IVA Mortgages | Can You Keep Your Home For You And Your Family
Am I eligible for an IVA mortgage?
IVA mortgages are special mortgages designed for those who are in the midst of, or who have recently been through an Individual Voluntary Arrangement, or an IVA. These mortgages are not suitable for all of those who have had to resort to an IVA - at times advisers and lenders will see no other choice but to sell the home - but this is not the case for everyone, especially those with families. Lenders would always prefer you to keep you and your family in the home so as you can start to pay back your debts and get back on track.
An IVA means you still have debts to meet, but IVA mortgages means you can meet those debts head on, as a homeowner. So if you are working through an IVA, or have recently been involved in an IVA, then there are lenders out there who may want to help you with IVA's.
Won’t the rates be too uncompetitive?
IVA mortgages are not too different from any other sub-prime or adverse deal. The rates will be higher and the fees will not be quite so enticing, but for those who have IVA problems, any mortgage is better than nothing. And the rates will not be so uncompetitive so as you cannot afford to keep up with them - the last thing the lender needs is for you to default on IVA mortgages, but the rates will need you to change your habits. But that’s a good thing - to move away from IVAs, borrowers have to show the lenders that they have really changed.
How will I cope with an IVA mortgage?
The key to moving on from an IVA and handling IVA mortgages is to be prudent, be sensible and listen to your adviser or mortgage broker. Only by careful spending, strict saving and a positive outlook will you be able to cope with debt again. And if you can handle IVA mortgages then the lenders will see that you are ready to move on and handle future financial arrangements in a better way.
What do I do after I get an IVA mortgage?
Once you have the mortgage, the key is to keep moving away from your adverse financial past. IVA mortgages are a privilege, not a right, so take advantage of the second chance and get out of the bad habits that led to the IVA. Keep checking your credit rating, keep up with your mortgage payments, keep saving and make sure all those unnecessary outgoings are down to a minimum. IVA mortgages are not the answer to all your financial problems, but they are the best possible start for you and your family.
