I have been living in a shared ownership house for the last 12 months,i own a 50% share and i moved in with a 15% deposit,the other 50% is owned by a housing association,i may be in a position where my employment is ended soon and i do have around £20k in personal borrowings.If i lose my job and i am unable to meet my reypayments on my personal borrowings can any of the lenders put a charge against my property??
Hi Andrew and welcome to the Forum.
The short answer is yes. If you fall behind on payments creditors can secure the debt against your property although most do not if you have any sort of arrangement with them. If you go bankrupt or enter an IVA creditors can no longer put charges against the property but any charges already there remain.