If you’ve been in an Individual Voluntary Arrangement (IVA) and are thinking about buying a home or remortgaging, the good news is it’s possible. With the right advice and a specialist mortgage broker on your side, you could secure a new mortgage or even remortgage to pay off your IVA sooner than you think.
What Is an IVA?
An IVA is a legally binding debt solution between you and your creditors, usually lasting five to six years. It allows you to make affordable repayments while protecting you from further creditor action and interest charges.
Once your IVA is complete, your remaining debts are written off giving you a chance to rebuild your financial future.
Getting a Mortgage While in an IVA
It can be more challenging to get a mortgage during an IVA, as your credit report will show adverse history. However, some lenders especially those available through Oak Mortgages and Clever Mortgages may now consider applicants who’ve been in an IVA for as little as six months, provided:
- Your IVA payments are up to date
- You’ve maintained good credit conduct since starting the IVA
- The IVA will be cleared by proceeds from the remortgage
This means if you’re a homeowner looking to remortgage to pay off your IVA, there are real options available and the right broker can help you access them.
Getting a Mortgage After an IVA
Once your IVA is completed, your chances of mortgage approval increase, but it’s still wise to work with a specialist broker. High street banks may still say no, but lenders who understand complex credit histories could offer you a deal.
Here’s what can help:
- Keep making all credit payments on time
- Save a healthy deposit (ideally 10%–25%)
- Check your credit report regularly for errors
- Be honest about your financial history, lenders appreciate transparency
Remortgaging to Clear an IVA
Remortgaging to settle your IVA early can be a smart move. It can free you from monthly payments, help you rebuild your credit faster, and give you more control over your finances.
Specialist lenders will look closely at your loan-to-value ratio, income, and recent credit behaviour but with the right case presentation, approval is possible.
How Oak Mortgages and Clever Mortgages Can Help
Our team works with lenders who understand real-life situations including those involving IVAs, defaults, and debt solutions. We’ll guide you through the whole process, from reviewing your credit file to securing the most suitable deal for your circumstances.
✅ Expert advice for clients with an IVA
✅ Access to lenders that look beyond your credit score
✅ Support with remortgaging to pay off your IVA
💬 Ready to explore your mortgage options?
Get in touch today via www.oakmortgages.co.uk or www.clever-mortgages.co.uk.
Think carefully before securing debt against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
