Can You Get a Mortgage with an IVA?

If you’re in an IVA, you may be wondering if you’ll ever be able to get a mortgage again. The good news is that it is possible to get a mortgage after an IVA, but it may be more difficult than if you didn’t have an IVA on your credit history.

Here’s what you need to know about getting a mortgage with an IVA:

  • You won’t be able to get a mortgage while you’re still in an IVA. This is because an IVA is a legally binding agreement that sets out how you’ll repay your debts. Once you’ve completed your IVA, you’ll be free to apply for a mortgage.
  • You’ll need to have a good credit score. Even if you’ve completed your IVA, lenders will still look at your credit score when you apply for a mortgage. If your credit score is poor, you may have to pay a higher interest rate or put down a larger deposit.
  • You may need to use a specialist lender. Not all lenders will offer mortgages to people with IVAs on their credit history. You may need to use a specialist lender who is more understanding of your situation.

Here are some tips for increasing your chances of getting a mortgage after an IVA:

  • Make sure you’ve completed your IVA. Lenders will be more likely to approve your mortgage application if you’ve completed your IVA and you’re no longer making payments to your creditors.
  • Get your credit score in good shape. There are a number of things you can do to improve your credit score, such as paying your bills on time and keeping your credit utilization low.
  • Save up for a deposit. Having a larger deposit will make you a more attractive borrower to lenders.
  • Shop around for a mortgage. There are a number of specialist lenders who offer mortgages to people with IVAs on their credit history. Compare rates and terms from different lenders before you apply.

Getting a mortgage after an IVA can be a challenge, but it’s not impossible. By following these tips, you can increase your chances of getting approved for a mortgage and buying your dream home.

Bonus tip: If you’re struggling to get a mortgage after an IVA, you may want to consider speaking to a debt advisor. They can help you understand your options and put together a plan to improve your credit score.

I hope this blog post has been helpful. If you have any questions, please feel free to leave a comment below.

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