IVA Mortgages

If you have a IVA, you may struggle to get a mortgage from high street lenders. However we do have a large panel of specialist mortgage lenders that may be able to help.

Our team of experienced mortgage advisers can help clients that have bad credit history such as missed payments, defaults or Individual Voluntary Arrangements.

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What is an IVA?

An IVA or what is known as: Individual Voluntary Arrangement.

An IVA is a legally binding contract/agreement between you and your creditors. This is a formal agreement where you will have agreed a set repayment to pay back your debts over a certain period of time.

IVAs are usually arranged by insolvency practitioners. The IVA must then be approved by a court and then recorded on the Insolvency Register, this will show on your credit report, as you having entered into an IVA for any creditors, that you are looking to pay back, through this arrangement.

An insolvency practitioner will arrange the IVA by assessing your financial situation, they will produce a payment plan for you, that suits your needs and your affordability, They will also consider your creditors, the amount owing to them and what they're hoping to achieve from your IVA, it may be that they agree a certain figure (full & final settlement figure) this may be a reduced amount, once this is paid off, officially, they will not be able to contact or harass you for payment, and this in turn will greatly reduce the stress that goes along with having outstanding debts and subsequently resulted in an IVA, this arrangement usually lasts around 5 years, they may agree a shorter term, but this is all subject to your particular circumstances, also for your benefit the interest on the debt will be frozen, so you will not accrue any further charges. The agreed figure for the debt, will then be paid on a monthly basis to the insolvency practitioner, who will pay your creditors, whilst deducting their own fees, they do charge a fee for this service there are various agencies that may not charge a fee.

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What to Expect from The Money Hub

We Gather Information Required to Search the Market

We gather some basic information about you using our quick online form

Conduct a Whole of the Market Comparision

We will search 100’s of providers to find you the lenders who are willing to approve your mortgage

Provide full service through to completion

We will show you rates along with the monthly repayments. This will not affect your credit score. We’ll also explain any fees if you progress at this point and as long as you are happy to proceed, provide you with the full service through to completion of your mortgage being accepted

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