Mortgage with an IVA or Debt Management Plan
If you have entered into an Individual Voluntary Arrangement, known as an IVA, or a Debt Management Plan, you may be unsure whether a mortgage is possible.
These arrangements can make getting a mortgage more complex, but they do not always mean you have no options. Lenders will usually want to understand the type of arrangement, when it started, whether it has been completed, and how your finances have been managed since.
Can I get a mortgage with an IVA or DMP?
It may be possible to get a mortgage if you have had an IVA or Debt Management Plan, but lender criteria can vary significantly.
Some lenders may only consider your application after the arrangement has been completed for a certain period. Others may look at your case if there is strong affordability, a suitable deposit and a clear record of keeping to agreed payments.
What lenders may look at
A lender may consider:
- Whether the IVA or DMP is active or completed
- When the arrangement started
- Whether payments have been maintained
- Whether any debts have since been settled
- Your current credit file
- Your deposit amount
- Your income stability
- Your monthly affordability
Why preparation is important
Applications involving an IVA or DMP usually need careful preparation. You may be asked for documents showing your income, bank statements, details of the arrangement, confirmation of payments, and evidence that your finances are now stable.
Getting advice early can help you understand whether it is better to apply now or wait until your circumstances are stronger.
How Just Mortgages can help
Our Adverse Credit Solutions Team understands that financial difficulties can happen for many reasons. We will review your situation without judgement and help you explore mortgage options that may be available through specialist lenders.
Talk to Just Mortgages about mortgage options after an IVA or DMP