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RE mortgaging shared ownership
anyusernameleft
Posts: 79 Forumite
I am trying to re-mortgage my 40% share of a shared ownership property in which I have a lot of equity to repay debts run up during an 18 month stint of unemployment thanks to the recent recession.
The total amount I wish to remortgage for is a bit over a third of my equity in my share.
My proposed lender needs the Housing Associations agreement and an extension of the mortgagee protection clause to cover the loan which is perfectly reasonable except that in my case my HA are refusing to give it even though I have explained this is causing me financial hardship owing to the usurus rates of interest charged these days and preventing me paying off my debts and my mortgage and carrying out repairs on the property which under the terms of my lease I am liable for.
The lender has not come across this situation before. The Lease Holders lot can't do anything, the Tenants Services Authority don't actually have anything to do with helping tenants and the Ombudsman apparently only concerns itself with how complaints are handled, not what they are about.
Has anyone here remortgaged a shared ownership property for debt consolidation and do you have any advice?
The total amount I wish to remortgage for is a bit over a third of my equity in my share.
My proposed lender needs the Housing Associations agreement and an extension of the mortgagee protection clause to cover the loan which is perfectly reasonable except that in my case my HA are refusing to give it even though I have explained this is causing me financial hardship owing to the usurus rates of interest charged these days and preventing me paying off my debts and my mortgage and carrying out repairs on the property which under the terms of my lease I am liable for.
The lender has not come across this situation before. The Lease Holders lot can't do anything, the Tenants Services Authority don't actually have anything to do with helping tenants and the Ombudsman apparently only concerns itself with how complaints are handled, not what they are about.
Has anyone here remortgaged a shared ownership property for debt consolidation and do you have any advice?
0
Comments
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As I understand it the housing associations are directly or indirectly government funded and therefore have to stick tot he rules about how they use their money. A mortgagee protection clause can result in a HA losing out if the property is repossessed by a lender and sold. Quite naturally HAs will only agree to them where they have to do so, which is on a purchase.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Facing the prospect of repossession can be frightening, but it’s important to remember that you are not alone. There is a lot of help available from government, from lenders and from advice agencies. The information here will give you the tools you need to prevent your home being repossessed. You'll also find stories from some of the 330,000 homeowners who have already received help and advice.
http://mortgagehelp.direct.gov.uk/default.aspx0
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