Looking for Mortgage Help after an IVA ?
Whilst there’s a lot of help for people to get into IVA’s, there doesn’t seem to be the same support there for people looking for a mortgage after an IVA ? Well I guess its no surprise that the IVA companies make more money helping people with an IVA than helping them get out of an IVA.
If you have just completed your IVA recently or even completed the IVA a year or two ago and looking for some mortgage help, then you’ve come to the right place.
Mortgage lending after and IVA is going to be more cautious than the main high street lenders, as quite rightly the lender want to make sure you don’t end up in the same situation again.
Mortgage Help after an IVA
okay so what sort of deals are people likely to get if they are looking for mortgage help after an IVA ? well, you are typically going to be paying around 6% +/- 1% as today’s rate ( October 2015 ). Lending is limited and will be looking for people to be in stable employed roles , or if self employed a good track record for the last 2 – 3 years to prove ongoing affordability.
We can help you by getting an experienced advisor to talk you through whats you can and cant get and really help you understand what mortgages are available after an IVA, and how you can slowly rebuild your credit profile and eventually get back into main stream lending as quickly as possible.
What if I’m looking to close my IVA at the same time as moving house?
Okay that is possible, although we would always suggest that you close the IVA first and then look to move, but if your money to clear the iva is within the equity of your current property, then of course you have to do it all in one go. Firstly make sure your IVA supervisor has agreed to their actual settlement, as we have seen cases where the IVA supervisor has taken months to agree to things and people have then lost out on potential buyers and new properties as a result. Once you know the figure the IVA can be settled for then you can start seeking Mortgage help after an IVA, as it will be classed as completed upon the sale of the property.
What if I need mortgage help to close the IVA ?
We can help there as well, of course the advisor would be entitled to charge a small admin fee, for helping draft any settlement offers to an IVA company, but as this can often save you Thousands £££’s it is often cheaper to seek the advice before speaking with your IVA company.