Start Your Homeownership Journey with a Mortgage After IVA in London
At PL Mortgages London, we understand the challenges of securing a mortgage following an Individual Voluntary Arrangement (IVA). Whether you’re managing an active IVA or have recently completed one, our expert team is here to guide you through the process, offering clear and practical advice suited to your financial circumstances.
Our approach is simple: to help you secure a mortgage that works for you, even with an IVA on your record. We focus on understanding your current situation and finding solutions that fit your needs, offering expert insights along the way. We believe that everyone deserves the opportunity to own a home, regardless of past financial difficulties.
By partnering with a trusted network of lenders, we work hard to secure the best terms available for you. With a thorough understanding of IVA cases, we help ensure your application is presented in the best light, increasing your chances of approval.
Understanding the Impact of an IVA on Your Mortgage Options
We know that an IVA can affect your credit file for up to six years, but that doesn’t mean all hope is lost when it comes to securing a mortgage. Our approach focuses on helping you navigate this challenge and find the best mortgage options available.
Here’s how we focus on your success:
The IVA’s Age: We understand that lenders are more likely to approve your application if your IVA was completed 3-6 years ago. We make sure to highlight this to potential lenders, positioning you for success.
Credit History: After your IVA, maintaining a clean repayment record is crucial. We help you focus on managing your finances in a way that boosts your chances of approval by showing lenders your commitment to financial recovery.
Deposit Size: We know that a larger deposit (15-25%) reassures lenders and reduces their risk. We guide you through saving for a deposit or finding solutions like gifted deposits or equity release, making the process smoother and more attainable.
we don’t just focus on the past; we take a holistic approach, assessing your current financial situation and working with lenders who look at your progress, not just your history. Our goal is to ensure that you’re not just another number, but someone who deserves the opportunity to move forward with confidence.
We also provide Remortgaging Services in Camden, helping you find the best deals for refinancing your property after your IVA.
IVA Mortgage Services in London – Solutions for Every Situation
We know that applying for a mortgage after an IVA can seem daunting. Our team is here to provide clear steps and guidance to help you move forward with confidence. Whether you’re based in London or beyond, we’ll assist you in navigating the process. Here’s how we help:
Pre-Mortgage Assessment
Our team will thoroughly review your finances, credit history, and IVA status to find the best way forward.
Credit Report Analysis: We’ll assess your credit report for potential areas of improvement.
Income Review: We’ll look at your income stability and affordability to ensure the mortgage is manageable.
IVA Documentation: We gather your IVA agreement and payment history to strengthen your case.
This assessment ensures we position your application in the best possible light.
Access to Specialist IVA Lenders
While traditional banks may be less inclined to consider an IVA applicant, we have strong relationships with lenders who specialise in working with individuals who have an IVA.
Flexible Eligibility: These lenders look beyond your credit score, considering your repayment history and financial recovery.
- Custom Mortgage Terms: Our lenders offer terms designed specifically for those with an IVA, ensuring better rates.
Deposit Assistance and Solutions for Homebuyers in London
We understand that saving for a deposit after an IVA can be tough. We provide practical solutions to help you meet the required deposit size (typically 15-25%).
Gifted Deposits: If your family or friends are helping with the deposit, we’ll guide you through the process.
Equity Release: If you’re a homeowner, we can help you unlock equity to fund your deposit.
Budget Planning: We offer clear advice on how to save for your deposit in a way that fits your budget and timeframe.
Application Preparation and Submission
A well-prepared application is crucial, especially with an IVA on your record. Our team ensures that every detail is in place to maximise your chances of success.
Complete Financial Summary: We’ll put together a comprehensive breakdown of your finances, showing lenders your ability to repay.
Supporting Documents: We’ll make sure every document, from proof of income to your IVA completion certificate, is correct and up-to-date.
Lender Communication: We’ll present your case in a way that addresses any concerns and highlights your strengths.
Mortgage Product Selection and Comparison
Finding the right mortgage isn’t just about interest rates; it’s about selecting the right product for your circumstances.
Fixed vs. Variable Rates: We’ll help you decide between a fixed or variable rate, based on your financial goals.
Repayment Terms: We’ll guide you through choosing between shorter or longer terms, depending on what’s affordable for you.
Fee Structures: We’ll help you understand all the costs involved, including arrangement fees and early repayment charges.
Post-Mortgage Support
Once you’ve secured your mortgage, we continue to support you in managing it effectively.
Budget Reviews: We’ll check in regularly to ensure you’re on track with repayments.
Refinancing Options: As your financial situation improves, we’ll assist with refinancing to get you better terms.
Credit Building Strategies: We offer advice on rebuilding your credit score for long-term benefits.
Additional Services for IVA Mortgage Clients
Credit Score Improvement Plans: We provide a step-by-step plan to help improve your credit score.
Financial Coaching for IVA Clients: Through one-on-one coaching, we help you develop the skills to make informed financial decisions.
Why Choose Us for Your IVA Mortgage Needs?
- Industry Expertise: We have years of experience dealing with complex financial situations like yours.
- Access to Specialist Lenders: We work with a network of lenders willing to consider your individual circumstances.
- Proven Strategies: We’ve successfully helped clients navigate the IVA mortgage process.
- Remortgaging Services in Camden: We also specialise in helping clients remortgage with an IVA.
Frequently Asked Questions
An IVA remains on your credit file for six years from its start date. After this period, it’s removed, though lenders may still ask about past financial challenges.
Most lenders require deposits ranging from 15% to 25% for IVA applicants. The larger your deposit, the better your chances of approval.
Yes, but you’ll need consent from your insolvency practitioner and a specialist lender.
Interest rates are usually higher for IVA mortgages due to increased lender risk. However, we work to secure the most competitive rates possible.
Lenders typically require payslips, bank statements, proof of deposit, and an IVA completion certificate (if applicable).
Ready to Take the Next Step?
Securing a mortgage with an IVA may seem challenging, but it’s far from impossible. Our specialists are here to guide you every step of the way, from lender selection to final approval.
