Mortgage With an IVA Derby

If you’re considering a mortgage with an IVA in Derby, you’re not alone. An Individual Voluntary Arrangement can make borrowing more challenging, but specialist mortgage solutions do exist. With expert mortgage advice, many borrowers secure a mortgage even with past financial difficulties.

It’s no surprise that mortgage lenders prefer individuals with a positive credit assessment, as it usually means no debt, void of missed payments for any credit agreements, loans, or similar financial circumstances and responsibilities. But past credit issues aren’t an immediate mortgage dealbreaker for some high street lenders.

At My Mortgage Specialist, we can help you achieve your dream home, even if the application process may feel daunting at first because of your adverse credit report.  

Click here, phone 0115 667 7630, or email hello@mymortgagespecialist.co.uk to get in touch with us today, and receive help getting a mortgage with an IVA in Derby.

What Is an IVA and How Does It Affect a Mortgage?

An IVA is a legally binding agreement set up with an insolvency practitioner to repay outstanding debts over time. While an active IVA or past IVA affects your credit rating and credit score, it doesn’t automatically prevent you from getting a mortgage.

High street banks are often cautious, but specialist lenders focus on individual circumstances rather than blanket rules. In essence, referred to as an IVA mortgage or bad credit mortgage, these mortgages are a great option for individuals with county court judgments (CCJs) or behind on debt repayment.

Can You Get a Mortgage During or After an IVA?

Although higher interest rates may be active and the mortgage payments may vary, it is still possible to get a new mortgage with either an active or completed IVA. Here’s how the IVA affects your options:

• Active IVA: Mortgage options are limited, but some specialist lenders may consider applications with a larger deposit.
• Completed IVA: Once your IVA is finished and recorded as satisfied on your credit file, more mortgage options become available.

Each lender has their own criteria, so outcomes depend on your credit profile, income, and financial stability. During your initial consultation with our mortgage broker, it will become clear what your options are for a successful mortgage deal.

What Lenders Look At

When assessing a mortgage with an IVA, lenders consider:

• Your credit history and credit record
• Deposit size (often a bigger deposit is required)
• Monthly payments affordability
• Stability of income
• Evidence of improved financial management

Specialist lenders understand perceived risk differently and may still offer competitive rates.

Why a Specialist Mortgage Broker Matters

A specialist mortgage broker is essential when applying for an IVA mortgage. They:

• Know which lenders accept IVA cases
• Guide you through the mortgage process
• Help prepare your mortgage application
• Reduce the risk of rejection

At My Mortgage Specialist, we provide expert guidance tailored to your unique circumstances in Derby and beyond.

How Much Deposit Do You Need?

Most IVA mortgage applications require a larger deposit, typically higher than standard mortgages. The exact amount depends on whether the IVA is active, recently completed, or historic. Naturally, because of your poor credit report, it’s normal for lenders to deem you high risk, which impacts all aspects, including the deposit.

Start Your Mortgage Journey With Confidence

If you’re looking for a mortgage with an IVA in Derby, expert support makes all the difference. Our mortgage experts assess your full financial position and help you find suitable mortgage options, even with adverse credit.

Click here, phone 0115 667 7630, or email hello@mymortgagespecialist.co.uk to speak to My Mortgage Specialist today for clear advice, realistic expectations, and a mortgage plan built around you.

Our Location:

My Mortgage Specialist,
Park Ln,
Nottingham
NG6 0DW

About Derby

Derby, located in the heart of the East Midlands, boasts a lively cultural scene with independent cafés, riverside walks, and the historic Cathedral Quarter offering boutique shopping and stunning architecture. There’s also a lot on offer for sports fans, with Derbyshire County Cricket Club and Derby County football club at your fingertips. Finally, the nearby Peak District provides a natural escape, making Derby a place where city life and countryside charm blend effortlessly  –  a destination that’s both dynamic and distinctly welcoming.