Bad Credit Mortgage For Shared Ownership

antrobus

jonhall wrote: »

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.

Yes. That might be part of the problem. You haven't actually got a 25% deposit have you? You're actually getting it from "family members" and you're going to "pay them back", so that's just more borrowing.

pinkarsenalprincess

You may find that you will have a real struggle on your hands. Mortgage providers who will lend money for shared ownserhips are very few and far between and their criteria for getting a mortgage are very strict.

poppy10_2

Shared ownership is a scam, preying on the financially illiterate such as yourselved. Avoid, especially if you are going to be speculating with other peoples money as a deposit.

jonhall_2

pinkarsenalprincess,

yes you are right it is a very small subset of lenders who deal with this segment of the market and it is proving challenging.

jonhall_2

Poppy10.

Judgemental, arrogant, incorrect and unhelpful comment!

anirow

jonhall wrote: »

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.

Well in this case you should be prepared to pay high rates.

pinkarsenalprincess

jonhall wrote: »

pinkarsenalprincess,

yes you are right it is a very small subset of lenders who deal with this segment of the market and it is proving challenging.

We had one option for our mortgage provider and one option alone and that was with a 25% deposit that we hadn't borrowed and very good credit records.

catieeb06

Leeds BS, Santander and Halifax. They're your main S/O lenders.

I've had a few things go through with Santander and Halifax which have shocked me.

jonhall_2

Pinkarsenal Princess,

Have you gone down the shared ownership route? If so which mortgage provider did you use?

jonhall_2

Hi Catieeb06,

Thanks for the insight. So it seems like there may be some hope yet.