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Anyone forced to remortgage in their 4th yr?
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Dont have much experience with co-ownership mortgages but I would imagine you would still have to address your equity somehow.
Same rules apply.
Find 85% of the value of your home, take away the value of the current outstanding mortgage and secured loans etc and divide any surplus by the number of co-owners (I'm guessing two!?)
Is there likely to be much equity left over?
Chances are you'll be expected to extend your IVA by a year - which is a far better option anyway!Would you ask the wolves to look after the sheep?
CCCS funded by banks0
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