IVA Mortgage

Introduction to IVA Mortgage

Although an IVA plan is a fantastic solution for people who are in debt and are facing a possibility of bankruptcy, it can be said that it affects the future of the debtor in an unpleasant way. This means that anyone who has had an IVA plan will be considered as a high risk client for some time by most of the lenders on the market. Generally speaking, the more time people wait after the IVA plan, the better the terms of loans will be. These terms usually refer to interest rates, which are higher if people are considered to be high risk borrowers. One of the most important questions about an IVA plan is how it affects a mortgage on the property owned by the debtor.

IVA Mortgage or a Mortgage with IVA

Any IVA plan will affect people who want to apply for a mortgage while in the process of an IVA or soon after the process has been finished. The IVA plan will affect applying for a mortgage in a way that will often prevent people from getting a good deal on the mortgage. While in the process of an IVA, it is possible to apply for a mortgage on a house, for instance, but it is almost impossible to get a good deal on the interest rates involved. The reason for this is the fact that no lender will find people who are in the process of the IVA to be good clients. They are likely to be seen as high risk borrowers, and therefore the interest rates offered by the lender for the mortgage will be very high. Even if the process of the IVA is finished, these rates will still be very high for some time after the IVA.

IVA Mortgage – How to Get It Soon After an IVA Has Finished?

When it comes to applying for a mortgage after the IVA has finished, it is always advisable to wait for as much time as possible to pass, in order for the IVA to stop having an impact on their credit rating. However, there are people who cannot wait and need to take out a mortgage as soon as the IVA has finished. In these cases, it is a good idea to try to find an experienced mortgage broker. A mortgage broker is a person who will help people understand what they can expect from the mortgage and who will be able to find lenders interested in IVA mortgages.

The mortgage broker will get a number of quotes from different IVA mortgage lenders and give people the opportunity to choose the one that suits them best. However, it has to be said that a mortgage broker is not a magician and that he or she will never be able to get people a great deal, regardless of the fact how good or experienced he or she is. Also, hiring a mortgage broker will result in higher expenses, because their services are anything but cheap.