Shared Ownership - Bad Credit

kirtsypoos

Hello,

I'm looking to buy/rent a shared ownership property near where I work (I recently had to move in with my parents and don't want to go straight back into a (full) rented property, I would like to get my foot on the property ladder as best I can.)

I would be applying for the mortgage by myself, which is less than 1.5x what I earn, and I can easily afford the rent and mortgage costs.

The problem is I have had a few issues (1 default 3 years ago which was settled) and a couple of late payments.

My credit score is not good by any means, and I don't want to waste time applying for mortgages that I have no chance of getting!

Thanks in advance!

Kirsty

poppy10_2

How much of a deposit do you have saved?

gaz141

are you eligible for shared ownership? that's the main question as that is how the housing association will grade you. Credit scores, deposits are completely irrelevant if they deem that you do not qualify or other people have higher priority than you.

Dave_Ham

What sort of scheme exactly is it called and what sort of deposit level are you putting in and how much for your share and total property?

Do check out the rental side of the ownership, as sometimes these can be expensive.

Good luck

Conrad

Shareed ownership is only available with mainstream lenders and will not accept a poor credit score, so sorry for being blunt (HONEST) but you have no chance.

Maybe save as best you can, get your credit score up to par and try again.

Cheers

kirtsypoos

Thanks for all the responses. I've got a 6000 deposit saved so far, and the mortgage amount is 24000. The rental cost is an additional 187pm.

I've checked all the criteria and visited the agent, who have assured me I am eligible, but without a mortgage it doesn't really matter!

I'm gutted that my burying my head in the sand attitude a couple of years ago has led to not being able to do what I want to now, but I guess that serves me right, and at least i'm on the right path to get sorted.

Thanks again for all your responses,

Kirsty

Dave_Ham

Kirsty,

Check the default has been registered on Experian and Equifax, this may give you solutions if not..

All the best