www.iva.co.uk

Can you get a mortage if you have an IVA?

Hello and welcome, one question springs to mind, notwithstanding the debt situation you have.

Do you currently have a mortgage or would you be a first time buyer?

Regards.

Yes you can get a mortgage if you are in an IVA. If you are taking out a new mortgage on a property that you are buying then you would likely have to have any potential deposit paid for by a third party, ensure that the new mortgage payment does not effect your ability to continue to make your agreed monthly contribution and have the express permission of your IP.

If you want to transfer your current mortgage to a new lender this is also possible in an IVA. In both instances you will likely need the assitance of a specialist mortgage broker due to the negative impact your IVA will have on your credit score.

It is possible that you can get a mortgage while in an IVA. Any lender would want to see that the IVA has been conducted satisfactorily to date and would consider each case individually. With the situation as it is - it would probably a slow process. It always helps to have a copy of your credit report to hand

Also remember that any mortgage you apply for will be at a higher interest rate due to your credit record and there could well be arrangement fees on top.

I got a mortgage with an IVA without a problem. Numerous fees, but I am doing fine with it

I have a number of clients who are getting mortgages and re-mortgages fairly easy at the moment, so am interested if you could expand on your comment about speed Martin? What delays are you particularly experiencing at the momend with post-IVA mortgages abd are there any reasons for this?

Melanie,

My feeling, from having spent most of the day looking at the worsening situation, is that people are getting mortgage offers now from applications made some time ago. There is a steady strengthening of criteria for approval in the market that will gradually start to take effect as of now. I think the action required is submit applications sooner rather than later for greatest success.

Does that mean that you think the market is getting worse or better John?

Definitely worse.