Whilst most financial institutions will see an IVA as a negative it does not entirely rule your chances out of getting a mortgage. Many mainstream lenders may not offer you a competitive deal but you can still search for a mortgage through a whole of the market broker to find a specialist for your situation.
An IVA mortgage is an option you can consider, this also applies to remortgaging with an IVA remortgage. Whilst you are still in the terms of an IVA there are certain restrictions put on you as you are repaying your creditors. The agreement you entered into with your creditors will dictate the terms of any mortgage or remortgage whilst still in the terms of an IVA.
You need to consider whether or not it is worth waiting until the term of your IVA is up and you are finally debt free. This will put you in a better position to get a mortgage or to remortgage. With any sort of outgoings besides the normal life and household expenses will reduce your ability to get the best deal on a mortgage.
If you are in a position where the fixed term of your mortgage is close to ending and are in an IVA then you will have little choice to remortgage or face going onto the lenders standard rate. You need to weigh up the benefits and costs of your decisions to see which option will leave you financially more secure, both now and in the future.
You may be liable to repay your creditors with any equity released from your house as part of your IVA. You should check your agreement or ask your insolvency practitioner for advice. They may also be able to advise you on specialist mortgage lenders who specialize in getting mortgages for people with credit problems.
Getting a mortgage with an IVA will certainly reduce your mortgage options as many lenders may not consider because of the IVA. Due to your higher level of risk you will inevitably face higher lending charges. You will need to consult a whole of the market mortgage broker who can take your circumstances into consideration. Most brokers do not charge for advice so it is well worth doing so you can get a better picture of your options.