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Remortgage with IVA

Our Mortgage Service - helping you make the right decision

"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support. 

As your mortgage is such an important transaction, good advice is imperative.

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"We know that the internet is the first port of call for many people when looking for mortgage solutions; our view is, yes use the internet to do your own research , but then bring it to us and we’ll let you know how your findings compare and then give you the information and advice you need - so that you can make the right decision for your future.” Adam Arnott, Head of Mortgages & Protection

Get the best remortgage with IVA

Getting a remortgage with IVA

In the event that you have an Individual Voluntary Agreement (IVA) getting a remortgage in these circumstances could permit you to utilize your remortgage to help settle your IVA.

What is an IVA?

IVAs have been accessible in the UK since the 1980s and are provided as an alternative choice to declaring yourself bankrupt. One of the key advantages of an IVA over bankruptcy is that you are will not lose your home to pay off the IVA – bankruptcy can sometimes require you to sell your home to pay off the debt. While bankruptcy can oblige you to sell your home to pay the debt, IVAs will permit you to remortgage the property instead to pay the debt, allowing you to remain living in your home.

Once an IVA is set up, you will be declared debt-free after 5 years have elapsed, as long as you have kept up with your repayments as agreed at the start of the IVA. Once the IVA is completed you will be considered to have no outstanding debts, even if, in actual fact, not all that you owed has been repaid. And further amount of debt that is outstanding will be written off.

Why consider a remortgage with IVA?

Remortgaging towards the end of your five-year IVA can be a helpful method of paying off some of your debts, by using some of the value in your property. In fact, you may be required to remortgage as part of your IVA agreement.

Remember that, similar to declaring bankruptcy, an IVA ought to be viewed as a last resort if all else fails, as it could influence you ability to acquire credit later on. It is a good idea to speak to an independent financial adviser or a debt management adviser if you are considering an IVA.

Helpful hints for getting a remortgage with IVA

Getting a decent remortgage manage an IVA can be troublesome; however, there are a few things you can do to give you the best possible shot at getting the remortgage offer that you need. Some of these could include:

A high deposit could help to raise the confidence level of your prospective remortgage lender. Since remortgage suppliers will see you as even more a lending danger because of your IVA, they will for the most part as for a higher initial deposit, and will likewise more often than not charge more interest.

Verify that your credit record is up to date – you can check your credit rating score online and verify that you are on the electoral roll.

Choosing to remortgage with IVA

A remortgage for IVA is a big financial decision with various benefits and potential drawbacks attached, which means that getting the best IVA remortgage advice should be a key priority. At Fair Mortgages our team of independent, whole of market mortgage experts can discuss your IVA remortgage requirements and help you to find the most suitable remortgage deals for IVA – call us today on 0117 332 3389 or to speak to one of our mortgage advisers click here »

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