Can I Get A Mortgage If I Have An Iva?

[phleb]

Hi I have a friend who has an IVA and possibly a CCJ. Could she get a mortgage if she’s working part time and on a good wage? Thanks x

[Buenchico]

This article from 'Which?' looks at a person's chances of getting a mortgage, both during and after an IVA:
https://www.which.co.uk/money/mortgages-and-property/mortgages/getting-a-mortgage-with-poor-credit/how-to-get-a-mortgage-after-an-iva-asn025y29z50

In summary it basically says this:
During an IVA - Forget it.
Three years after an IVA ends - Some lenders might give someone a mortgage but they're likely to want at least 15% deposit (and possibly up to 25%).
Six years after an IVA ends - The situation becomes closer to 'normal' but there are some lenders who will refuse to give mortgages to anyone who has ever had an IVA (no matter how long ago that might have been).

Having said all of that though, there are some mortgage brokers who claim to be able to find mortgages for people with current IVAs but I'd be prepared to bet that
(a) the lenders they find will require a hefty deposit (with several web sources suggesting that it would need to be as much as 50% for many lenders); and
(b) the interest rates charged will be significantly higher than regular rates.

This broker, for example, claims to be able to find you a mortgage for someone with a current IVA if they've got a 25% deposit but, even then, it's worth noting that 'High Street interest rates' (which is a feature of their mortgages for people whose IVAs ended six or more years ago) is NOT mentioned as a feature of mortgages for people with current IVAs. (i.e. they're almost certainly 'commercial mortgages', which have far higher interest rates than regular mortgages do):
https://www.ivamortgageexpert.co.uk/