need agreement from friend with joint mortgage?

[dba]

Im considering taking out an IVA. I have a mortgage which is in joint names with a friend. Would my friend have agree to the IVA and would the mortgage being in joint names affect the amount of equity that creditors could ask to be paid back

[MelanieGiles]

Hi there and welcome to the forum

Your IVA would not affect your friend or the mortgage as this loan is secured against your property.

Your friend would, however, need to agree tht you could raise your share of any equity during the final year of the IVA, and agree to sing a restriction form to be placed on the property file at HM Land Registry, preventing a sale of the property without the Supervisor's permission. If the equity is to be raised by way of a further mortgage, then your friend would also need to agree to this, and your proposed Supervisor would want to see this in writing.