Choosing advice after an IVA
Working with specialist mortgage lenders after an IVA
A useful mortgage recommendation should explain why a lender may fit your circumstances, what the borrowing will cost and what still needs checking. Here are the questions to ask before proceeding.
By Count Ready · Updated
Check who is providing the advice
Find out the legal name of the firm, who will advise you and whether another business will receive your enquiry. A website that collects details is not necessarily the firm that will recommend the mortgage.
Use the FCA Firm Checker (opens in a new tab) to check the firm’s status, relevant permissions and contact details. If it is an appointed representative, check its principal and the activities covered by that relationship.
Use independently verified contact details if anything does not match. A copied firm reference number is not proof that the person contacting you belongs to that firm.
Further guidance: FCA: checking a firm or individual (opens in a new tab).
Four questions for the first adviser conversation
Which lenders can you consider?
Ask how broad the search is, whether it is restricted and whether any direct-only deals sit outside it. Request the firm’s service disclosure rather than assuming “specialist” means access to every lender.
What has been checked about my IVA?
Ask whether the adviser has reviewed your actual status and dates or is speaking generally. Find out which unanswered question needs resolving before a lender can sensibly be approached.
What will the next step involve?
Clarify whether it is research, a lender enquiry, a decision in principle or a full application. Ask what information will be shared and whether a credit search is involved before giving instructions.
What will I pay, and when?
Request the fee amount or calculation, payment stage, services included and cancellation or refund terms. Ask whether the firm receives lender commission and whether another broker or third party will charge separately.
For background on mortgage advice, lender range and fees, see MoneyHelper’s mortgage adviser guide (opens in a new tab).
Read the recommendation alongside the mortgage illustration
Ask for the mortgage illustration and an explanation of why the recommended option is suitable. Keep the written fee agreement with it so you can distinguish adviser charges from lender and other transaction costs.
- Monthly payments: what you would pay initially and how payments could change afterwards.
- Term and repayment basis: how and when the debt is to be repaid.
- Charges: which are paid upfront, added to the borrowing or payable later.
- Restrictions: early repayment charges, overpayment limits and relevant conditions.
- Comparison: why this option is recommended over the alternatives actually available to you.
A lower headline rate or monthly payment does not settle the comparison. For example, ask the adviser to compare the same loan amount and term, showing how any different fees affect the cost over the period being considered.
If adding a fee to the loan is proposed, ask how it changes the balance, interest and repayments. Avoid accepting a longer term simply because the first monthly figure looks easier to manage.
Keep a record of the decision to proceed
Before authorising an application, note the proposed lender and product, the adviser’s reasons, agreed costs and unresolved conditions. Ask who will update you and how to report a change in income, commitments or property plans.
If the lender asks for more evidence, establish what is missing and why. An additional request is not itself an approval or a refusal. Keep documents accurate and provide them through the agreed secure route.
If you seek a second opinion, explain what has already been submitted. Share the facts and recommendation rather than asking someone to promise a better outcome.
Questions about specialist IVA mortgage advice
Does a specialist lender accept every applicant who has had an IVA?
No. Specialist is a description, not an acceptance promise. Ask whether the lender’s current policy has been checked for your IVA status and wider circumstances. A lender mentioned in a forum or an old article may not be appropriate for your application.
Can a broker guarantee better terms by negotiating?
Do not rely on that promise. Ask the adviser to explain the actual product being recommended, the criteria it meets and its cost. A broker’s relationship with a lender does not remove the lender’s assessment or guarantee a particular rate.
Does a positive lender enquiry mean I have a mortgage offer?
No. Ask whether the response relates to a general criteria question, an assessment of your details or a formal application. Check what information the response relied on and what remains outstanding. Keep any conditions with the response rather than treating an encouraging conversation as final approval.
Is an upfront broker fee always a warning sign?
Not by itself. Establish what the fee covers, when it becomes payable and what happens if you stop or no suitable mortgage is found. Verify the firm independently and obtain written terms. An unexplained payment request or pressure to pay before you understand the service deserves further checking.
Should I let several brokers submit applications at once?
Tell each adviser about any enquiries or applications already made. Ask what action they intend to take and whether it involves a credit search before authorising it. A second opinion can be useful, but keep control of who is submitting information and to which lender.
What should I ask if no suitable lender can be found?
Request a clear explanation of the obstacle and any missing information. Ask what change would justify another assessment and whether any agreed fee remains payable. A useful outcome can be knowing why an application should wait; do not treat the next broker’s optimism as evidence that the issue has disappeared.
Ask Count Ready about the assessment process
Tell us your IVA’s status and what you want to do. Ask about our service scope, lender access, fees and the checks needed before an application. We can explain the next step without promising an offer.
Arrange secure document sharing separately from the initial enquiry.
The initial consultation is free. Obtain the full fee agreement before authorising chargeable work. Count Ready is a mortgage broker, not a lender.
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