Affordable Mortgages

IVA Mortgages

IVA Mortgages — 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.

 

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.

 

IVA Mortgages are a specialist adverse mortgage and as such may not be available through our Standard Openwork panel of lenders, we can however use off panel lenders where we can prove their products are the best adverse mortgage product available to you - mindful of course that the mortgage is an affordable 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.

What is an IVA Mortgage:

• 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.

An obvious stumbling block for people trying to buy a property in an IVA is their credit worthiness. The very fact that someone is in an IVA means that there will be a reference to it on the credit register, which means that any potential lender will be aware of it.

This does not mean is that getting a mortgage is out of the question, but it is more likely that the interest rate applied may be slightly higher than high street lenders offer to so called “prime borrowers”.

IVA Remortgage:
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.

Mortgage with IVA
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.

 

Mortgage with Current IVA

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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