While you're on an individual voluntary arrangement (IVA) it’s unlikely you’ll get a new mortgage.
Your current mortgage is not usually included in an IVA, and you'll need to continue making payments as normal. If your mortgage payments change (for example because of an interest rate change) you can contact your supervisor to adjust your IVA payments.
If you’re on an IVA, you can’t take out any credit of more than £500 without getting written approval from the Supervisor of your IVA first. Also, it may be extremely difficult to a find a lender who is willing to give you a new mortgage while you’re on an IVA.
We recommend you think carefully before considering an option like a mortgage, and discuss this with your insolvency practitioner.
An IVA should be carefully considered because of the possible consequences for your personal, professional and financial life. There are many risks to consider with an IVA.
Is an IVA right for you?