Individual Voluntary Arrangement (IVA) - Mortgages

Individual Voluntary Arrangement (IVA)
What is an IVA?
An individual voluntary arrangement is a legally binding, formal agreement between yourself and your lender to pay off your debts over a period of time. As it is legally binding, it is approved by the court and you must stick to it, and so must your creditors. 

An IVA must be set up by an insolvency practitioner, for example a lawyer or an accountant, who needs to be fully qualified. Said person will charge for the set up of the IVA; fees that can be high, corresponding with the amount you are paying back through the IVA – bear this is mind. The insolvency practitioner will be the person who deals with your creditor, throughout the term of the IVA. 

Debt Management companies:
If you decide to go through a debt management company, the fees will most likely be higher so make sure you are well aware and have looked around for the best route for you before you go ahead with anything. 

Contractor and CIS - Mortgages

And the Construction Industry Scheme (CIS)
A contractor is somebody who provides services/goods to a specific client, under specific terms. As a contractor, you can either be classed as:
self-employed – if you work as a sole trader/have your own ltd company 
an employee/worker – if you work through an agency or a large ‘Umbrella Company’, who pays your wages/taxes. 

How to prepare for getting a mortgage as a contractor
Here are some helpful tips that can aid you when apply for a mortgage. Having a riskier employment status and lacking a secure income can sometimes be unattractive to lenders. However, if you take some of the following advice, your chances with even the strictest lenders may increase. 
•    Aim to get a good deposit together (at least 10%) – this is a tip for anybody looking for a mortgage, though perhaps weighs heavier upon contractors who are applying. If you can produce a solid deposit, lenders will be pleased. Plus, the higher your deposit, the less your mortgage will be.

Mortgage and Associated Costs - Mortgages Derby Broker

Mortgage Costs
When you are taking out a mortgage, whether it be your first, a remortgage, or a new mortgage, there will be costs that need to be properly and realistically taken into consideration before beginning the process.
This blog will outline the costs usually involved in the mortgaging of a property; however, this is generalised. Costs will vary from person to person, depending on individual circumstances, the route you take and what mortgage product you choose to apply for. Speaking to an adviser can be highly beneficial in order to map out your mortgage journey and see what costs you will face. Call us today on 0333 320 8658 to begin your mortgage plan!

Hopefully the following will give you an idea of what to expect:
•    Broker Fees – if you go through a mortgage adviser, you will likely be charged a fee. This will vary depending on your individual case and the complexity of the products. Most brokers will not charge you in full if your mortgage cannot be carried out though will likely charge an initial fee for their help in the first place. Contact us at View Finance today to find out how much your broker fee could be!

AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.  THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. View Finance Ltd is an Appointed Representative of Finance Advice Group Ltd, which is authorised and regulated by the Financial Conduct Authority under number 624517 in respect of mortgage, insurance and consumer credit mediation activities only. The Financial Conduct Authority does not regulate some form of mortgages and loans, including most types of Buy to let mortgages and also Limited Company lending. The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. Registered office address: 42 Friar Gate, Derby, DE1 1DA. Registered in England and Wales, company number 11265177.

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