Mortgage After IVA
Getting a Mortgage After IVA
You may have heard or been told that if you want to get a mortgage in the future, you should avoid an IVA (individual voluntary arrangement) and use an Informal Debt Management Plan. However, this isn’t accurate and it’s unlikely to be any easier to get a mortgage after a DMP than it is with an IVA.
If you have an IVA, you may be under the impression that obtaining a mortgage is well out of your reach. But that isn’t true, there are still plenty of lenders out there that are willing to provide you with a mortgage after IVA. However, you’ll need the help and guidance of a specialist mortgage broker, which luckily, we can help with.
As a specialist mortgage broker, we can identify the most suitable mortgage for your individual needs and help you apply for it, to help you get the keys to your dream home in a way that’s stress and hassle-free for you.
What Is a Mortgage After IVA
A mortgage after an IVA, is just like any other mortgage, with the main difference being it is better suited to people that have just had an IVA and are trying to get a mortgage. The main thing that acts as a barrier when it comes to applying for a mortgage is your poor credit score following an IVA.
Due to this, even if the record has already come off your credit file, it’s highly likely that you will still have to use an adverse mortgage lender, as there’s a strong possibility that you will be unsuccessful if you approach the lender yourself.
Adverse lenders tend to charge a higher rate of interest than traditional high street lenders, but don’t let that put you off the thought of a mortgage, as an affordable mortgage after an IVA is still attainable. The high-interest rate won’t stay that way forever, and normally you will be able to remortgage to a better deal after two years has passed.
Harry Jackson2024-03-05Matthew, Kirsti and Katie were all really helpful. Made sure that, as first time buyers, we understood everything that was going on and were always there to help if we needed them to. 100% would recommend you use them!
Michael Clarke2024-03-04Karen and Kirsti have been invaluable in helping us through the mortgage application process for our first home. We would thoroughly recommend their services - it has saved us a lot of stress! Swift and considerate guidance and support throughout the process.
Ioana Tomut2024-03-02We have worked with Karen and are extremely happy with how she handled our account. This was the second time we have attempted to buy our first house and we have worked with another mortgage advisor before. While both were excellent in terms of service and communication, Karen's suggestions for solicitors and survey were significantly cheaper to what we were quoted last time. I greatly recommend them.
R Findlay2024-02-29Thank you very much to Richard at Regal Finance for making our first home purchase run as smoothly as possible. Richard was available to provide us advice throughout the whole process and I would highly recommend using Richard at Regal Finance Group!
Sue Vecchione2024-02-29Well worth the fee. Mortgage sorted in less than 48 hours. Fantastic service with great communication. Much recommended 😀
Sarah Carter2024-02-19Absolutely brilliant! Alwasy go over and above and feel thoroughly looked after. Highly recommend.
Joe Alsford2024-02-05I can not speak highly enough of the service I received from Richard Powers at Regal. Gave excellent clear advice, continually negotiating the best deal available. Went above and beyond, fantastic to have in your corner in what can be a stressful process!
Kiran2024-01-15Cannot recommend Regal Finance enough! Matthew and Kirsti were amazing and completely took the stress out of the process. They were always available to answer questions and guide us through everything. I found they had access to a wider range of products than other advisors I had used in the past. I will be recommending Regal Finance Group to everyone I know!
L Fowler2024-01-04Matthew and his team have gone above and beyond to help us with our mortgage. As first time buyers we decided to seek advice from a mortgage advisor. After having an offer accepted on a house we needed some support with the mortgage fairly quickly and Matthew managed to fit us in out of usual hours to suit us. We had a very detailed call with him and all our questions were answered. From this point onwards Kirsti managed our application and the whole process was fast and effortless as they managed everything. We made the best decision using Regal finance. If you choose to go with Regal you’ll be in good hands.
Jamie Wells2024-01-04I can’t recommend regal finance group enough. Kirsti and Matthew have been amazing. They are so quick to respond and the advice they give has been so helpful. Don’t hesitate to get in contact if you need a mortgage. Thanks Jamie and Lauren
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All Hope Is Not Lost
If an IVA has been the best debt solution for your situation, you can have peace of mind that there are mortgage options that are available to you once it’s been completed. Depending on your circumstances, some lenders are willing to offer up to 95% loan to value mortgages. However, you will need the help of a specialist mortgage broker.
What Size Deposit Will I Need?
The size of the deposit you need in order to secure a mortgage after IVA is dependant on how long it has been since the Arrangement started. Essentially, the longer you are able to wait the smaller amount you will require.
If you’ve completed your IVA early and it is still only 3-6 years from the start date, there are still lenders that will consider you. However, you are likely to require a deposit of 25% of the value of the property you are looking to buy.
After 6 years when the record of the Arrangement has come off your credit file, more lenders become available and you may be able to put down a deposit of as little as 5%.
Give Us a Call
All debt solutions will affect your credit score and make getting a mortgage that little bit more difficult than if you had a good credit score. However, there are ways around things and with our help and guidance, we can find the solution to providing you with a mortgage after IVA.
We take the stress away of finding a mortgage after IVA, as we have the right contacts and knowledge to match you with the ideal mortgage for you, even after IVA. You could search tirelessly for a lender that will provide you with a mortgage after IVA but still, see no success. However, we do all the legwork for you and guarantee success. All you need to do is give us a call.
Your home may be repossessed if you do not keep up repayments on your Mortgage or other loans secured upon it.
Get A Mortgage With Regal in 3 Easy Steps
Step 1
Complete an enquiry form and an advisor will call you back.
Step 2
Send us the documents we need.
Step 3
Receive a Decision in Principle from one of our lending panel.
