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Individual Voluntary Arrangement (IVA)

Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement, or IVA, is an alternative to bankruptcy in which the debtor arranges a formal agreement with his creditors to pay off a percentage of his debt over a set period of time, usually around 5 years.

An IVA is often seen as advantageous to bankruptcy as it has less of an adverse effect on the person's credit history and their home remains relatively untouched.

However if you have arranged an Individual Voluntary Arrangement, you will probably be aware that although an IVA makes it much easier for you to keep your home, it is standard for many IVAs to include a clause that stipulates that after a set number of years you will be required to have your home valued and to give your creditors a certain percentage of the equity that has been built up as a final payment.

At MORTGAGES 4 U LTD we are able to help those who:
  • Are currently in a IVA that is running satisfactorily and are looking to remortgage to make the final payment to their creditors
  • Have completed their IVA less than 1 year ago and are looking to purchase a property or remortgage their home
  • Have completed their IVA between 1 and 3 years ago and are looking to purchase a property or remortgage
  • And those who have completed their IVA over 3 years ago and are looking to purchase or remortgage.
Generally speaking the longer you have completed your IVA, the better the deals which you will qualify for and the less deposit will be required of you if you are looking to purchase.

If you think that MORTGAGES 4 U LTD may be able to help you secure a mortgage then please contact us to speak to one of our experienced mortgage specialists to get your free no obligation quote.

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The overall cost for comparison is 6.8% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. A fee maybe charged on completion (typically £299) and can be added to the amount borrowed. Paying off short term loans and credit cards with a mortgage could cost you more over the long term. Early repayment charges may apply.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against your property. Mortgages 4 U Ltd are directly authorised by the Financial Services Authority, Registration Number 464522
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