From 1st July the Council of Mortgage Lenders is integrated into a new trade association, UK Finance. For the time being, all UKF mortgage information will continue to be published on this website, and UKF member-only mortgage information will only be available here.

UK Finance represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation takes on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association. Please go to for wider content and updates from UK Finance.

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Handling arrears and possession sales of shared ownership properties

Last updated: 29 Oct 2014

This guidance is for: mortgage lenders and housing associations

This guidance for lenders and housing associations (HAs) has been prepared jointly by the Council of Mortgage Lenders (CML), National Housing Federation (NHF), Homes and Communities Agency (HCA) and the Building Societies Association (BSA). It embodies the commitment of both organisations to ensure that the shared ownership model, which has worked successfully for over 30 years, functions as effectively as possible for the benefit of owner/tenants, HAs and lenders.

This guidance supplements the more general guidance – Shared ownership: Joint guidance for England – published by the Homes and Communities Agency, the CML and the Federation. This new guidance is designed to explain best practice in handling mortgage and/or rent arrears, and to ensure that – when enforcement becomes necessary – it is handled efficiently, with effective communication between the HA and the lender.

The guidance builds on the accumulated best practice experience of lenders and HAs involved in shared ownership. It has no legal status, although particular recommendations may be the same as legal or regulatory requirements placed on either party.