what happens if my creditors know that I have a new property??
I am surprised that the mortgage company are ok with you taking on a mortgage whilst in an IVA.
You will have an interest in the property as it is in your name.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You will need to speak to your IP about this anyway as it is a change in circumstances and you should always be upfront and honest with them.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
well, the new house will be shared ownership
he will provide the deposit. but it's 50/50 ownership. and this will be documented on the deed. i own half and he will own the other half. and the monthaly mortgage payment will go out from our shared bank account.
Quite agree. You cannot just go ahead with this without speaking to your IP - could well end up as a breach if you don't.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You will have an interest in this property and as such your share of the equity would be available to creditors. Is your brother aware of this? I don't see why he can't just buy it in his name, having you on the mortgage could actually end up costing him. I'd he trying to hide the money?
The poster will only have a financial interest in the property if any of her money is contributing towards it - regardless of whose name is on the title deeds.
, 
