Shared ownership & adverse credit

Jojo55 · 9 December 2013 at 8:25PM

My partner and I would like buy our own place sometime soon, I know will have to speak to a broker eventually but would just like some intelligent advice in case we are wasting our time.

Our joint income is £50k, but he is in a DMP and I have 2 defaults in the last two years plus small payday loans on my file (£50/£100 all paid in full on time and in an effort to improve my credit score but alas now i know they don't look good to a lender, wish i hadn't bothered now!)

We would like to go for shared ownership and deposit on our portion would be 10%. Have we any hope at all from any lender??

I dont want to embarrass myself or waste a brokers time by turning up at their office with our credit file and bank statements and be laughed out the door.

Thanks for your time
Jojo

Simon_gloster · 9 December 2013 at 9:58PM

Mmmmmmmm, afraid it's likely to be a 1-5% success rate confirmed by the intermediaries on here. The reasons its not 0% is that you might fluke it. Barcelona v Alloa athletic analogy odds: possible but highly unlikely.

kingstreet · 9 December 2013 at 10:57PM

I can't think of anyone who would do this, sorry.

Jojo55 · 10 December 2013 at 12:24AM

Thanks For your reply Kingstreet. Can you give us some pointers eg. Must my partner be out of his DMP before we'll even be considered? Or is it the LTV thats not good enough? Or do I really need to wait 6 years for the defaults to die? Thanks again.