Shared ownership

My partner can’t currently get a mortgage due to having and IVA. We’ve looked into shared ownership in my name.

If I bought a 40% share now in 5 years time when it comes to remortgaging and my partner is out of his IVA, could he then be put on the mortgage and would we be able to buy a bigger share with him on there? 

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  • la531983
    la531983 Forumite Posts: 838
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    edited 1 September at 5:17PM
    My partner can’t currently get a mortgage due to having and IVA. We’ve looked into shared ownership in my name.

    If I bought a 40% share now in 5 years time when it comes to remortgaging and my partner is out of his IVA, could he then be put on the mortgage and would we be able to buy a bigger share with him on there? 
    Yes, this is exactly what I did (although I waited a bit longer than 5 years). Started with 25% on my own, now have 100% in joint names.
  • kingstreet
    kingstreet Forumite Posts: 38,316
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    My partner can’t currently get a mortgage due to having and IVA. We’ve looked into shared ownership in my name.

    If I bought a 40% share now in 5 years time when it comes to remortgaging and my partner is out of his IVA, could he then be put on the mortgage and would we be able to buy a bigger share with him on there? 
    Presumably you pass shared ownership and lender affordability for the 40% share?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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