I have just got married to a man who has 3 yrs left on an IVA paying £500 a month. Is he able to take out a mortgage with me? Can his payments be adjusted due marriage and taking on me and 3 children?
Your husband will need to speak to his IP about changing his payments. Depending on when you met him, and whether you were co-habiting when the IVA was drawn up, your new situation will already have been reflected - could you provide more info?
Mortgages...he'll need approval from his IP, and then he'll be a massive drag in terms of access to the credit markets and the rate you can get. If you can get one without him, then go for that. You may be scuppered by 'financial association' though.
One of the experts will be along shortly to clarify
Hi
He can have is payments adjusted as long as his creditors agree.
He can also take out a mortgage with you but will need his IPs permission and a reference.
As long as it does not affect the IVA payments then it should be fine.
Not sure though if the mortgage market has recovered enough to offer a product to someone in a current IVA
Regards
Thank you both for your replies. This IVA was taken out before I knew him (he may actually only have 2 yrs left), was rather shocked when he told me, as its not something he likes to talk about. Mortgages are probabley not something to do at the moment anyway, it was just something that was on my mind.
Don't worry about it - support hiim because you love him, and look forward to a debt free future together. An IVA is simply an agreement for him to repay his debts - nothing too complex, and credit ratings will eventually be restored.
