Mortgage with an IVA
Can i get a mortgage with an IVA ?
Can I get a mortgage with a recently cleared IVA ? = Yes – you CAN get a mortgage with a recently cleared IVA
Navigating a mortgage with an IVA can be tough. Work with a broker to simplify the process and boost approval chances.
A broker connects you with lenders who understand your situation. They help with documents, accuracy, and negotiations for better terms.
Beyond approval, they offer expert advice on improving credit. Increase your chances of securing a mortgage after an IVA. Take action today!
What is maximum mortgage I can get ?
Tips for finding a mortgage lender after an IVA
It can be hard to find a lender who will lend to someone who has had an IVA, but it’s not impossible. Here are some tips to help you find a lender who can offer you a mortgage after an IVA:
- Seek professional advice: Consult with a mortgage advisor or broker who has experience working with clients who have gone through an IVA. They can provide valuable insights and help you identify lenders who are more likely to approve your application.
- Also be prepared for slightly higher interest rates. Due to the higher risk lending to individuals with low credit scores, you may be offered a mortgage with a higher interest rate. Be prepared for this possibility and factor it into your budget. dont panic though its typically only 2%+ above std rates
Call us to Discuss your IVA Mortgage
A 10% to 30% deposit is crucial for getting a mortgage after an IVA. A larger deposit improves approval chances and reduces borrowing.
Save more to lower monthly payments and potentially secure a better interest rate. The bigger your deposit, the stronger your application.
Start saving now! Cut unnecessary expenses and boost your savings. Every extra pound increases your chances of mortgage approval. Take action today!
IVA Mortgage FAQ's?
Can you access all lenders?
We have access to a wide range of mortgages from High Street Lenders through to specialist lenders and even products that are not available direct to the public. We are good at helping people choose the right mortgage from lots of different options. We search for the deal that suits your individual financial situations.
Are you a lender ?
No we are a mortgage advice practice. So we are not tied to any one lenders dels or criteria. We can assess your case across all the lenders we work with. and find the best match.
Why bother with mortgage advice?
Well legally you dont have to use an advisor to help you find a mortgage. – although some lenders are ‘intermediary only’ meaning they actually dont deal direct with the public.
But the biggest reason to use an advisor is to hand over some of the stress and hassle. You could go shopping to each of 20 lenders .. spend an hour or two, with each of their advisors and see if they say “yes we can lend ” or ” sorry computer says no “ , after 5 or 6 attempts you might strike it lucky and not have to go through the rest of the 20 lenders…. but did you get ‘the best deal’ or did you just settle as you didnt have time to go through all 20 lenders ( ps we have way more than 20 lenders ! at last count it was nearer 100 ! )
ps we dont actually trudge to each lender, we have sophisticated proprietary software that shows us all lenders deals and filters against criteria for both property and applicant.
Talk to a specialist
Let us help you, talk to an expert mortgage advisor about your holiday let mortgage needs and benefit from their expertise in finding you a great deal.
One Tailored recomendation
Let us help you, with tough additional criteria for these types of mortgages . Let us help you find a lender that WILL LEND on your chosen property, at the best rate for your circumstances
Advice & Guidance
Every step of the way, from initial enquiry, through to meeting lenders criteria, the application and through to completion. we will be at your side
How to qualify for a mortgage after an IVA
Follow these steps to improve your chances of mortgage approval after an IVA:
Save for a larger deposit. A bigger deposit reduces lender risk. It shows commitment and increases your chances of approval. Start saving now.
Show stable income. Lenders need proof you can afford payments. Maintain steady employment and provide income documentation to strengthen your application.
Work with a mortgage broker. They connect you with lenders who accept lower credit scores. Get expert guidance to improve your approval chances.
Consider a guarantor or joint mortgage. A guarantor or partner with good credit can boost your application.
Understanding an Individual Voluntary Arrangement (IVA)
If you’re struggling with debt, you may have considered an IVA to regain control. It helps you manage repayments affordably.
An IVA is a legal agreement with creditors. You make fixed monthly payments to clear debts over time.
While an IVA helps you become debt-free, it impacts your credit score. Be aware of its effects before applying.
A mortgage after a cleared IVA is possible. Take the right steps to improve your approval chances
The impact of an IVA on your credit score
So when you enter into an IVA, it will be recorded on your credit file for a period of six years. This means that during this time, lenders and financial institutions will be able to see that you have previously had difficulties repaying your debts. As a result, your credit score is likely to be negatively affected, making it more challenging to obtain credit in the future, including a mortgage. Consequently at that time people arent asking – Can I get a mortgage with a recently cleared IVA?
Rebuilding your credit score after an IVA
An IVA affects your credit score, but it’s not the end. Take action to rebuild your credit and secure a mortgage.
Get your credit report. Identify areas for improvement and correct errors that may hurt your score. Fixing mistakes boosts your creditworthiness.
Pay on time. Make all payments promptly, including bills and outstanding debts. Show lenders you’re financially responsible and capable of managing debt.
A mortgage after a cleared IVA is possible. Start improving your credit today to increase your chances of approval!
