I am in the process of a split with my wife with whom I have a mortgaged property and an interlocking IVA.
My questions are:
She is moving out of the property (negative equity) and has agreed to relinquish any ownership in principal. Is it possible to remove her from the mortagage and title or possible to get something from her in writing to that effect?
The fixed term of the mortgage is up for renewal in the summer - what are my options? Will I be made to enter into a intrest only mortgage?
What needs to be done about the interlocking IVA and when?
Hi. It will prove impossible to remove her name from the mortgage unless you can support the whole loan in your name ( being in an IVA... doubtful).
I cannot comment further on the mortgage front, having limited knowledge in that field, but I am sure someone will happen along shortly.
As for the interlocking IVAs -- I am going through exactly the same process and my advice would be to keep your case worker fully informed at all stages. Mine, at Grant Thornton, have been extremely supportive and helpful. The best option for all would be for you and your ex to work together to service the IVAs as before. A new income and expenditure calculation will need to be made as your expenses will now be drastically different. If you cannot work together it might be possible to separate the IVA's and you are then each left to service your own IVA independently.
There might be other options your firm can suggest, depending upon your specific circumstances.
Last edited by Foggy on Thu May 30, 2013 6:10 pm, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
