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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.

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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.

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