IVA Mortgages

The last resort for many homeowners with serious debt problems is an Individual Voluntary Arrangement. This is a final act after debt has become too much and monthly bills just cannot be met. In the past it would also mean homeowners could well lose their homes – but not anymore. There are several lenders who now offer mortgages to those who have had or are in the midst of an IVA. These IVA mortgages have been created so as people who were in debt can still keep their homes and start from scratch under their own roof. It isn’t easy carrying on after an IVA, it means years of hard work and saving before you are back on track. But with IVA mortgages at least you have a home and a way to move forward.

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If you are going for an IVA remortgage the chances are you need to clear some debt. This type of mortgage is intended for people who have had an individual voluntary arrangement and might want to use it to repay some of their debts. Like other remortgage products you need to apply for them and meet the lenders’ criteria, though you might have to pay more for an IVA remortgage than for a standard mortgage product. The key is to use the IVA remortgage to repay your debt, then you will be able to move to a better mortgage product soon.

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So you want to find out about the IVA mortgage? Well, here’s what you need to know. It’s a special kind of mortgage designed for people with debt problems who have entered into individual voluntary arrangements (IVAs). Once they have done so, they may find it hard to get a mortgage, so the IVA mortgage may be the best choice. It’s a specialist product intended for people who have struggled with debt. It is available from specialist lenders, who will charge a bit extra for the privilege of getting a mortgage. An IVA mortgage is easy to find, especially online.

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An adverse credit IVA mortgage is only suitable for certain people. If you are one of the few who is totally debt free and has managed finances perfectly then you may not need an adverse credit IVA mortgage. However, there are thousands, if not hundreds of thousands of us who do. This might be because of missing a couple of loan or mortgage payments or more serious financial issues that lead to bankruptcy or an individual voluntary arrangement. Have a look at our reasons why you may not need an adverse credit IVA mortgage and see whether you meet the criteria.

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