Learn all you need to know about Bad Credit Mortgages - call our specialists today!

Getting a mortgage after an IVA

If you have an Individual Voluntary Arrangement (IVA), it may be difficult to get a mortgage. IVAs are often used by individuals who find themselves in financial difficulty, but there are many lenders out there willing to help those with an IVA.

Expect to pay a higher interest rate

Getting a mortgage after an IVA can be complicated and time-consuming, so it is important to do your research before making any decisions.

It is likely that you will need to provide the lender with information such as your monthly income and expenditure, proof of savings, and a copy of your IVA agreement.

You may also be required to pay higher interest rates than other borrowers due to the additional risk associated with giving you a loan after an IVA.

Get a Quote

How does an IVA affect my credit file?

An IVA agreement will be recorded on your credit file for six years and can have a negative impact on your credit score. However, by making regular payments each month you could slowly begin to rebuild your low credit score.

Additionally, lenders may overlook other factors such as previous incidences of having a mortgage declined, which could allow those who do not meet the standard criteria to still secure a loan on more favourable terms.

Can I get a mortgage when I’ve had an IVA?

Yes, although it can be harder and it could be useful to use a specialist broker to help you access more lenders and better deals. A bad credit broker can negotiate on your behalf, and so can save you time and money over the course of your loan.

Affordability matters

It is also important to bear in mind that there will be a greater emphasis placed on affordability when applying for an IVA mortgage, as lenders may need additional reassurance that they will not end up with a bad debt if the agreement falls through.

Prove you can pay

It is therefore vital that you demonstrate your ability to repay the loan and show evidence of a steady income or other sources of financial security such as savings or investments.

How much deposit do I need for a mortgage after an IVA?

While standard mortgages in the UK can be secured with as little as 5% deposit, it’s likely that you’ll need a larger down payment if you’re trying to get a mortgage after an IVA.

This is because previous financial difficulties equate to risk for lenders, and a higher deposit helps to mitigate this risk and provide more security should you default on your repayments in the future.

What other factors matter after an IVA?

Although obtaining a mortgage after IVA is possible, there are some potential drawbacks that should be taken into consideration before making any decisions.

Higher interest rates

Firstly, it is important to bear in mind that lenders could require higher interest rates than other borrowers due to the additional risk of providing you with a loan after an IVA. This means that even if you find a suitable product on the market, it may not be as competitively priced as other mortgages available.

Stricter lending criteria

Lenders may also impose stricter criteria when assessing applications after an IVA and could ask for more proof of your financial position than usual. This means that you will need to provide detailed evidence of your income, expenditure and assets before you can be accepted for a loan.

Legal action possible

It is also essential to bear in mind that if your IVA is not successfully completed then lenders may have the right to take legal action against you. Therefore, it is important to ensure that you have a solid plan in place before applying for an IVA mortgage and are prepared to provide evidence of your financial situation.

History can be overlooked

Although there are risks associated with obtaining a mortgage with an IVA there can also be some benefits. For example, if you have been rejected for traditional mortgages due to your credit score then this could still be a viable option as it may not take into account your past financial history.

Lenders may also overlook other factors such as previous mortgage defaults, late mortgage payments or CCJs in their decision-making processes which could allow those who do not meet the standard criteria to still secure a loan. Therefore, an IVA mortgage can offer an affordable and reliable way to purchase a home despite challenging financial circumstances.

Discover all your options & seek specialist advice

Obtaining a mortgage with an IVA or after an IVA can help individuals rebuild a poor credit score and improve their overall financial position.

By making regular payments on time each month, your credit score can slowly begin to rebuild which could result in lower interest rates when it comes to future loan applications.

Get a Quote

Ready to talk? Speak to an expert today: 0800 077 8980

Do your research and read our latest guides

How to improve my credit rating

Most people will be aware that they have a credit rating or credit score, but fewer will understand how it is calculated...

How to use checkmyfile

When it comes to checking your credit reports, it can be tricky to know where to start. You know that it’s important, but...

Mortgage credit reports and checks

Choosing and applying for a mortgage is a huge decision, and one that many people would agree can be stressful and...

Understanding your credit report

We understand that money can be a difficult topic for some people. If you feel like your finances have gotten a little out...

Bad credit mortgage lenders guide

While many high street banks and building societies are prepared to be sympathetic towards some less serious credit issues,...

Getting a Right to Buy mortgage with bad credit

The government’s Right to Buy scheme has opened up the possibility of homeownership for thousands of people in England by...

Getting a mortgage with a low deposit

As house prices in the UK continue on their seemingly ever upward journey, first-time buyers may be left with the feeling...

Getting a joint mortgage with bad credit

Looking to get a mortgage with your partner or spouse but worried that one of you has bad credit? Many people are anxious...

Can you get a mortgage after a repossession?

If you’ve ever been in the difficult position of having your house repossessed, you’ll understand the huge shock and stress...

Buy to let mortgages with bad credit

If you’re looking to buy a property to rent out as a source of income and as a long term investment, you’ll need a buy to...

Bad credit self-employed mortgage

If you work for yourself as a sole trader or freelancer then it can potentially make it more difficult to get a mortgage....

Bad credit mortgages - frequently asked questions

If you’re trying to get a mortgage with bad credit, you’ll probably have a lot of questions about exactly how the process...

Need to know more about bad credit mortgages?

Adverse Credit Mortgage

Looking For Adverse Credit Mortgage Lenders? We Are Experts in Adverse Credit Mortgages. Specialist Adverse Credit Mortgage...

Bad Credit Mortgages

We Are A Specialist Bad Credit Mortgage Broker. We Deal With Some of The Most Complex Bad Credit Mortgage Cases. We'll Scan...

Bad Credit Mortgage Broker

Specialist Bad Credit Mortgage Broker. We Specialise in CCJs, Defaults and Bankrupts - Speak With One of Our Bad Credit...

Bad Credit Remortgage

Remortgage With all Types of Bad Credit, We Accept CCJs, Defaults and Bankrupts - We Have Bad Credit Remortgage Experts...

CCJ Mortgage

Research all the options – not just mainstream lenders – and increase your chances of getting a CCJ mortgage....

Debt Management Plan Mortgage

Find out how and why you could still get a mortgage even after enrolling in a Debt Management Plan (DMP)...

Low Credit Score Mortgage

Understand how a poor credit score could affect your ability to get a mortgage and learn how to improves your chances...

Missed Payments Mortgage

If you have previously made late payments on credit accounts, a missed payment mortgage might be the ideal option...

Mortgage After IVA

We work with lenders who make it easier to borrow even if you have an Individual Voluntary Arrangement (IVA)...

Mortgage Declined

Just because you’ve had a mortgage declined, it’s important to remember that you might still be able to get approved in the...

Mortgage Defaults

We Accept All Defaults, Unsatisfied or Satisfied Defaults and any Size. Speak With Expert Mortgage Brokers Today....

Mortgage After Bankrupt

Getting A Mortgage After Bankruptcy? Speak With Bankruptcy Mortgage Experts. Apply Online Today!...

Poor Credit Mortgage

Poor Credit Mortgage Broker, We'll Scan The Market to find You The Best Poor Credit Mortgages. Speak With An Expert Adviser...

We're super confident our Bad Credit Mortgage adviser can help you ​gain approval

Been struggling to get your mortgage approved? We know how important it is for you to have complete confidence in us. Put your trust in our advice and you'll definitely improve the chances of a mortgage approval - at the best available rate.

Get a Quote

What our clients are saying

  • Professional, helpful and keep me informed and quick
  • Great service. Didn't really need to do anything, they took all the hard work out of the process.
  • The process was smooth right from initial chat. My circumstance was understood and I was helped to find the best product for me. Staff at various stag...
    Albert Acheampong
  • All thanks to Laura
    Richard Tame
  • Just got two great deals without spending hours upon hours trailing the internet!!
    Deborah O'Sullivan
  • Easy to speak to a d constant comacation
  • Very friendly professional company, kept me update at all times.
    Rachel Bagshaw
  • Excellent communication throughout
    Surinder Singh Nangla
  • Very efficient, fast, friendly and easy to work with. Would definitely use Mortgage Key again.
    Scott Howie
  • Very helpful and friendly service from Dale. Extremely responsive. Would recommend.
    Alexandra Ferguson
  • Very easy to deal with
  • Super efficient and very fast.a great service
  • Regular easy contact…very stress free.
    Ashley Stack
  • Dayle has been fantastic and very helpful. I renewed my home and B2L mortgage with him. He kept on top of it and kept me informed of what he was doin...
    Andrea V Frydle
  • Excellent service and advice
    T Grantham
  • It’s the second time m key has helped me always helpful amazing staff thank u
    Regina Brady
  • Rory is giving 5 star service. He is really very good in everything he does. Always keeps on top of our requirements.
    Hasanali Musani
  • Josh was superb all the way through top guy great asset to your company
  • Fantastic reliable service.
    Petrina Niles
  • Great service really professional staff who kept us informed about everything as and when they said they would. So helpful and courteous.
    Charles Allen

Trusted by our clients

Think Carefully Before Securing Debts Against Your Property.

Your Home Maybe Repossessed If You Do Not Keep Up With Your Repayments.

Ready to talk? Speak to an expert today: 0800 077 8980

Boost your approval chances - chat to us and Get a Competitive Quote