IVA 4th ~ final year settlement
from clean credit to poor credit - IVA, exbankrupts Right to Buy, etc

IVA Final Year SettlementIVA mortgage

January 2011 – IVA Mortgage Lender update

IVA mortgage lender table
IVA Status Max Lending
Current
50%
Satisfied 1 year
50%
Satisfied 2 years
60%
Satisfied 3 years
60% – 80%

 

* IVA mortgages – These products and services promoted here due to their specialist nature are not part of the openwork offering and therefore, Openwork Limited accept no responsibility for this aspect of our business

If you have had an IVA (Individual Voluntary Arrangement) in the past or even if you are working through an IVA currently, getting an IVA mortgage deal can be difficult. While you are often able to keep your home with an IVA, it is often the case that creditors will impose conditions on how some of the equity in your property is to be paid back. If you are still going through an IVA, getting the best IVA remortgage or IVA mortgage deal is in your interest to ensure you are not paying unnecessary interest rates.

IVA 4th / Final Year settlement

Many IVA’s have a final year settlement requirement, where in the 4th year or final year you have to raise finance from the equity in your property to repay the final element of the IVA.  We can assess what you can AFFORD to raise and also advise on the limitations of what you can borrow.  We work on YOUR behalf to ensure any borrowing is full affordable both in the dhort and long term.

IVA Mortgage — despite the credit crunch there are still mortgage lenders willing to lend you a mortgage with a current IVA. The maxmimum LTV is restricted. If you are in an IVA ( Individual Voluntary Arrangement), then providing it has been running at least 6 months and has no missed payments there are lenders that will offer an IVA mortgage.

Although an IVA puts a strain on your credit and thus your borrowing ability, it does not prevent you from getting a mortgage.

Unlike bankruptcy, you can get mortgage or remortgage your home, whether you are in an IVA or have previously been in one.

If you want a mortgage with a current IVA perhaps as part of the 4th year settlement -, then please get in touch as they need careful handling to ensure they complete swiftly and successfully. We also want a long term relationship helping you our of your IVA and rebuilding your credit rating to get you back into mainstream lending as quickly as possible.

An IVA mortgage and the rate you can expect to get will depend on how long ago you completed your IVA and the level of deposit that you have available.

Although an IVA puts a strain on your credit and thus your borrowing ability, it does not prevent you from getting a mortgage.

Unlike bankruptcy, you can get mortgage or remortgage your home, whether you are in an IVA or have previously been in one.

IVA 4th / Final Year settlement

The term IVA mortgage is used to refer to; the process of taking out a remortgage in order to meet the final payment as arranged in the agreement. In other words, this is an IVA remortgage.

  • IVA mortgage can also mean applying for a mortgage while within an IVA or having had one recently, this may also be refered to as; mortgage with IVA.

 
IVA mortgage:
In the process of setting up the IVA, some creditors may include a clause that stipulates that after a set number of years, some of the equity in your property will need to be released as a final payment to the creditors.

In this case you are limited on when to remortgage, however, this doesn’t mean you can’t get a good deal on an IVA mortgage, you just need to shop around. Your insolvency practitioner may suggest some lenders, take note but also approach other lenders for a no-obligation mortgage quote.

IVA 4th / Final Year settlement

If applying for a mortgage within an IVA or soon after the insolvency, you will be subject to high interest rates because lenders will consider you a high risk. IVA mortgages also require a higher than normal deposit due to the level of risk.

To avoid paying high interest rates, ideally you should allow as much time as possible between the IVA and a mortgage application, this would allow your credit rating to recover considerably.

The IVA mortgage provider will also take into account other adverse credit circumstances such as arrears and County Court Judgements (CCJs). When all the circumstances have been taken into account, the lender will issue an IVA mortgage offer. It’s worth remembering that an IVA mortgage will not be available at the same interest rate as you may have paid for your previous residential mortgage. In fact, lenders will compensate themselves for the high risk by loading the interest rate by a few percentage points. However, once you have made the required payments on the mortgage at the right time, you may be able to switch to a product with a better interest rate after a few years.

IVA 4th / Final Year settlement

Yes, people in an IVA can take out a mortgage. However, there are few points to remember if you are considering taking out a mortgage whilst in an IVA and would like to avoid some of the pitfalls.If applying for a mortgage within an IVA or soon after the insolvency, you will be subject to high interest rates because lenders will consider you a high risk. IVA mortgages also require a higher than normal deposit due to the level of risk.

It is reasonable to assume that people in an IVA don’t have large levels of savings, and therefore putting down a deposit of some description could prove to be extremely difficult, not to mention trying to explain to your insolvency practitioner how you got the money when your IVA is subject to an annual supervision.

This does not mean that it is impossible. It may be that a family member or a friend is able to help by either lending or giving you the deposit

To avoid paying high interest rates, ideally you should allow as much time as possible between the IVA and a mortgage application, this would allow your credit rating to recover considerably. We can help you present your case for the new IVA Mortgage to your IVA supervisor — 90% of the cases we submit are agreed to by the supervisors helping you get your IVA mortgage.

  • IVA Mortgage — Interest Only
  • IVA Mortgage — with current IVA
  • IVA Mortgage — 4th year settlement
  • IVA Mortgages — get professional help

 

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