What steps should I take to get a mortgage with an IVA?

Getting a mortgage with an IVA (Individual Voluntary Arrangement) can be extremely challenging, but it’s not impossible. Here are some steps you can take:

  1. Complete your IVA: Wait until your IVA is finished and discharged, which usually takes about five to six years.
  2. Improve your credit score: Focus on demonstrating responsible financial management. Pay bills on time and avoid applying for unnecessary credit in an attempt to boost your credit score.
  3. Save for a deposit: The more you can put down as a deposit the better. The minimum amount you will require will depend on how long you have been discharged from your IVA.
  4. Speak to a Bad Credit Mortgage Specialist: There are very few lenders that will consider an application from somebody that has been discharged from their IVA for less than 3 years. A Bad Credit Mortgage Specialist will know the lenders that will consider mortgages for people in your situation, and they can give you accurate advice about how to increase your chances of success.
  5. Show financial stability: Provide proof of steady income and a strong employment history, having multiple jobs over the past couple of years can send out the wrong message.
  6. Be realistic: Understand that obtaining a mortgage with an IVA will come with higher interest rates, larger deposit requirement and stricter lending criteria. Be prepared for the possibility of having to pay higher fees or accept a smaller mortgage amount than you might have hoped for.

By following these steps and seeking professional advice, you can improve your chances of successfully obtaining a mortgage with an IVA on your credit record.

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