An IVA will not concern the building society as there will be a provision put in place which will allow a budget for your to pay your mortgage. The only way in which your mortgage will be affected by an IVA is that (i) you will likely have to release equity at the end of the IVA if you can, meaning you may have to remortgage and (ii) if the creditors feel you are over expending on your mortgage they may ask you to cut the cost down. Creditors seem to have drawn the line at c40% of your income being used to pay your mortgage, any higher than that and you may risk having to cut back on your mortgage payments. This can be done through, switching all or part of your mortgage to interest only, taking a cheaper interest rate, or increasing your mortgage term (repayment mortgages only).
Best Regards
Oliver
Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at:
www.thomascharles.com/about_us.asp