An IVA is a formal agreement meant to reduce the levels of debt a debtor has. It is considered a final step and alternative to bankruptcy and an Insolvency Practitioner will work with you to ensure that it is the best option. A second house is likely to be seen as a means of raising capital to pay off your debt and you may be expected to realise the capital in your assets in order to repay debts. As such, it is unlikely that you will be allowed to keep a second home when entering into an Individual Voluntary Arrangement.
In such circumstances you should speak to a professional Insolvency Practitioner or other personal finance expert. They will discuss your insolvency options with you and help determine what your best options are.
In an IVA, your Insolvency Practitioner will attempt to come to a formal agreement with creditors. A majority of creditors must agree to the terms of the agreement and if they are aware of the existence of a second home or income from a second home then they may demand that the property be sold in order to meet your financial requirements and pay off the debt that you have accumulated.