www.iva.co.uk

I have an IVA that I may be able to pay off early. I have 2 years left. I have a property with my ex partner that has a charge on it as a result of the IVA, he too has an IVA & a charge on the same property.

I am thinking of getting a mortgage with my new partner. He has an excellent credit history & a hefty deposit. We both earn fairly large salaries. If my IVA is paid off, & the charge lifted from the property in respect of MY IVA, do you think it is possible to get a mortgage at a reasonable rate? & if so, who would be the best businesses/people to approach re this? He has 2 other properties, both with significant equity in them & also a large cash deposit. I am concerned about the affect of my IVA on him, but presumably if it is paid off prior to us entering any kind of financial commitment together, this would not adversly affect him? It will be off my record in 2014. Your thoughts would be appreciated.

Pickles - the IVA usually needs a restriction on the property (which simple means the IVA company will know if you try to sell )this will be removed when the IVA is complete.

you still have a jointly owned property with an ex partner - so you may be still seen as finanically linked

Although your partners credit record is clean- you may find it gets linked to yours if you are financially associated in any way

You IVA will remain on your record for a total 6 years - you you may find you will need to use a broker - be honest and upfront about your IVA - the lending criteria has changed dramatically over the last few years - even people with near perfect credit historys are been refused by main stream lenders

Hi
Use a whole of market broker and because you have a hefty deposit you will stand as very good chance
Good Luck
Regards