Yes, it is possible to get a mortgage with an Individual Voluntary Arrangement (IVA) but it can be very challenging. IVA’s are arranged by IVA practitioners who will assess your circumstances and your affordability, they will then make an agreement with the creditors to repay your debts over a set period of time. IVA’s are considered a form of insolvency due to a percentage of your debts being written off and will have a significant impact on your credit rating which will affect the ability to apply for any credit, which includes a mortgage.
To improve your chances of getting approved for a mortgage with an IVA, it is essential to work with a specialist mortgage broker that has the experience and skills with working with borrowers with adverse credit.
It is important to understand that applying for a mortgage with an IVA may not be the best option for everyone as the level of deposit required and the interest rates charged by the lender will be considerably higher. It is important to consider your financial situation carefully to ensure that you do not place further stress on your financial security which could lead to further adverse being recorded against you.Back to faqs