Given the challenges people face when arranging a mortgage, it is understandable that people have a lot of questions. The issue of an IVA mortgage arises for many people. If you have an IVA, it is natural you will have concerns over what you can and cannot arrange financially. A mortgage is vital for so many people, and we are here to provide you with guidance on arranging an IVA mortgage.

Can you get a mortgage with an IVA?

If you have a current IVA, your high street banks and building societies will more than likely say no. However, there are specialist lenders available who will consider you for a mortgage providing you have always kept to the IVA payment structure. These specialist lenders are available through mortgage brokers.

Can you get a mortgage after an IVA?

The longer an IVA has been completed, and the more lenders will be willing to potentially provide you with a mortgage. Due to the previous IVA that you have had, many lenders will decline you a mortgage. However, some smaller banks and building societies may consider you. It is good advice to contact a specialist mortgage broker who has experience in this area.

Should you consolidate the debt of an IVA?

There are pros and cons with this situation, and you should seek advice from a specialist mortgage broker. It is undoubtedly worth remembering that the debts in the IVA will have the interest frozen on them. After 5/6 years the debt may be cancelled – so would you want to secure this debt onto your home potentially over a longer-term and pay interest? This is an example of the considerations you should factor in.

DISCLAIMER: These articles are for information only and should not be construed as advice. You should always seek advice prior to taking any action.