We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Shared ownership

Options
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? 

Comments

  • la531983
    la531983 Posts: 3,043 Forumite
    1,000 Posts First Anniversary Name Dropper
    edited 1 September 2023 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 Posts: 39,253 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.