Bad Credit Mortgage For Shared Ownership

jonhall_2

Hi have a default on my credit history. I have the opportunity now to get a very affordable shared ownership property. I require a very small mortgage amount relative to my salary.
My problem is high street lenders wont deal with me and the adverse lenders wont deal with shared ownership.
Any advice would be welcome!

brit1234

Clear you credit record, enjoy the price falls, save a bigger deposit in the meantime. Whilst doing that search the shared ownership threads here to see the bad points of shared ownership, you may of had a lucky reprieve as the scheme is a scam.

Goodluck.

jonhall_2

Hi Brit 1234,

Thanks for the response. I take your point on the issues with shared ownership but looking at the numbers this deal is too good to turn away from given my circumstances. Basically only need to buy a small percentage and rental on rest is so cheap. Allows me to live in an area I couldn't otherwise afford with a large net saving each month.

jonhall_2

Hi Anirow,

I wish to purchase a shared ownership property but I have a bad credit record. I am trying to find out any mortgage provider who might wish to deal with me.

catieeb06

When was the default registered? It's not really about affordability in terms of your salary, it's about your deposit.

jonhall_2

The default was registered this year which I guess is an issue. I can put as large a deposit on as necessary.

catieeb06

Right, seeing as it was registered this year you would need to come up with at least a 25% deposit.

One question though, if you can get hold of as much deposit as is needed, why didn't you pay the debt off before it got to default stage?

jonhall_2

Hi Anirow,

Yes these are the mortgage providers I am trying to track down.

jonhall_2

catieeb06

Yes I can do 25% deposit. The reason for this I can get the deposit from family members. Basically going the shared ownership route will allow me to save a huge amount each month compared to renting. This will allow me to get ahead financially and pay them back.

catieeb06

Right, in that case. Provided that you've no other adverse credit. Try Leeds BS, Santander, Halifax.

Anyone else and their credit scoring criteria is just too high.

jonhall_2

Thanks catieeb06,

At this stage I didn't think I would be able to get anywhere with the high street lenders but I will contact them and see what happens.