will we be accepted for shared ownership?

redsquarelady

Hi all hope someone can help??

My husband and i would like to buy a shared ownership house. We have been accepted because we are already in a housing association house.
I have been in touch with a fee free mortgage advisor and we have a mortage in principle. My worry is that we have had some rent arrears due to my husband being made redundant last year and was out of work for a few months. Does anyone know how strict the credit checks are that the shared ownership people are. Can the be sypmathetic to this?

Any advise would be really appreciated

Bargain_Rzl

I would think it varies from HA to HA. Mine was pretty thorough - but I suspect that you may be OK as long as you're not in rent arrears now

Mine was more concerned about proof that you didn't have massive debts that would jeopardise your ability to meet your rental and mortgage obligations.

redsquarelady

Thanks for replying...
We have got debts, i owe £20k but i'm with payplan. So it's not looking good then?

Bargain_Rzl

I didn't say that. I just think you should be prepared to demonstrate in detail that you can afford the monthly payments (with room to spare) on your mortgage and rent, as well as not getting into trouble with your existing debt.

If you can demonstrate this, I would think there is a good chance that they would be sympathetic. If you can't, then I'd suggest you're in a pretty precarious situation - from the HA's point of view, it would be irresponsible to accept you onto a scheme that's likely to land you in more financial difficulty.

redsquarelady

thank you. Hopefully it'll be ok. Fingers crossed