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Remortgage with an IVA

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Remortgage with an IVA

If you are currently in an IVA, considering an IVA or have just finished your IVA then you will know that it is likely to have a big impact on your ability to obtain a mortgage or remortgage your property. There are lenders out there that are currently lending, this is providing that you have the right amount of equity and meet the usual borrowing requirements in terms of income and affordability.

Certain borrows are able to

  • Remortgage to pay off an IVA
  • Remortgage with an IVA
  • Remortgage after completed IVA

If you are just entering into an IVA there will be restrictions on your property during your IVA.  You will not be able to remortgage or sell your home without your supervisor’s permission. If you are currently going into an IVA and need to remortgage, speak to one of our bad credit specialist brokers.

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Are there lenders that consider IVA mortgages?

Definitely! There are lenders that will consider IVA mortgages but it will all depend on individual circumstances. This is why it is important to speak with an experienced advisor that fully understands the adverse credit mortgage market. To get a lender to consider your IVA remortgage then you will have to show that your conduct during your IVA was satisfactory and all of our payments were made on time. You will need to have all of your details to hand when discussing your application i.e equity in your home, registration of IVA, size of debts, settlement dates. It is also a good idea to access your credit report so that you have all of the information to hand. Each lender is different and can interpret your history and financial standing in different ways. 

How soon after an Iva can I get a mortgage?

When you have had an IVA it can be difficult to know exactly when and if you can apply for a mortgage. If you go direct to a high street bank you may be automatically declined. Some lenders will not lend to customers that has had an IVA. Some lenders will require the IVA to be settled and completely off your credit report before they will consider your application. Some will need the IVA to be settled and paid off over 3 years ago; some only need it settled prior to application. Some lenders will be happy to remortgage as long as it is used to pay of the IVA and others are even happy to lend with an active IVA provided other strict criteria is met.

In general the more recent the IVA was settled or setup the more deposit/equity you will need. The cost of borrowing will likely be higher to. This is due to the higher perceived risk to the lender.

How do I remortgage with an IVA?

Firstly, if you haven’t already it’s imperative to get copies of your credit report, this will allow you and your broker to see exactly what potential lenders will see. All lenders use different credit referencing agencies and all your details may not be on all 3 of the main agencies. If you and your broker were to just look at one of the agencies credit report and it didn’t have all of the information you may be surprised when your application is rejected. Getting all 3 will give your specialist broker the full picture and they will then be able to work out the best lenders to put your application to knowing all of the facts.

When you have your credit reports it is advisable to speak with a specialist mortgage advisor that can look through your reports and find you the best solution for your mortgage. Alongside the deposit and conduct during your IVA you will also need to conform to the usual mortgage criteria such as affordability/income.

IVA and other credit issues – Impact on mortgage approvals

If you have gone through an Iva it is highly likely that you will have had other credit issues that led up to the IVA. Your adverse credit may have started due to a life event, when life events happen it can throw your financially planning of course, starting with late payments which can develop into defaults, ccj’s and debt management plans. An Iva is an alternative to bankruptcy which is why many people enter into these agreements. 

How can we help?

At Get Me My Mortgage we work with experienced mortgage brokers that specialise in bad credit mortgages. Using a broker with experience can be the difference between an approved application and a declined application. An Experienced broker is essential as they know the market and the specialist lenders that are likely to consider your application. Fill in one of our forms today or give us a call on 0161 209 6700. You can also find out how much you might be able to borrow by using our bad credit mortgage calculator

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Updated: 2nd December 2019

Bad Credit Mortgage Information

Looking for specialist advice? Read through our articles about different bad credit situations, and get the best advice to get the mortgage that you need.

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