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Mortgage After IVA

Getting a Mortgage After IVA? We’ve Got The Answers

Mortgage After IVA

When you’re looking for a competitively priced, low deposit mortgage, having bad credit of any kind can cause complications. Whilst lenders were once more relaxed about lending to potential homeowners, since the days of the financial crash, banks and building societies have understandably become more cautious. This has made it increasingly difficult for borrowers to find an affordable mortgage or remortgage after IVA.

The good news is that here at Amber Mortgage Solutions our team of bad credit mortgage experts have access to the whole market, including ‘IVA friendly’ lenders, helping to find you exclusive deals to suit your unique circumstances.

For more information

Speak to our specialist advisers today.

01702 619 221

What Is An IVA?

An IVA – or Individual Voluntary Arrangement – is a legally binding agreement between an individual and their creditors. This is recorded on the insolvency register and will be set up by an insolvency practitioner, who should be a qualified solicitor or accountant approved by the court.

The role of the insolvency practitioner is to examine your finances and help you to come up with a payment plan that is affordable to you, and acceptable to your creditors.

If the proposal is accepted by your creditors, then all charges and interest will be frozen and the creditors will be unable to demand any further payments from you. You are then required to make the agreed monthly payments to the insolvency practitioner, who will then forward the correct amount of money to each creditor. Insolvency practitioners will also deduct their own fee from this amount.

Once the agreed period of time that your IVA was set up for has passed – providing you have kept up to date with your payments – any unpaid debts should be written off and your IVA record will be removed from the Insolvency Register.

Here’s what our client’s have to say!

Can I Get a Mortgage After An IVA?

Whilst having an IVA can impact your chances of finding a competitive mortgage deal and cost you more than if you’d had no bad credit on your record, it is still possible to get a mortgage with an IVA.

The majority of high street lenders will decline an application with an active IVA on the person’s credit file. Fortunately, there are specialist lenders out there who will be happy to consider applications for a mortgage with an IVA and help secure a favourable mortgage deal. However, it is important to remember that if you have an existing IVA there is a chance that you’ll be required to pay higher interest rates or put down a larger deposit.

Worried about getting a mortgage after IVA finished? Our dedicated team are experienced in helping borrowers with bad credit gain access to specialist lenders willing to consider your application.

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How Long Will An IVA Stay On My Credit Record

Typically, an IVA will show on your credit report for six years from the first day of the IVA. After six years, if you have stuck to your agreed payments and have no further defaults, then your credit file will be clean.

Despite this, there are some high street lenders who may see your clean credit record and still ask whether you have ever had to enter into any arrangements such as IVAs, which you will have to answer honestly. If the answer is yes, then some lenders may still decline your application.

Once you have a clean credit file, you will still have to rebuild your credit history from scratch. Whilst there will no longer be any incidents of bad credit on your file making you appear a risk to lenders, you will have no payment history to show that you’re a good risk to take either. To repair your credit score, there are a number of things you can do, but a good place to start would be to get a copy of your credit report.

How To Check Your Credit Report

After six years, as long as you have picked up no further adverse credit, you should now have a clean credit record. However, it is important to check that your credit file accurately reflects this and that all information is correct.

To do this you can obtain a copy of your credit report which can be done for free, from a wide range of trusted online providers such as Experian, Equifax and CallCredit.

Need help getting your credit report? Contact us today and speak with a member of our friendly team for advice.

Getting a Mortgage After Having An IVA

Obtaining a mortgage after IVA can be tricky, but it is possible.

For expert mortgage after IVA advice you can rely on our dedicated team to give you access to specialist lenders across the UK to help find you the best deals on the market.

No matter what your credit issues may be or where you are on your property ownership journey, our friendly advisors can assist you every step of the way, giving you the best possible chance of securing a competitive bad credit mortgage after IVA completion.

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01702 619 221

Open: Monday - Friday 8:30am - 5:30pm

How Do I Know if I Have a Bad Credit Rating?

For some, they may have no real idea they have bad credit until they are declined a mortgage by a high street lender for the first time.

However, for others it may come as less of a surprise to learn that their credit history is far from perfect. You may be receiving letters from credit card companies, are aware of missed payments or are being visited by debt collectors.

The only way to know for sure what condition your credit history is in, is to secure a copy of your credit report.


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How to Access Your Credit Report

It is now easier than ever to obtain your own credit report and see for yourself how you might fare in getting a mortgage.

Once a mortgage application is submitted, the lender will access your credit file information to assess your suitability for a loan. So, if you’re concerned about having adverse or bad credit, we would encourage you to take action sooner rather than later, and obtain a copy of your credit report. This can be done for free, from a wide range of trusted online providers.

Need help getting your credit report? Contact us today and speak with a member of our friendly team for advice.

I Have a Bad Credit Rating – How Much Can I Borrow?

When looking at how much a person can borrow, the first thing many lenders will examine is your ability to afford the loan. This means they will need to look at your income – or income(s) if it’s a joint application – as well as your regular outgoings and other credit commitments.

In addition to looking at affordability, a lot of lenders will also consider your maximum income multiple. For example, 4x or 5x your income(s), depending on the lender.

With lenders now using such diverse methods to assess the extent to which you can afford a potential loan, the best way to prepare would be to discuss your situation with one of our professional advisors.

Having experience of working with bad credit lenders, we can guide you on your next steps to getting the mortgage you need.

Quick FAQs

Have a question about getting a mortgage after IVA?

Take a look at our extensive FAQ section for the answers to some of our most commonly asked questions, below.

Whilst your options may be limited, yes, it is possible.

Most high street lenders may turn down someone who has had an IVA on their credit file, but there are specialist lenders out there who would accept the same application. However, be prepared that these lenders may require that you pay more in fees and that you put down a larger deposit – usually a minimum of 30%.

Typically, an IVA will last for up to five years. Once this time has passed – providing you have stayed up-to-date with your agreed payments – any unpaid debt can be potentially written off.

Whilst an IVA will be removed from the Insolvency Register after five years, it will remain on your credit file for six.

The loan-to-value (LTV) ratio offered to you will vary from lender to lender, depending on their criteria.

Generally speaking, the more recent the IVA, the lower the LTV you will be offered. Any further bad credit issues will also have an impact on the LTV rate offered to you.

It is all dependent on how much of a risk lenders perceive you to be. Anyone with a bad credit history will be considered slightly higher risk, resulting in a lower LTV. However, the more time that passes since your IVA discharge and the more steps you take towards maintaining a clean credit record, the higher the LTV ratio you will be offered.

After your IVA has been discharged, you should be issued with a completion certificate providing written confirmation that you have paid all of your agreed payments. This can take between six to eight weeks to arrive, but once it does, be sure to keep it filed away somewhere safe.

It is also recommended that you obtain copies of your credit report, to ensure that all of your details have been updated and are correct.

Unfortunately, once you have had an IVA on your credit record not all lenders will agree to lend you money – regardless of how much time has passed since your IVA completed.

The good news is that there are specialist lenders who will be prepared to lend to those who have had IVAs, as long as these have completed. A professional bad credit mortgage advisor will be able to help find the best deal for you.

Contact us today! Our friendly advisors will be happy to talk you through the next steps available to you and help you on your way to obtaining the mortgage you need.

We’re here to help you, not judge you, so call us on 01702 619 221.