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IVA Remortgage

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IVA Remortgage — if you are in or have been in an IVA and want to;

  • Clear the IVA Early
  • Settle IVA in its 4th year
  • Settle IVA in its final year
  • Get a better deal as IVA is cleared years ago
  • Previous IVA remortgage — iva cleared years ago

January 2011 - IVA Mortgage Lender update

IVA mortgage lender table
IVA Status Max Lending
Satisfied 1 year
Satisfied 2 years
Satisfied 3 years

If circumstances such as divorce, ilness or redundancy have left you in bad credit and you have consequently entered into an IVA then an IVA remortgage may be the solution. It doesn't matter if the IVA is in it's infancy or has been paid off, an IVA remortgage will allow you to release valuable equity from your home amongst other benefits. The usual reason for apply for an adverse credit remortgage is to pay off an IVA early, usually the fourth or final year.

Remortgaging could release thousands of pounds from your home and a bad credit score or an Individual Voluntary Arrangement (IVA) doesn't have to stand in your way. An IVA remortgage could be the answer.

Most people enter into an IVA to get their lives / debts back into some form of control, and most people genuinely want to repay what they can actually afford. Whilst an IVA can provide initial welcome relief — many people then want to clear the IVA. An IVA Remortgage can help you release equity out of your property so that you can settle the IVA early, freeing you of the ongoing burden of the IVA. An IVA remortgage has to be carefully prepared and justified to the creditors so getting help from someone like us is essential.

An IVA remortgage is intended for people who have taken out individual voluntary arrangements (IVAs) to manage their debt situation. Taking out an IVA is one way of avoiding being made bankrupt. With an IVA a debtor reaches a payment arrangement with creditors. In order for an IVA to work creditors who represent 75 per cent (by value) of the debt must agree to the IVA. Once this is done, the IVA allows the debtor to pay a specific sum towards debt repayments every month for up to five years. After that time, the debt is regarded as satisfied.

In many ways an IVA re mortgage is like any other remortgage product. You have to apply to the lender for an IVA remortgage and you have to meet the lender's criteria. This might have to do with the length of time for which the IVA has been satisfied and there may also be conditions relating to mortgage arrears. Most lenders who provide an IVA re mortgage will expect that applicants' mortgage arrears will be at least three months in the past and some IVA remortgage lenders stipulate even longer periods.

* IVA remortgages - 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



IVA remortgage - Settlement / Final Payment

Equity Release Clause in IVA

One of the main benefits of an IVA is that your home is always protected. However, if you do have significant equity, this will be released. When your IVA is nearing completion, a specialist mortgage advisor will help you release equity to offer to your creditors; this will mark the end of your IVA.

Typically, the release of equity will happen in the 3rd or 4th year of the agreement and your IVA will not need to run into the 5th year. Thus a benefit of releasing equity is that your IVA period is shorter. Moreover, where there is a large amount of equity involved, the length of the IVA can sometimes be reduced even further. In exceptional circumstances a full and final settlement can be negotiated on equity release alone; but this obviously demands a large amount of equity.

One positive point to bear in mind is that an IVA equity release will never leave you in financial difficulties – this would be clearly absurd! You will be left with larger mortgage repayments, but these will always be affordable.

An IVA remortgage is likely to cost you more than a standard remortgage product, because of the increased risk to lenders. That means that the interest rate will be loaded - or raised - by a couple of percentage points.


IVA remortgage - Settle IVA Early

We can help you present your case to clear the iva early by presenting your case for the new IVA remortgage to your iva supervisor. 90% of the cases we submit are agreed to by the IVA supervisors — we then go onto complete your IVA remortgage and settle the IVA

Enquire now about an IVA Remortgage

  • IVA Remortgage — clear your iva early
  • IVA remortgage — settle the IVA
  • IVA Mortgage 4th year IVA settlement


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