IVA / Bankruptcy Mortgages
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IVA / Bankruptcy Mortgages
There’s no denying it, financial setbacks happen and they’re often out of your control. There’s nothing to be embarrassed about, as long as you’re taking action to get back on track. For many people that means setting up an Individual Voluntary Arrangement (IVA) or declaring bankruptcy. This can feel like the end of the world when it comes to owning a home, but it doesn’t have to be. With the right mortgage broker and lender, you can get a bad credit mortgage after an IVA or bankruptcy.
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What’s an IVA?
An IVA – which stands for Individual Voluntary Arrangement – is a formal agreement between you and your creditors, allowing you to pay back your debts over a set amount of time. It’s legally binding, and it can give you breathing space to manage debts in a structured, affordable way.
An IVA will stay on your credit file for 6 years from the date it began, which can make getting a mortgage more challenging, especially if you apply when the IVA is still in place. However, that doesn’t mean getting a bad credit mortgage is completely out of the question.
Does bankruptcy work differently?
Though bankruptcy is also linked to being unable to repay debts, it’s different to an IVA. Bankruptcy is a more serious form of insolvency, and it’s usually declared when debts can’t be repaid through any other means. Though bankruptcy generally only lasts for 12 months, much like an IVA, the record remains visible on your credit report for 6 years.
Bankruptcy can make getting a mortgage extremely difficult, and you’re unlikely to be approved when you’re still going through the process. But, over time, your mortgage options will improve, especially if you’ve rebuilt your credit and kept on top of your finances since then.
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Getting a mortgage with an IVA or bankruptcy
There are mortgage options out there if you have an IVA or bankruptcy to deal with, but both can make the process considerably more difficult. There are a lot of factors at play – including the timing of your application, the severity of your debts, personal affordability and the size of your deposit – and lenders will carefully consider your application before giving you an answer.
IVAs and bankruptcies are often seen as red flags to lenders, and they need to insure lending to you isn’t a risk.
Many lenders are strict when it comes to applicants with IVAs or bankruptcies, but some embrace financial hurdles and offer bad credit mortgages. These lenders are more flexible and assess applications on a case-by-case basis, focusing on your current financial stability rather than just past financial issues.
If your IVA is behind you or you’ve been discharged from bankruptcy for a few years, your chances of being approved for a mortgage increase significantly, especially if you focus your attention on bad credit mortgages.
How soon after IVA/bankruptcy can you apply for a mortgage?
The majority of lenders will turn you down for a mortgage if you’re still in the middle of bankruptcy or an IVA, but that quickly changes once they come to an end.
- Specialist lenders will start to consider you once you’ve shown that your IVA or bankruptcy is firmly in the past, especially if you have a healthy deposit and evidence of stable income to support your application.
- Once the record drops off your credit file – which happens after 6 years – most lenders will treat you like any other borrower.
You might have been declared bankrupt or had an IVA in the past, but that doesn’t mean you can’t be approved for a mortgage now.
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Improve your chances of getting a bad credit mortgage
If you’re looking to get a mortgage after an IVA or bankruptcy, you need to show lenders that you’re a lending risk worth taking.
You can do this by:
- Checking your credit file for accuracy and ensuring all debts are marked as settled or discharged. You don’t want to be turned down because of a minor mistake, like someone forgetting to update your IVA or bankruptcy status.
- Saving as much of a deposit as possible reduces the risk of approving you, meaning you borrow less from a lender.
- Showing proof that you have a stable income. Consistent employment or self-employment earnings can really help to show lenders that you’re able to keep on top of monthly mortgage payments.
- Avoiding new credit issues, such as missed payments or defaults, as this could make lenders think you’re slipping back into your old ways.
- Working with a specialist mortgage broker, like Everest Mortgages, who knows which lenders accept applicants with IVAs and bankruptcies.
Applying for a mortgage after an IVA or bankruptcy can be confusing and daunting, but that’s where we come in. At Everest Mortgages, we specialise in helping borrowers with past credit problems to find realistic, affordable bad credit mortgage solutions.
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FAQs
Frequently asked questions
How long does an IVA last?
An IVA usually lasts for around five or six years. During this time, you’ll make a single, affordable monthly payment towards your debts, managed by an insolvency practitioner.
How long does an IVA stay on your credit file?
An IVA remains on your credit record for six years, from the date it was first approved. After that, it’s automatically removed from your file and will no longer appear in credit checks by mortgage lenders.
Can I get a mortgage if I still have an IVA?
Yes, but it’s difficult. This is because lenders see it as risky, as the IVA implies you’re struggling to keep on top of payments in the past. You’ll also need approval from your insolvency practitioner before taking on any new credit.
Do I have to tell my lender about an IVA or bankruptcy?
Yes, you need to be open and honest about your finances. An IVA or bankruptcy will already appear on your credit report, so lenders will see it, regardless of whether you tell them or not. Being honest allows your mortgage broker to find lenders who are open to applicants with previous credit challenges.