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Breaking Free from Debt: Remortgaging Options for Individuals with an IVA

If you’re one of the many individuals with an Individual Voluntary Arrangement (IVA), you may feel like there’s no hope for financial freedom. But fear not, because there is a solution that could help you break free from the clutches of debt: remortgaging. Remortgaging can be a powerful tool for individuals who have entered into an IVA, allowing them to regain control of their finances and pave the way towards a brighter future. In this article, we will explore the various remortgaging options available to those who have had an IVA, and how they can potentially provide a fresh start and a chance to rebuild your financial stability. Whether you’re looking to reduce your monthly payments, consolidate your debts, or even release equity from your property, A Little Mortgage Advice have got you covered. So, if you’re ready to take the first step towards financial freedom, keep reading to discover how remortgaging could be the key to unlocking a debt-free future.

What is an Individual Voluntary Arrangement (IVA)?

Before diving into the remortgaging options for individuals with an IVA, let’s first understand what an IVA is. An IVA is a formal agreement between you and your creditors to repay your debts over a period of time. It is a legally binding arrangement that is supervised by an insolvency practitioner.

Entering into an IVA can help you avoid bankruptcy and provide a structured plan to repay your debts. The terms of the IVA are based on your individual circumstances, and you will make regular payments towards your debts for a set period of time, usually around five to six years. At the end of the IVA, any remaining debts are typically written off, giving you a fresh start.

Challenges individuals with an IVA face when remortgaging

While remortgaging can be a viable option for individuals with an IVA, there are some challenges to be aware of. One of the main challenges is finding a lender who is willing to work with individuals who have had an IVA. Many traditional lenders may view individuals with an IVA as high-risk borrowers and may be hesitant to offer a remortgage.

Additionally, even if you do find a lender willing to work with you, the terms and interest rates may not be as favorable as those offered to borrowers without an IVA. This is because lenders perceive individuals with an IVA as having a higher level of risk. It’s important to keep in mind that each lender has their own criteria and policies when it comes to remortgaging with an IVA, so it’s crucial to speak with an adverse credit mortgage broker who will research and shop around for the best options available.

Another challenge can arise if you have negative equity in your property. Negative equity occurs when the value of your property is less than the outstanding mortgage balance. In this case, remortgaging may not be a viable option as lenders typically require a certain level of equity as security.

Despite these challenges, there are still remortgaging options available for individuals with an IVA. Let’s explore some of these options in more detail.

Remortgaging options for individuals with an IVA

1. **Specialist lenders:** There are specialist lenders in the market who specifically cater to individuals with adverse credit, including those with an IVA. These lenders have a better understanding of the unique circumstances faced by individuals with an IVA and may be more willing to offer a remortgage. While the interest rates may be higher compared to traditional lenders, these specialist lenders can provide a lifeline for those looking to remortgage with an IVA.

2. **Equity release:** If you have built up equity in your property, you may be able to release some of this equity through a remortgage. Equity release allows you to access the cash tied up in your property without having to sell it. This can be particularly beneficial for individuals with an IVA who need to repay their debts or make necessary home improvements. However, it’s important to carefully consider the implications of equity release, as it can impact your future financial security.

3. **Debt consolidation remortgage:** If you have multiple debts in addition to your mortgage, a debt consolidation remortgage may be a suitable option. This involves remortgaging your property and using the released funds to pay off your existing debts. By consolidating your debts into one manageable monthly payment, you can simplify your finances and potentially reduce your overall interest payments. It’s important to seek professional advice before proceeding with a debt consolidation remortgage to ensure it is the right option for you.

The benefits of remortgaging with an IVA

Remortgaging with an IVA can offer several benefits for individuals looking to regain control of their finances. Here are some of the key advantages:

1. **Reduced monthly payments:** By securing a lower interest rate or extending the term of your mortgage, you can potentially reduce your monthly mortgage payments. This can provide much-needed breathing room in your budget and make it easier to manage your overall financial obligations.

2. **Debt consolidation:** Remortgaging can allow you to consolidate your debts into one manageable monthly payment. This can simplify your finances and make it easier to keep track of your repayments. Additionally, by consolidating your debts, you may be able to secure a lower interest rate, resulting in overall savings.

3. **Access to cash:** If you have built up equity in your property, remortgaging can give you access to this cash. This can be particularly beneficial for individuals with an IVA who need to repay their debts or make necessary home improvements. Accessing this cash can provide a fresh start and help you rebuild your financial stability.

Steps to take when considering remortgaging with an IVA

When considering remortgaging with an IVA, it’s important to take the following steps:

1. **Seek professional advice:** Before proceeding with a remortgage, it’s crucial to seek professional advice from an independent financial advisor or a mortgage broker who specializes in working with individuals with an IVA. They can assess your individual circumstances and provide guidance on the best course of action.

2. **Assess your financial situation:** Take a close look at your current financial situation and determine whether remortgaging is the right option for you. Consider factors such as the interest rates, fees, and potential impact on your overall financial stability.

3. **Research lenders:** A Little Mortgage Advice will research different lenders and their criteria for remortgaging with an IVA. Look for lenders who specialize in working with individuals with adverse credit and compare their rates and terms. It’s important to shop around and find the best options available to you.

4. **Gather necessary documentation:** Prepare all the necessary documentation that lenders will require for the remortgaging process. This can include proof of income, bank statements, and information about your IVA.

5. **Apply for the remortgage:** Once you have done your research and gathered all the necessary documentation, it’s time to apply for the remortgage. Work closely with your chosen mortgage broker throughout the application process to ensure a smooth and successful outcome.

How to find the right remortgaging lender

Finding the right remortgaging lender when you have an IVA can be challenging, but it’s not impossible. Here are some tips to help you find the right lender:

1. **Use a specialist  mortgage broker:** Consider working with a mortgage broker who specializes in working with individuals with an IVA. They have access to a wide range of lenders and can help you find the best remortgaging options available to you.

2. **Research specialist lenders:** Look for specialist lenders who specifically cater to individuals with adverse credit, including those with an IVA. These lenders have a better understanding of your unique circumstances and may be more willing to offer a remortgage.

3. **Read reviews and testimonials:** Before choosing a mortgage broker, read reviews and testimonials from other individuals who have remortgaged with an IVA. This can give you valuable insights into the lender’s reputation and customer service.

4. **Compare rates and terms:** Compare the rates and terms offered by different lenders to ensure you are getting the best deal. Don’t solely focus on the interest rate, but also consider factors such as fees, penalties, and repayment options.

Common misconceptions about remortgaging with an IVA

There are several common misconceptions about remortgaging with an IVA. Let’s debunk some of these misconceptions:

1. **Remortgaging will cancel my IVA:** Remortgaging does not cancel your IVA. You will need to clear your IVA prior to mortgage application.  However, remortgaging can help you manage your finances more effectively and potentially provide additional funds to repay your debts.

2. **Remortgaging is only for those in financial distress:** Remortgaging is not only for individuals in financial distress. It can be a strategic financial move to secure better terms, reduce monthly payments, or release equity for other purposes, such as home improvements or investments.

3. **Remortgaging will damage my credit score:** While remortgaging may have a temporary impact on your credit score, it is not necessarily negative. By responsibly managing your new mortgage, you can actually improve your credit score over time.

Tips for managing your finances after remortgaging with an IVA

Managing your finances after remortgaging with an IVA requires careful planning and discipline. Here are some tips to help you stay on track:

1. **Stick to your budget:** Create a realistic budget and stick to it. Track your income and expenses to ensure you are living within your means and making regular mortgage payments.

2. **Build an emergency fund:** Set aside some money each month into an emergency fund. This can provide a safety net in case of unexpected expenses or financial emergencies.

3. **Avoid taking on new debt:** Resist the temptation to take on new debt after remortgaging. Focus on repaying your existing debts and improving your financial stability.

4. **Review your financial goals regularly:** Regularly review your financial goals and make adjustments as needed. This can help you stay motivated and on track towards achieving your long-term financial objectives.


Remortgaging can be a valuable tool for individuals with an IVA who are looking to break free from the cycle of debt and regain control of their finances. While there may be challenges and misconceptions along the way, with careful planning and expert advice, remortgaging can provide a fresh start and a chance to rebuild your financial stability. By exploring the various remortgaging options available, seeking professional guidance, and taking the necessary steps, you can pave the way towards a brighter future and unlock the door to a debt-free life. So, take that first step towards financial freedom and explore the possibilities of remortgaging with an IVA. Your future self will thank you.