Mortgage IVA – Know More About It
If you have had an IVA (Individual Voluntary Arrangement) in the past or even if you are working t hrough an IVA currently, getting an IVA mortgage deal need not be difficult. While you are often able to keep your home with an IVA, it is often the case that creditors will impose conditions on how some of the equity in your property is to be paid back.
An IVA mortgage can be availed at a lower rate of interest. However, the rate of interest depends upon the level of deposit that you have with you. Our team of financial advisors will help you resolve the debt problems fast. Based on your circumstances, you can get the best quotes and advice.
Get a Suitable Mortgage with an IVA
Taking a mortgage is an important financial commitment. You should give serious thought to it before taking any decision. If you wish to take a mortgage, you should keep in mind the following things. Have the exact figure in your hand as to how much you can afford every month as monthly repayments.
Even though mortgage providers tend to offer around 3-4 times your annual income before tax as to how much money you're able to get, the real matter is being able to afford it. Once you are aware of the amount of money you can afford, check out the various offers available with lenders. You can find dozens of mortgage offers and choose the best deals that suits your needs best.
Looking online will help you get the best offer. It is also the quickest means of securing a favourable loan deal. Enjoy the freedom of comparing the various terms and stipulations before obtaining the best rate.
Mortgage after IVA is available now!
If you have an endowment policy linked to your mortgage, you may be expected to cash it in and use the money towards paying part of your IVA (Individual Voluntary Agreement). If your property has equity you may be asked to release it at some point, also to pay into the IVA. After the period of the IVA is complete, the debtor will be considered to be debt free, as some of the remaining debt may be written off. The debtor is then free to start a fresh financially.
Once the IVA is complete it is often difficult to obtain credit again for around a year or two after the termination of the agreement. However it is easier to obtain credit once your debt problem has been settled and many lenders will make a decision based on your successful completion of an IVA and what you can afford to pay. Mortgage after IVA is an apt solution for those who wish to go in for mortgage.
An alternative to bankruptcy, the IVA has several advantages as a route out of debt. For starters, it is generally cheaper to arrange and it does not leave you subject to the restrictions of a bankrupt, such as not being able to obtain credit or hold certain jobs.
But the major advantage of an IVA over bankruptcy is that, once the IVA ends, your credit rating should actually be repaired by virtue of having undertaken the agreement.
This makes you a much more promising customer for mortgage lenders as you will have clearly demonstrated that you are prepared to deal with financial hardship when it occurs |
