Mortgage after IVA

www.remortgageyourhome.co.uk Can you get a mortgage after an IVA settlement? The simple answer is Yes Getting a mortgage agreement after an IVA settlement might be much easier than you think. It will be much harder to get your usual high street lenders consider you for a remortgage but not completely of the question, however your success of getting a much a mortgage is more likely to be offered by a subprime lender. Subprime lenders, sometimes referred to as near-prime, subpar, non-prime, and second-chance lenders. Subprime lenders are specialists who lend to those who have had financial difficulty in the past with a poor credit history, in other words extending credit those who would otherwise not be able access any finance. How much the lenders will loan to you will depend very much on your individual circumstances and a number of important factors. Such as how much can you afford each month, this will be calculated on your monthly income which must be at least 4 times your total income. How much deposit you have saved, this amount will be dependent on when you started your IVA. The longer you started your IVA the less the deposit to put down. So for example if you started your IVA 6 years ago you would only be required to save up to 5-10% of your loan (similar to high street lenders), if however you IVA agreement only started around 3 years ago you would need to put down at a least 25% this would be the case even if you had paid off the debt in full as the lenders will count from when the IVA agreement started and not when it came to an end. The amount of deposit increases if you started your agreement even less than 3 years and can increase to as much as 35%. Often we advice clients to wait a little longer in order to be able to qualify for the best rates. https://en.wikipedia.org/wiki/Individ... https://www.youtube.com/edit?o=U&vide... Other questions asked by clients, are will I be expected to pay a higher rate? Yes, your rate is certainly like to be higher as this essentially what subprime lenders do , they make the finance available to those who have been through an IVA or issues with credit in the past but in agreeing to offer clients finance, they will charge a higher rate as clients with such atory are regarded as high risk. However you can reduce the rate on your agreement by if you take an agreement much later into your IVA settlement, for instance your rates are likely to be much lower if you took out your finance 6 years after the agreement was set up as opposed to taking it out in after 2 years under the agreement. There are a multitude of other criteria that lenders will have to consider before deciding if they will lend to someone with an IVA settlement and if they do, it can be quite daunting picking the right package that will suit you. This is where having a specialist on your side becomes an asset, a much needed asset to ensure your getting the finance you require is a simple and painless process. This is where we can assist, why not get in touch with us today by clicking on the link below to find out how we can help you.