Getting a Mortgage after an IVA

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Getting a Mortgage after an Individual Voluntary Arrangement (IVA)

An Individual Voluntary Arrangement (IVA) can help you get on top of paying off your debts, but it can still impact your chances of getting a mortgage. You may think that having an IVA in your financial history means you can never get a mortgage. But you don’t have to resign yourself to renting forever, as there are lenders who are happy to consider IVAs. They will assess a range of factors such as:

  • How long since your IVA was discharged
  • Your current income and size of your deposit
  • Any other debts you currently have

We’re keen to help people with a history of IVAs or debt get onto the property ladder. We have access to the whole of the market, including lenders who will specialise in past debt and IVAs.

If you’re ready to make a move, give us a call on 0115 896 9776 or fill in this form.

What Is an IVA?

An IVA is a legally binding agreement between an individual and a lender to pay back debts over an agreed period of time. An IVA can help someone when they have serious debt and don’t want to declare bankruptcy as the final resort to manage their debts.

A qualified specialist, often known as an insolvency practitioner, has to draw up the agreement. They will charge for this service so this is something that you need to bear in mind when applying for an IVA.

You will make an agreed monthly payment for a period, normally up to five or six years. This will be collected by the insolvency practitioner and spread between your debtors if you have more than one. If you come into money, such as an inheritance, you will be expected to put this money towards your IVA. Your pensions can be used to pay your IVA as well, so if you have some assets like a private pension, it’s worth considering those when applying for an IVA.

How Long Does an IVA Stay on My Credit Rating?

An IVA will stay on your credit rating for six years, much like any other type of default. An IVA can negatively impact your credit rating, but that doesn’t mean you can never get a mortgage in the future.

Mortgage lenders normally look at your credit rating to make a decision, but that doesn’t mean you won’t get an offer. A good mortgage broker will help you find a deal that fits the size of your deposit and budget for a home. 

Working with Harmony FS to Secure a Mortgage after an IVA

We have access to a range of specialist lenders who are happy to consider anyone who has had an IVA in the past. We’re happy to offer you some initial free advice to get an idea of your current circumstances so you can decide whether you want to proceed to find a mortgage deal.

Get in touch using the form to find out more.

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