IVA Mortgages.
I have had problems getting a mortgage as I have an Individual Voluntary Agreement (IVA) what can I do?
An Individual Voluntary Agreement (IVA) is an alternative to bankruptcy. With an IVA the individual who is in debt sets up a formal arrangement with his creditors (the companies to whom he / she owes money). This arrangement will state how much of the debt will be repaid and over what time period.
The huge advantage of an IVA over bankruptcy is that you will be able to remain in your home as it will not need to be sold to repay your debts. Many IVAs include a standard clause stating that after a certain period you will need to arrange for your home to be valued and to give creditors a share of this equity.
It is possible to secure a mortgage if you have an IVA in place and are looking to remortgage to release the equity in your property in order to make a final payment to your creditors.
At Endsleigh Financial we are able to source competitive deals for clients who have IVAs and who are looking to move home or remortgage their property. The mortgage deal we are able to source for you will depend upon whether or not your IVA is complete and how long you have had the IVA.
Once the IVA has expired then we will ensure that you are always getting the best mortgage deal possible for your circumstances. Once you have resolved your credit issues then our aim is for you to return to a mainstream mortgage provider and the lower interest rates this offers.