A plan

[winner12]

Hi
Got another thread running with regard to my DMP and a mortgage advisor trying to get me to an IVA
She opened a can of worms so im here for some practical advice

First of all my experian report is bad defaults galore (no surprise there )

Secondly the Mortgage advisor said my partner would have to go it alone for a mortgage and he would not be able to declare we were a couple (not married living together debts all in my name
or else he would not get a Mortgage

Thirdly we would have to say our relationship had broken down and he was moving away then once the house was ours i could move in


It goes on still im afraid but it all sounds dodgy

then she insists i take an IVA bearing in mind i have been on a DMP for 3 years all defaulted but 3 years to go before it disappears

so my questions are because OH was made redundant he now has another job we need to relocate
Plan is to sell up take out a smaller mortgage and relocate what do you think she said we had no chance unless we sell and rent for 2 years my IVA would be done and we could apply for a mortgage
Help please so confused

[wales01man]

Re: A plan

Best to try for a Mortgage?

[winner12]

Re: A plan

Thanks wales01man
She was meant to be a whole of market Mortgage advisor would our lender we have consider us its going to be a lot smaller mortgage over less years and a repayment part of the one now is interest only badly advised on that one too at the time its with Cheltenham and Gloucester she said they would not touch us

[CleverClogs]

Re: A plan

How much commission would she get for pushing you into an IVA?

[winner12]

Re: A plan

Hi Cleverclogs
After doing some research it could be a small fortune and could cost me alot more

[Amethyst]

Re: A plan

On your credit file are you and your OH linked ? as it certainly isn't a given that he would get a mortgage with or without you on the paperwork. Of course if he was given a mortgage - he would own the house and you would have no automatic claim over it should the worst happen in the future.

Is there any equity in your current property to use for your new mortgage? Have you actually approached C&G about what you want to do ?

Otherwise with a dire credit rating your best bet is to sell up, pay everything off (carefully negotiated settlements preferably) and rent for a couple of years until your credit file is clear again. Sounds like a good opportunity for you both to wipe the slate clean and have a fresh start.

Without knowing anything about your financial situation or debts etc I couldn't possibly say whether an IVA is a good route, but if your aim is to get back on the housing ladder asap I can't imagine it is a great idea.

[winner12]

Re: A plan

Hi amethyst
Yes we have equity and are planning to pay off some debts and would still have a 25% deposit we have a linked Mortgage account and a linked current account may be we are living in cloud cuckoo land to even think we could get a mortgage

[wales01man]

Re: A plan

Think someones just after your money

[winner12]

Re: A plan

Yes wales01man think your right

[FlamingParrot]

Re: A plan

For reference, this is winner's other thread where the IVA issue has been discussed: http://www.legalbeagles.info/forums/....php?43520-IVA

[winner12]

Re: A plan

Hi FP do you know anything about the mortgage market just wondered where to head now !
I am just trying to get as much info as possible before making a decision

[Amethyst]

Re: A plan

Depending on the terms of your current mortgage it may be that you can port it to a new property for payment of relevant admin fees / valuation etc? Might be worth checking and having a chat with your mortgage lender to find out if it is a possibility along with changing it to full/part repayment on a lower amount. No idea if it is possible, i know some people port their mortgages but it has to be worth an ask when you are considering such extreme action such as IVAs.

[winner12]

Re: A plan

Thanks amethyst
I did try asking the mortgage broker thats why i said she could see me but she said they wont as we wont match their criteria but to be honest evevrything she did say seems iffy to me now anyway !

[Amethyst]

Re: A plan

Is this the same mortgage broker who you used to get the C&G mortgage originally?

Have you spoken direct to C&G (I don't know if you can or not but I'd assume so)

[winner12]

Re: A plan

No its not completely new
I thought it was a good idea to get a broker involved (big mistake) as having adverse credit its recommended that a broker is used
I hav`nt soken to C&G yet house has just gone on the market so thats why i got the broker involved
We have to relocate due to work and I was hoping we could stay on the property ladder even though the house would be much smaller change to mortgage to a repayment and reduce the term
We are moving to a better area for jobs and I have a job lined up (hooray) I trying so hard to sort my messy life