Mortgage Advice: Shared Ownership & Debt History

Absolut1on

Hi,

I am looking into buying a house via the governments Home Buy "Shared Ownership" scheme.

We can get a deposit for £7,500 and looking to buy 30% share of a new build costing £245,000.

I have had a few defaults 2-3 years ago and have paid off all but one loan now valued at c.£4000.

Does anyone have any recommendations with a mortgage company that may look at us favourably. I fear having to pay an upfront application fee only to be rejected due to credit history.

Thanks in advance for any advice,

Ian

dn4dave

Hi assuming its a standard shared ownership product you could do this. I didnt follow if the Loan was also a default or just a loan ??

Rates will be high though are you sure it would be cheaper than renting ??

anyway try Leeds BS or if they decline try affordablemortgages they advertise for adverse & shared ownership

kingstreet

Leeds won't do a case with defaults of more than £500 and they had to have been satisfied within three months of registration.

No more than one county court judgment (CCJ) or default, which must have been satisfied within 3 months of issue, with a total value not greater than £500, within the last four years.

Getting even that accepted at 95% would be a tall order.

I don't see anyone doing this with only 5% deposit.