Mortgage During an IVA The Honest Answer
Getting a mortgage while actively in an IVA is significantly restricted. As part of the IVA agreement you are typically required to obtain permission from your IVA supervisor before taking on any new credit including a mortgage. Without this permission taking out a mortgage would be a breach of your IVA.
🏦 What Lenders Look At
- Written permission from your IVA supervisor before any application
- Whether the mortgage is genuinely necessary
- Whether the mortgage payments can be accommodated within your IVA plan
- Deposit held in a separate account and not forming part of IVA assets
- Evidence from IVA supervisor if required by lender
❓ Common Questions
Do I need permission to get a mortgage while in an IVA?
Yes in almost all cases. Your IVA agreement prevents you from taking on new credit above a certain threshold without your supervisor permission. A mortgage falls under this restriction.
What happens if I get a mortgage while in an IVA without permission?
This would be a breach of your IVA terms and could result in the IVA failing. A failed IVA can lead to bankruptcy proceedings.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER LOAN SECURED AGAINST IT.
This page is for general information only and does not constitute regulated financial advice. The Mortgage Geezer is a trading style of Access Financial Services Ltd who are authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 301173. Registered in England No. 04427489. Registered office address Access Financial Services Ltd, Unit 1 Furtho Court, Towcester Road, Old Stratford, Milton Keynes, MK19 6AN.