IVA with a Shared Ownership Mortgage

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1


Posts: 1
Joined: Wed Feb 12, 2020 7:59 pm

Post by Lucyj1983 » Wed Feb 12, 2020 8:07 pm
I’m new here, how have I not come across this forum before?!
My estimated IVA end date is July 2021.
I have a mortgage for 40% of a shared ownership property.
Does anyone know how the remortgage / equity works with shared ownership?
I understand the process if we had the mortgage for the whole property but don’t understand what would happen re shared ownership.
Thanks in advance :wink:


User avatar
Forum Expert
Posts: 31288
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Wed Feb 12, 2020 8:30 pm
If you own 40% of the property you will own 40% of the equity and the calculations will be done on that portion, or your share of that portion, only.
It is sometimes the case with shared ownership that you are not allowed, by the housing association, to remortgage or raise secured lending, in which case the 12 month extension is applied, assuming the equity release clauses are triggered by there being more than £5,000 equity in your share.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


User avatar
Forum Expert
Posts: 10913
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Thu Feb 13, 2020 5:45 am
I would suggest a read of your deeds and agreement re further secure lending. As foggy says in some instances further secure lending is prohibited and therefore an extension needs to be agreed. I would be looking at this now and getting IP to agree re extension so you know where you stand.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”