If you have an IVA (Individual Voluntary Arrangement) you can still remortgage.

Mortgages with an IVA

IVA?s have been available in the UK since 1986 and were set up as part of the Insolvency Act to give people a chance to do away with their debt.

What are the benefits of IVA?s?

Once an IVA is in place you will be debt free within five years. You need to make regular monthly payments to your creditors and this is legally binding so you must keep up your payments. The payments usually work out to be about 0.80 pence to every pound owed. This means you only need to make affordable payments that are arranged to allow you to manage your finances more easily.

All interest is frozen and charges are stopped. You are eligible to apply for an IVA if you are a tenant or a homeowner.

Once the IVA is completed you will be considered debt free even though you may not have actually paid off all of your debts in full.

An IVA could get rid of your financial burden!

What is the downside of an IVA?

The downside of getting an IVA is that it can take two to three months to arrange and there are large administration fees, which can run to two or three thousand pounds. Also it is really only useful for unsecured debt and as there are quite hefty fees charged, only practical where debts exceed ?15,000 or so.

Can I get a mortgage with an IVA?

You are able to get a mortgage if you have had an IVA in the past or are currently working through one. Very often it is useful to remortgage towards the end of your IVA to pay off a percentage of the debts still owing from any assets you might have in your property if you are a homeowner. An IVA mortgage and the rate you can expect to get will depend on how long ago you completed your IVA and the level of deposit that you have available. Once you have remortgaged you can be completely debt free and ready to start again!

How to apply?

Talk to our specialists advisers about our IVA mortgages today and get yourself debt free!?..

Get yourself Debt free with an IVA Mortgage or Remortgage

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE The overall cost for comparison is 7.0% APR. The actual rate payable will depend on your circumstances. Please ask us for a personalised illustration. A fee is chargeable only on completion, typically 2% of the loan amount depending on your circumstances (subject to a minimum of (£1,995 and maximum of (£2.995). For a mortgage of (£100,000 the fee would be (£2,000. Early repayment charges may apply and will vary depending on the mortgage. Adding existing debt to your mortgage will increase both the repayment term and the overall cost.
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