If you own your property under a shared ownership scheme, this means that you bought part of the property by borrowing a mortgage. The remaining part of the property is owned by a landlord to whom you pay monthly rent. Alternatively, you may have bought a property with friends or colleagues and own it jointly with them.
If you fall into arrears with the mortgage on your part of the property, the mortgage lender ultimately has the same right to repossess the property and sell it to recover its money as it would do if you owned the property outright.
As such mortgage arrears on a shared ownership property need to be treated very seriously and you must take action to address them or your property will be at risk of repossession.
The mortgage pre-action protocol
In the same way as if you owned your home outright, if you are struggling to pay your mortgage on a shared ownership property, your mortgage lender has a duty to work with you to explore all options to try and avoid your home being repossessed.
Click here for more information on the mortgage arrears resolution process.
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