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What are the advantages of the IVA mortgage system?

Updated: 1/22/2022
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The main advantage of an IVA or Individual Voluntary Arrangement, is for someone to get help after dealing with debt problems. IVA's are available in England, Wales and Northern Ireland.

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Q: What are the advantages of the IVA mortgage system?
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What types of mortgages are available through IVA Mortgages?

IVA stands for individual voluntary arrangement. In the UK, an IVA is used as an alternative to bankruptcy and involves a contract between the the debtor and the creditors with regard to the payments to be made. Having an IVA appears on one's credit rating, but those with an IVA are eligible to obtain credit including a mortgage. It may however, be more difficult to find a willing lender and rates are apt to be higher. The term IVA mortgage refers to a mortgage designed for those who have entered into an IVA contract. There is not a company named IVA Mortgages.


Can you get a mortgage if you have entered into an iva?

If you are in an IVA and have been given access to 3rd party funds which you are looking to use as a deposit, you need to protect the invested money from your IVA creditors. You should look into the terms of your IVA and see if you are able to use any additional funds before applying for mortgages. The best thing really would be to get in touch with a 3rd party insolvency company or the person that you already have you IVA with. An Insolvency practitioner will be able to assist further.


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