You are unlikely to get a new mortgage on an individual voluntary arrangement (IVA).
Your mortgage is not usually included in your IVA.
- You need to keep making normal payments
- Contact your IVA supervisor if your payments change
- For example, because of an interest rate change
- They can adjust your IVA payments
IVAs are arranged by StepChange Voluntary Arrangements, part of StepChange Debt Charity. In Scotland, a protected trust deed is a similar solution. This has different benefits, risks and fees.
You cannot take out more than £500 of credit while in an IVA, unless you get written approval from your Supervisor.
It may be hard to a find a lender who is willing to give you a new mortgage during your IVA.
Discuss any mortgage decisions with your insolvency practitioner.
An IVA can impact your personal, professional and financial life. There are many risks to consider with an IVA.
Read our guide to your IVA and credit rating.
Is an IVA right for you?
There are no up-front fees, and we do not charge you for debt advice.
Fees are detailed in your IVA proposal, which an IP will assist in drafting. Any fees have to be approved by creditors. Your IP will explain what fees you need to pay for your IVA.
Clare Lindley and James O'Carroll of StepChange Voluntary Arrangements are licensed to act as insolvency practitioners in the UK by the Insolvency Practitioners Association.