Our criteria creates a much fairer way of classifying mortgage applications where an IVA forms part of the customer’s credit profile than other lenders. All defaults included within the IVA will not be independently assessed when determining which product will be available from our range. This will allow customers with any number of defaults within the IVA to secure a mortgage.
Any defaults incurred post registration of the IVA will be incorporated into the underwrite of the loan application.
If an IVA has been satisfied for the less than 3 years or your customers have current IVA’s, you can take advantage of our exclusive criteria via one of our Specialist Distribution Partners.
Individual Voluntary Arrangements (IVAs)*
There were 25,151 individual insolvencies in Q3 2018, 55.8% of which were IVAs, 27.7% were debt relief orders and 16.5% were bankruptcies. The number of Individual Voluntary Arrangements in Q3 2018 fell 18.0% compared with a record high in Q2 2018.
How can we help?
- Product available for customers with current IVA and discharged IVA/Bankruptcy
- All our criteria is based on the customers credit profile at the time of completion
- No credit scoring
If you have any questions please give us a call on 0800 368 1833. Alternatively, please send us an email.
