Mortgages and IVAs

An Individual Voluntary Arrangement (IVA) is a legal procedure for people in financial difficulty who are struggling to repay their unsecured debts. An IVA is actually a form of insolvency, and as such it will put a strain on your ability to borrow, although unlike bankruptcy, it does not prevent you from getting a mortgage.

If you’re currently undergoing an IVA or have previously been in one, getting an IVA mortgage can be more difficult. While in the majority of cases you will be allowed to keep your home under an IVA, your creditors may impose conditions on how some of the equity in your property is to be paid back.

Either way, if you’re still undergoing an IVA and are perhaps looking for a mortgage as part of a new settlement, or you’ve completed an IVA and want to move onto the next chapter of your life, it’s essential you find the right mortgage deal for you.

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The role of a specialist IVA mortgage broker

A specialist IVA mortgage broker can assist you in one of two ways. They can either help you find a remortgage deal in order to meet your IVA final payment; or they can help you find a competitive mortgage after completing an IVA.

If you’re looking for a remortgage deal to make a final repayment to creditors, you will be limited as to when you can remortgage, but you should still shop around to find the best deal.

Alternatively, if you’re applying for a mortgage after having completed, or even during an IVA, you will be subject to higher rates of interest than other mortgage applicants because of the additional level of risk.

How can we help?

We work with a leading network of specialist post IVA mortgage brokers, who are perfectly placed to help people in precisely your situation. The first thing to think about is your deposit. Typically, people who have recently completed an IVA will not have substantial savings, and due to the additional risk, lenders will expect a more substantial deposit.

However, that does not mean finding an affordable remortgage deal or post-IVA mortgage is impossible. As specialist IVA mortgage brokers, our advisors know precisely which lenders to approach to find the best deal for you. They can also help you present the case for a remortgage or a new mortgage to your IVA supervisor.

For more information, please complete our enquiry form and one of our advisors will be in touch with a free, no-obligation consultation to discuss your requirements.

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