We do our best to provide information all around IVA and offer You comprehensive advice for a successful IVA application in all cases of bad credit. Please feel free to contact us on any matter that might cross your mind regarding IVAs and use our contact form or the IVA application form directly. We will get back to you with professional advice on IVA.

There has been more demand for IVA mortgages these last few years than ever, which is due to the increased indebtedness in the UK. This type of mortgage, the IVA mortgage has been designed for people who have entered into an Individual Voluntary Arrangement to consolidate their debts, avoiding bankruptcy. An IVA is a legally binding agreement, which is between the debtor and creditors about debt repayment. According to the IVA the debtor will pay a set up sum every month, up to usually five years. After these five years of repayments, the remaining debts are written off.

Just as in case of bankruptcy, IVAs affect majorly your credit rating, staying on your record for 6 years after being closed, so getting a mortgage loan is impossible during this time, unless you apply for an IVA mortgage. IVA mortgages are specified part from mortgage products, also known as subprime mortgages, bad credit mortgages, adverse credit mortgages or non status mortgages. Applying for this type of mortgage is the best solution for people who are in an IVA and cannot get secured financial aid elsewhere.

Usually being in debt is a high risk factor for the majority of lenders, so they avoid high risk borrowers unless they are in an IVA or other specially set up risk sources. Fortunately people with bad credit can find help, because there are lenders, who provide IVA mortgages. There are some main factors IVA mortgage provider will look at when deciding whether you are eligible or not or how will the interest rate vary, which factors include the length of time for which the IVA has been satisfied, other adverse credit circumstances like County Court Judgments or arrears.

Be prepared for higher interest rates when applying for IVA mortgages due to the high risk you provide to lenders. Lenders compensate the higher risks connected to your financial situation with higher interest rates, which is understandable.

Finding a good IVA mortgage is simple, all you have to do is navigate on the internet, find the best guides and get all information needed to IVA mortgage application at the best lenders.