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

  • We are very happy with the service they have been very helpful
    Mrs Smith
  • The Mortgage Key team have been excellent and have guided us through the process of finding and securing two mortgage offers on two properties at the ...
    Thomas Hewitt
  • Very efficient. Clear, concise advice and a positive outcome. Highly recommended. Zoe was particularly helpful.
    Simon Wedlake
  • Very quick response and took away all my stress. Laura understood my situation and provided my best solution which has helped me achieve my new home
    Maureen Cusick
  • Amazing service. Always keep in touch on progress, always very informative and polite. Glad I stumbled across MortgageKey.
    Ed Jones
  • Really great service and quick service.
    Gurinder Kaur
  • Great stress free experience everything was handled for us very efficiently
  • Remortgage as rates changing and mortgage key were very helpful in the quick smooth process, kept updated and given all the information to make an inf...
  • Shannon and Zoe were both fantastic. They were so supportive and knowledgeable. The process was made so much easier by them and they were always quic...
    Laura Davies
  • Very happy with the service we have had so far from MortgageKey. Team very responsive and have worked hard to secure us the best rates and deals for ...
    Thomas Hewitt
  • Very helpful
    jason norris
  • Very happy with all your help Laura and everyone who’s involved in getting my mortgages. Really appreciate your great help Kind regards Daniel
    Daniel watts
  • This is how the 3rd time that we have used Mortgage Key - twice for remortgages and this time when taking out a mortgage for a new property. Quite sim...
    Martin Benn
  • Very helpful for my mortgage
    Tim Chelmsford
  • Excellent service from start to finish. Comms were fantastic, staff were friendly & professional. This is our 2nd experience of using MortgageKey, we ...
    Zoe Barthorpe
  • Great service, used before, really good comms
  • Great personal service
    Martin Johnson
  • I’m so happy receiving my mortgage offer. Well done Michael and Shannon. Michael Ncube was excellent in understanding my situation and he was very k...
  • Dayle, Amelia and the rest of the team have been amazing. From first contact to getting the mortgage through, it's been an absolute breeze.
  • it was really nice dealing with your company
    Albert Attrams

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