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Can I Get a Mortgage in Liverpool With an IVA?

What is an IVA?

An Individual Voluntary Agreement (IVA) acts as a formal agreement between someone struggling with debts and the creditor they owe. The main goal of an IVA is to create a structured plan for repaying debts, typically spanning around 5 years.

This plan helps individuals regain control over their finances. During this process, an Insolvency Practitioner plays a key role as your representative, working with creditors to ensure consistent and timely payments towards your outstanding debts.

Can I get a mortgage in Liverpool with an IVA?

While having an Individual Voluntary Arrangement (IVA) can pose challenges when applying for a mortgage, it’s not an impossible barrier. In such situations, we highly recommend speaking with a mortgage broker in Liverpool to explore potential options.

Given the terms outlined in your IVA agreement, seeking professional advice is essential. Committing to an IVA involves specific agreements that may affect your eligibility for loans, including mortgages. These terms typically remain until all debts are successfully repaid.

Is an IVA right for me?

Affordability is a key consideration within an IVA. Creditors need assurance that you can manage repayments while also having enough disposable income to cover essential living costs, including housing expenses.

How does an IVA affect my mortgage application?

Individuals with an IVA often have a history of significant credit challenges, which can make obtaining a mortgage in Liverpool more complex. Mortgage lenders tend to be cautious about lending to those considered high-risk due to past credit issues.

In addition to examining your credit history, lenders review your disposable income. With an IVA, a significant portion of your income likely goes towards debt repayment.

Combining this with potential mortgage payments raises concerns about having enough remaining income for essential living expenses. It may be wise for those considering moving home in Liverpool to hold off until reducing a significant portion of their debt.

Can I get a mortgage in Liverpool after an IVA?

After completing an IVA, it’s important to thoroughly assess your current financial situation before embarking on the mortgage process. Building up your credit score, saving for a deposit, and planning your move into a new home are important steps.

Affordability remains a top priority when buying a home, and confirming your financial capacity for a mortgage is essential. Our team offer specialist mortgage advice in Liverpool and are here to help.

We can evaluate your mortgage affordability, explore suitable options, and customise a solution that fits your unique circumstances. Feel free to connect with a mortgage advisor in Liverpool for a free consultation, either online or by phone.

How a Debt Management Plan Can Benefit You and Your Mortgage in Liverpool

Debt Management & Mortgage Advice in Liverpool

A Debt Management Plan (DMP) is a formal agreement between you and your creditors, aimed at gradually repaying your outstanding debts. It all begins with a transparent disclosure of your debt level, allowing creditors to assess your financial situation.

They’ll then review your income and regular expenses to understand your spending patterns and identify areas where adjustments can be made.

Once these details are gathered, a tailored DMP is created for you, enabling debt repayment through manageable monthly instalments. Let’s explore how a DMP could benefit you, especially in your mortgage situation in Liverpool.

Improving Your Credit

Surprisingly, a DMP can actually improve your credit score. If your credit rating is currently below average due to existing debts, consistent monthly payments and reducing debt can positively impact your score over time.

As your score reflects the debt associated with your name, improvements in your financial situation should lead to a higher credit rating. This, in turn, enhances your chances of accessing better mortgage rates. However, keep in mind that lenders often require a larger deposit due to your ongoing debt.

Avoiding Defaults

Through a DMP, you can avoid a default notice – as long as one hasn’t been issued previously. Once a default is on your record, it stays there for six years, even after the debt is fully repaid. As your mortgage broker in Liverpool, we strongly advise against defaults on your record whenever possible.

Seeking specialist mortgage advice in Liverpool can help you set up a DMP to prevent a default. Lenders ask many questions when they see a default, so it’s best to avoid this situation if you can.

If you already have a default, it might be included in your DMP amount. However, having a default on your credit report makes loan approval more difficult.

Reorganise Your Finances

A DMP can be a valuable tool in tidying up your finances and regaining financial stability. Especially when applying for a mortgage or remortgage, a thorough financial review that includes your DMP payments and regular expenses is key.

For example, if you’re cutting back on non-essential spending before applying for a mortgage, it shows responsible financial management. This can reassure lenders, especially when you’re managing a DMP at the same time.

Debt Consolidation Mortgage Advice in Liverpool

In some cases, you might consider consolidating your existing debts into your mortgage. This increases the overall mortgage amount but securely attaches your debt to an owned asset.

However, it’s important to speak with a mortgage advisor in Liverpool before proceeding with debt consolidation into your mortgage. We strongly advise against doing this without professional guidance.

You can easily book a free mortgage appointment with one of our experts online. Simply follow our Get Started process to select a date and time that suits you best.

Buying a Property with Cash – Better Than a Mortgage in Liverpool?

When stepping into property ownership, you’re presented with a decision between two routes: making an upfront purchase or choosing a mortgage for gradual repayment.

Each path has its associated costs. An upfront payment requires a substantial initial sum, whereas a mortgage spreads expenses out over the long term.

Why should I buy with cash if I can?

Choosing to make an upfront property purchase is a wise investment, whether you intend to live in the property or venture into buy to let in Liverpool. It sets you up for future financial stability in the property market.


Cash buyers often hold a favourable position compared to those opting for mortgages in property transactions. Sellers value the reliability of cash transactions, as they ensure quick sales without the complexities of property chains, which can lead to delays. Cash buyers bypass affordability checks and can proceed swiftly.

Easy and Fast Process

Moving home in Liverpool can be stressful, but cash buyers streamline the process, avoiding potential hurdles associated with mortgage procedures.

While mortgage applicants can also speed up the process with proper preparation, involving an experienced mortgage broker in Liverpool ensures a smoother journey through the intricacies of property transactions.

You Don’t Owe Anything

Opting for a mortgage entails a significant financial commitment, typically spanning 20-25+ years. A cash offer eliminates the burden of repaying a loan, avoiding interest payments that would inflate monthly costs in a mortgage scenario.

Why should I get a mortgage and save my cash?

When cash isn’t readily available, the alternative is securing a mortgage.

Cheaper in the Short Term

Rather than depleting life savings for a property purchase, saving while obtaining a mortgage presents a viable alternative.

Both routes lead to property ownership, and with a good credit score, securing a mortgage may only require a 5% deposit. Monthly repayments vary based on interest rates, mortgage products, and property specifics, allowing for gradual payment and potential overpayments.

Something Wrong With The House

Properties labelled “cash buyers only” should prompt caution, often indicating underlying issues or the need for repairs.

While a mortgage might be challenging for such properties, it’s wise to conduct a property survey regardless of the payment method chosen. This step, recommended for both cash and mortgage buyers, ensures a thorough understanding of the property’s condition.

A Mortgage Advisor in Liverpool By Your Side

Embarking on a property purchase without guidance may disadvantage you compared to those with a mortgage advisor in Liverpool.

An advisor simplifies the moving home process, and our aim is to provide a swift and friendly advice service. Consider reaching out to our team for a free consultation to navigate your moving home journey effectively.

Are Mortgage Rates Going Up in Liverpool?

Mortgage Rates & Mortgage Advice in Liverpool

Navigating the mortgage journey can be tough, especially when economic ups and downs come into play. Suddenly high mortgage rates during tough times can really bump up your monthly payments, making it hard to get the mortgage deal you want.

Mortgage rates have been up and down over the years and it looks like that trend will keep going. Figuring out the best time to start your mortgage journey, especially in Liverpool, can be tricky because of all the market changes.

Just getting ready for your mortgage application can take around a month, so it’s smart to start early. But don’t worry, our team of mortgage advisors in Liverpool are here to help you find a mortgage deal with a good interest rate that fits your situation.

What are mortgage rates?

When it comes to mortgages, terms like “mortgage rates” and “interest rates” mean the same thing – they’re the fees you pay to your lender on your monthly mortgage payments.

Getting a lower interest rate for your mortgage can really help lighten your financial load each month, especially for your mortgage payments in Liverpool.

How are mortgage rates determined?

Many factors come into play when determining the mortgage rates you can access, most of which are tied to your personal finances. Things like your credit score and the amount of deposit you can provide can make a big difference, as lower risk profiles often mean better rates.

The overall economic situation also matters. For example, if you choose a tracker mortgage, your interest rate will follow the Bank of England’s base rate, which changes based on how the economy is doing and the state of the mortgage market.

Are my mortgage rates in Liverpool going to be affected by inflation?

When inflation rises, the cost of living tends to go up, which can sometimes result in slightly higher mortgage rates. The type of mortgage you’re eligible for can impact this.

In times of economic difficulty, fixed-rate mortgages that are ending might switch to higher rates, which is when seeking advice from professionals like mortgage brokers in Liverpool can be helpful.

Fixed-Rate Mortgages vs Tracker Mortgages

Fixed-rate mortgages and tracker mortgages offer distinct advantages. Fixed-rate mortgages provide stability with a consistent interest rate over a set term, while tracker mortgages link your rate to the Bank of England’s base rate, leading to potential fluctuations.

Your Mortgage in Liverpool – It’s Up to You!

Deciding between fixed-rate and tracker mortgages depends on personal preferences and lender evaluations of affordability and creditworthiness. Speaking with a mortgage advisor in Liverpool can simplify this decision, ensuring it aligns with your financial goals.

Speaking with a professional mortgage advisor in Liverpool

Our experienced team of mortgage advisors in Liverpool, with over two decades of expertise, are here to guide you through your mortgage journey. We offer tailored mortgage & remortgage advice in Liverpool to find the perfect mortgage product that suits your financial and personal situation.

Book your free online mortgage appointment today to connect with a dedicated mortgage advisor in Liverpool. We’re available 7 days a week to accommodate your schedule.

Dealing with a Mortgage During Divorce & Separation

What happens to a joint mortgage during a separation?

When you and your partner decide to end a relationship, it is never easy, especially if you have made a joint financial commitment.

Times like these our mortgage advisors in Liverpool will take the challenge of these specialist mortgages, aiding you whether you’re moving home in Liverpool or looking to take out a remortgage in Liverpool on the property once it’s in your name.

Below here are the three primary mortgage-related questions that our mortgage advisors in Liverpool get frequently asked when it comes to divorce and separation mortgage advice in Liverpool:

How do I remove my ex-husband/wife from my mortgage?

Of course, nobody goes into joint name home buying to split up, but these things are known to happen sometimes and to try to make changes to such a substantial financial commitment can prove challenging.

Regardless of gender, there may come a time when whoever is currently in the property will want to take over the mortgage as their own.

You may be able to demonstrate your ability to pay the mortgage on your own, without any help from your ex. However, this doesn’t change the way the lender will see your case. At the point of application, you bought the property jointly, and in the event of arrears, they will be allowed to pursue either of you.

Before going ahead with a sole applicant on the mortgage, the Lender will have to go through all the initial checks from scratch, whether you’ve kept up payments or not. In any case, this is to fully ensure you can afford it as they can’t just take your word for it.

If need be, there is the ability to have a family member or new partner step in to replace your ex-partner on the mortgage. There are different ways of assessing your affordability with various lenders, so if your existing Lender says no we may still be able to help you out.

How do I remove my name from my ex-partner’s mortgage?

One thing you must remember when it comes to separation or divorce is even if you leave the family home and live somewhere else. You’re still liable for any joint financial commitments (i.e. your mortgage) that you both took out together.

Agreeing with the ex makes no difference either until you get officially removed from the mortgage. You’re still liable for repayments if the balance falls into arrears.

When it comes to buying a new property, lenders will take the payments towards your old property into consideration. Because of this, it’s essential to speak with a Mortgage Advisor in Liverpool before you go ahead with making an offer.

Some lenders may be more generous when it comes to the amount they’re willing to lend you compared to others. When it comes to our recommendation on whom to apply for a mortgage agreement in principle with, we’ll consider this.

Can I have two mortgages in Liverpool?

Depending on your circumstances, this is entirely possible. Lenders’ credit scoring systems analyse a significant number of factors before they offer you a mortgage.

One of these, of course, is ongoing financial commitments. In any case, this includes the mortgage payment you currently hold with your ex; alongside any other obligations, you may have.

Once we’ve taken all this information and uploaded it to our system. We’ll be able to provide an outline as to the maximum you may be able to borrow. This gives you a rough idea of your budget at the outset and the amount of deposit you’ll be needing to put down.

Moving on from previous joint financial commitments can be quite tricky. Just bear in mind that as far as lenders are concerned, it’s all about the risk. They ideally look to avoid repossession situations at all costs.

Mortgage Advisor in Liverpool

Why Would I Need A Second Mortgage in Liverpool?

Most people take out a single mortgage, but there are plenty of reasons why you may want to take out a second mortgage. Here in this article, we will cover some common scenarios our mortgage advisors in Liverpool have come across to why you may require another mortgage:

Do you need a second mortgage to raise money?

If you currently have equity in your home and are looking for a second mortgage to release some of this equity, then we can help whether you are looking to release equity to fund another purchase, home improvements or something else.

If you are looking for remortgage advice in Liverpool, we can help explore all of your options. In any case, if you are currently on your lenders’ standard variable rate of interest, we can find a more competitive deal along with releasing your capital. A further advance from your current lender could also be an option here.

Are you looking to help your children onto the property ladder?

Suppose you are looking to help your children or grandchildren onto the property ladder in Liverpool. There are many products out there on the market that could help you achieve this. For a free mortgage consultation and to run through your options, please don’t hesitate to get in touch.

Are you looking at a Buy to Let in Liverpool?

If you are looking for an additional mortgage to purchase an investment property, we can help you through the whole process. Whether you are a first time landlord or portfolio investor, we can offer to buy to let mortgage advice in Liverpool.

Named on an existing mortgage and want to buy a new home?

Firstly, this is a situation that we come across quite often, usually due to divorce or separations. Whatever your situation, if you are currently named on another mortgage and would like to purchase a new property to live in.

The Importance & Benefits of Changing Your Address in Liverpool

Mortgage Advice in Liverpool

Before you apply for a mortgage, it’s always a good idea to check on your credit score to see how it is looking. The higher your credit score is, the more likely it is that you will get accepted for a mortgage, so if it’s low, you may need to look at ways to how you can improve your credit score.

Your overall credit score can be affected by a lot of different things. For example, the more addresses that you have registered to your name can sometimes negatively impact your credit score. Once applicants realise that this is the case, they sometimes go about it in the wrong way.

What you shouldn’t do

As a mortgage broker in Liverpool, we are seeing applicants that have moved out of their parents address are leaving all of their information registered to that address and not their new rented accommodation. Leaving information such as bank statements, credit card and electoral roll information registered at a previous address can actually have a negative effect on your application in the future.

It can affect your application because when your lender searches through your credit file, there will be some sort of record that shows that you have moved to a new address. For example, it could be something as simple as a change in delivery address that could get picked up on. Your lender will notice this and it could end up having a negative effect on your credit score, so always change your address when you move.

As a mortgage broker in Liverpool, we know that sometimes applicants completely forget to change their address and everything is by accident. That’s another perk of using a Mmortgage broker in Liverpool, especially if you are a first time Buyer in Liverpool, they will sort everything out for you and check that your application has the best chance of being accepted before submitting it with you.

Check before you apply

We always recommend that you check everything you can before submitting your application. Things like the electoral roll and your accounts (credit cards/current accounts) can be easily changed and can make all of the difference. This mainly only affects people who are living in rented accommodation, however, there is nothing wrong with checking everything just in case. If you are moving straight from your parent’s address to a new property. You can do this once you move out.

Everything is always worth a double-check and sometimes a second opinion could help too. That’s why we think that speaking to a mortgage advisor in Liverpool would prove highly beneficial to you and your mortgage application.

It is very important that you know the exact date off when you moved to your rented apartment/new home and the date you moved out. This is because if you get the dates wrong, it can look like you are living in two different places at the same time.

Impress the lender

A lender doesn’t just look at your application and decide there and then, they will go into extreme detail in order to see if you are the right applicant for them. So if you show that you have updated all of your information correctly and changed everything recently so that your application was stronger, they will be impressed by it. Having everything prepared nice and early doesn’t do any harm, it can sometimes give applicants that boost that they need!

Changing your address and double-checking your application are both really easy processes that can positively affect your mortgage application. If you are still struggling to get everything sorted, feel free to get in touch with a Specialist mortgage advisor in Liverpool at Liverpoolmoneyman, we are always happy to help.

As an experienced mortgage broker in Liverpool, we know that being a first time buyer in Liverpool with no mortgage experience can be hard. This is why we want to step in and offer you a helping hand. Get in touch with Liverpoolmoneyman, your expert mortgage broker in Liverpool today.

Which Property Survey? | Mortgage Advice in Liverpool

What is a property survey?

Once you have had an offer accepted, it time to move onto the next stage and arrange a property survey. A property survey will establish the condition of the property and ensure that it is worth what you are paying for it.

If something is found on the survey which wasn’t mentioned to you that could potentially affect the property price. You in a position by law to approach the seller and renegotiate a price.

There are quite a lot of different types of property surveys and it’s just the case of narrowing them down for you and finding which one will benefit you most.

Choosing the right survey

Here’s a short video from the Royal Institution of Chartered Surveyors (RICS) that explains the different types available to you:

Types of Property Survey

There are 3 main types of property surveys available to you:

  1. Mortgage Valuation
  2. Homebuyer’s Report
  3. Full Structural Survey

Basic Mortgage Valuation

A basic mortgage valuation is your cheapest option. You will be required to have one before you receive your mortgage offer. You can’t confuse this with a full survey. The mortgage valuation confirms to the lender that the property is worth at least what they are lending you.

Your mortgage lender may even offer you a free basic valuation as part of your deal. This really depends on the lender but they may add extra arrangements fees down the line if they offer you a free valuation.

Unfortunately, a basic mortgage valuation will not highlight any repairs that are needed. It will only point out obvious defects and recommend that you investigate further. If the defects could end up costing a lot to repair in the future. Then you may be able to negotiate a price reduction with the seller.

Homebuyer’s Report

A homebuyer’s report will cover the health and safety side of things. For example, it will include structural safety and show if there are any leaks, etc. Most importantly it will state if the property does or does not meet current building regulations. This kind of report will give you an independent report of your property by an expert.

To ensure you are not paying for two surveys it is advisable to ask the mortgage companies surveyor to carry out this report for you – it will usually take a couple of hours to complete.

Full Structural Survey

A full structural survey is recommended for older properties and for those of a non-standard construction.

Depending on the property size and type, a full structural survey can take as long as a day to complete but they will give you the best insight into your new property.

A full structural survey provides a detailed report on the condition of the property and highlights issues that should be investigated further before going ahead with the purchase, providing you with peace of mind about the condition of your property.

You can find a surveyor to carry out a Homebuyer’s report or building survey through the Royal Institution of Chartered Surveyors.

Property Survey Mortgage Advice in Liverpool

Are you a first time buyer in Liverpool or a current homeowner planning on moving home in Liverpool and want to know more about which property survey to choose? No problem, your local Mortgage Broker in Liverpool is just a phone call away to answer all of your property survey questions.

Get in touch for a free mortgage consultation today. Where we can pass you onto a Mortgage Advisor in Liverpool who can arrange everything out. To help you choose the best property survey for your new dream home in Liverpool.

Can I Port My Mortgage To A New Property in Liverpool?

Porting a Mortgage in Liverpool

Most high street mortgages are portable. This means you can move it from one property to another, without penalty. This becomes especially useful if you are moving to a new home and are in the middle of a fixed rate, as it allows you to potentially avoid early repayment charges.

Are all mortgages portable?

Whilst it’s true that most are portable, this isn’t the case for every mortgage. Some specialist lenders don’t allow this option. Calling your mortgage lender for a quick discussion can help confirm this.

Should I port my mortgage?

Even though it’s often available as an option, customers sometimes choose not to. Maybe the lender won’t lend you the extra money you need to move. Also, the additional funds will be on a different rate to the one you have on your current deal. Depending on the deal you’re offered, you may decide to take a hit on early repayment charges and switch to a different lender.

What is a sub-account?

A sub-account on your mortgage is made when you port your mortgage, with the additional money ending up with a different deal than the one you had originally. This means that although you have only one mortgage and one direct debit, there are different rates of interest that apply.

Later down the line, having sub-accounts can prove to be quite annoying. This is because different products will overlap each. Getting them aligned once again will mean one of the sub-accounts having to drift onto the standard variable rate given by the lender, for a set period of time.

For more on porting mortgages onto new properties, please get in touch with a mortgage broker in Liverpool and we’ll see how we can help. Whether you’re moving home in Liverpool, a Buy to Let landlord or self employed in Liverpool, we’d love to try and help you.

Mortgage Advice in Liverpool

How to Sell Your Home Quickly in Liverpool

In order to start the process of moving home in Liverpool, most people will want to sell their current home first. The equity from this property (the difference between the amount you sell the property for versus the amount left on your mortgage balance) will be your deposit for your purchase.

If you would like to put money towards this, you can either use your savings or be gifted a portion of/the full deposit by a family member.

Realistic Asking Prices

If you’re selling your property, you will always have an ideal number you’re looking for. How quickly a home sells though completely depends on how the property is marketed and presented.

You should always be realistic with your asking price, opting for one close to the average price of the area you’re in. If the average property is worth £100,000, then asking for something in the way of £350,000 is just too much and you likely won’t make a sale.

The estate agent will suggest the highest potential sale price, but their options aren’t always the best so it’s worth doing your own research. With websites like Zoopla and Rightmove now aiding home buyers and sellers, making that initial leap onto the market is of great importance.

Your primary focus should be generating as many property viewings as possible within the first 2 weeks of your property being listed. If after those first two weeks there’s been little to no interest, it’s likely your property was overvalued.

Helpful Things to Remember

We find that some potential sellers would rather identify a property that they’d like to buy first before they go ahead and sell their own. If this is you and you’re in need of a quicker sale, we have some tips that may hopefully increase your chances of selling your property.

Perception of Your Home

Cleaning The Exterior

Cleaning The Interior

Ensuring The Viewer Feels Comfortable

Making Your Garden Presentable

Moving Home Mortgage Advisors in Liverpool

People buy from people, so always remember that when it comes to preparing your property. If it appeals to you, it’ll likely appeal to a potential buyer. There’s no greater feeling in the world of buying and selling homes.

Than showcasing a well-presented home that truly showcases the hard work you put into it.

Mentioning any minor issues you’ve had truly goes a long way. Furthering the bond of trust you build with the potential buyer, as they walk around your home. This includes things such as broken leaks that you’ve since fixed.

It presents a balanced view and goes down well with most. Estate agents will want to earn a commission, but nobody knows your property as you do.

Finally, remember the emotions you felt when buying your home and all the happy memories you shared there. & Liverpoolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at

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