If you have struggled with debt in the past and entered into an 'Individual Voluntary Arrangement' (IVA), you are free to make a fresh start financially on successful completion of the IVA. Any outstanding balances are written off and, even though you may not have actually paid off all your debts in full, you should, in theory, find yourself considered as debt free. In practice, however, you may find that is not how many lenders treat you when it comes to getting a mortgage, and you may find obtaining a mortgage both difficult and expensive.
Mortgages with IVA - what's on offer
In reality, it's probably only the specialist lenders who take a more positive and open-minded approach to your need for a second chance. Rather than applying a 'one-size-fits-all' response, each lender will consider your situation differently, considering a number of factors that make up your own specific circumstances and their potential risk. If they view your case favourably, they will agree to lend on certain terms, giving you your fresh start. The interest rate, maximum loan available and deposit required will depend on your credit history since completing the IVA, and how long ago that was.
Mortgage Dimensions makes finding a mortgage with an IVA easier for you...At Mortgage Dimensions we understand the complexities of your circumstances, have access to the specialist lenders who can help you, and can advise you on the options available. Because you won't find these options on the high street, it makes sense to take advantage of our expertise and inside knowledge of the mortgage market - so contact us to discuss your situation without obligation. Not only can we recommend the mortgage product most appropriate to your needs, but we'll look after your application throughout the whole process, from beginning to end, ensuring that everything goes smoothly, with the minimum of fuss and no delay....and there's no fee for out service!
Enquire online or call to talk to us on
0845 021 0212
The overall cost for comparison is 6.3% APR. The actual rate will depend on your circumstances. Please ask for a personalised illustration.
