Individual Voluntary Arrangement (IVA)

An Individual Voluntary Arrangement, or IVA, is an alternative to bankruptcy in which the debtor arranges a formal agreement with his creditors to pay off a percentage of his debt over a set period of time, usually around 5 years.

An IVA is often seen as advantageous to bankruptcy as it has less of an adverse effect on the person's credit history and their home remains relatively untouched.

However if you have arranged an Individual Voluntary Arrangement, you will probably be aware that although an IVA makes it much easier for you to keep your home, it is standard for many IVAs to include a clause that stipulates that after a set number of years you will be required to have your home valued and to give your creditors a certain percentage of the equity that has been built up as a final payment.

Fact: Being party to an IVA does not stop you getting a mortgage.

Fact: Being party to an IVA does not mean you can not get a 100% mortgage.

Fact: Having previously been party to an IVA does not mean you can not get a mortgage.

Fact: Having previously been party to an IVA does not mean you can not get a 100% mortgage.

In general the longer it is since you have completed an IVA the easier it is for you to get a mortgage including a 100% mortgage.