Can I get a Mortgage after an IVA – If you’ve got a mortgage currently, but are on a high rate – whatever your credit history, you should consider getting some advice on switching. Consolidating other debts into a new mortgage, and moving to a better rate, can be a great way of making a significant saving every month. Here we’ll cover:
- How we helped our customer, who’d recently completed an IVA, get a mortgage with a better rate
- Even with bad credit, and with current debts still to pay off, you could get a remortgage plan that’d save you on repayments each month
- The advantages of using an expert broker like Clever Mortgages, particularly if you’ve got a less than perfect credit history
Our customers asked us “Can I get a Mortgage after an IVA?”
With Clever Mortgages, Mr and Mrs P were able to:
- Get a debt consolidation remortgage, even though Mr P had just come out of an IVA
- Secure a fixed rate of 2.23% with a trusted lender
- Give them an overall saving each month of £695
| Balance | Payment | Rate | Term | |
|---|---|---|---|---|
| Previous mortgage | £185,235 | £1,489 | 5.03% | 14 Years |
| Secured Loan | £15,500 | £520 | Various | Various |
| New Mortgage | £200,825 | £1313.70 | 2.23% | 15 Years |
Completed 31/07/19
Mr P had been in an IVA, which he’d now completed, and Mrs P was currently paying off a secured loan. Their aim was to consolidate the secured loan with a new mortgage product, and to get off the higher rate mortgage that they’d been on for some time. Predominantly, they wanted to bring down their monthly payments.
At Clever Mortgages we were pleased to be able to help them, and we secured them a new mortgage which is now saving them a significant £695 every month! By switching lenders and consolidating debts, we were able to find them a mortgage deal with a saving that’s now making a big difference to their lives, and helping them get back on track to improving their credit score. Arrange a call from one of our expert advisors today.
We might be able to help find you a mortgage after an IVA even if you’ve had bad credit
If you or your partner have a history of bad credit, for instance if you’ve been in an IVA or DMP (Debt Management Plan), you might be concerned that you won’t be able to get a great deal.
We help customers, even when they have bad credit, to consolidate their debts, sometimes saving them hundreds of pounds every month.
Why use Clever Mortgages?
We know the best lenders and products to look to for each individual situation. We could give you the best chance of getting a great consolidation mortgage deal. We can help, even if you:
- Want to consolidate all of your debts, and just make one monthly repayment
Enquire with us about getting a mortgage to consolidate your debts, and we could:
- Search for the right deal for you, even if you’ve got a poor credit history – many of the customers we help have found themselves in a bad credit situation, and might have been on a Debt Management Plan or in an IVA.
- Discuss with you the different options available – for instance, you might not have considered using a guarantor or applying for a joint mortgage, we can discuss what might give you the best chance of getting a mortgage on a better rate.
- Make sure your application goes to the best lenders for you – not all lenders offer mortgages to people with a bad credit history, but we know which ones are most likely to say “yes”, and to give you a good rate when they do.
Why should I use a mortgage broker for my debt consolidation mortgage?
- Some mortgages for people with bad credit are only available if you go through a mortgage broker – we know the mortgage lenders who accept defaults and other bad credit situations
- You’re likely to only have to do one application – this will save you time, and more applications from being recorded on your credit file
- Brokers can advise on what would improve your chances – e.g. finding a guarantor or opting for a joint mortgage
- They can take the hassle of application forms away – talking you through every step, and asking all the right questions
Debt consolidation can be a good solution for some mortgage customers – however, it’s not suitable for everyone.
What next?
Speak to one of our expert advisors on getting a mortgage to consolidate your debts, contact our team today. We are experts in offering solutions to people with bad credit and can help if you need a hand with your next move.
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