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Need Some Advice on Shared Ownership and Poor Credit
Digiknight
Posts: 3 Newbie
My wife and I are fed up with renting in London and are looking to buy. Unfortunately my credit rating is pretty poor (to say the least, no CCJs or bankruptcies, but thats the only thing going for it).
Shared ownership seems the most likely deal for us. We're saving a deposit at the moment (5% with Nationwide iirc, roughly £9k saved so far). The problem is from reading around I have a bit of confusion over how the eligibility for shared ownership works.
My wife earns around £42k a year and I have recently got a pay rise taking me to £29k (which will also come with some commission payments). So our total household income is going to be in the region of £71k - possibly a bit more as I get commission and my wife is a nurse so gets some unsocial shift payments. So lets assume somewhere in the region of £75 - 80k.
But we're not going to be trying to get my income onto a mortgage as my credit rating is so bad.
shared housing seems to ask for you to have less than £x amount in household income in order to be able to buy a place. If I am not going on the mortgage is my salary taken into account in this?
If so it seems we're in a bit of limbo. My credit is too poor to get a mortgage, but my salary takes us up too high to get shared housing options.
Is this right, or am I getting the wrong end of the stick?
Shared ownership seems the most likely deal for us. We're saving a deposit at the moment (5% with Nationwide iirc, roughly £9k saved so far). The problem is from reading around I have a bit of confusion over how the eligibility for shared ownership works.
My wife earns around £42k a year and I have recently got a pay rise taking me to £29k (which will also come with some commission payments). So our total household income is going to be in the region of £71k - possibly a bit more as I get commission and my wife is a nurse so gets some unsocial shift payments. So lets assume somewhere in the region of £75 - 80k.
But we're not going to be trying to get my income onto a mortgage as my credit rating is so bad.
shared housing seems to ask for you to have less than £x amount in household income in order to be able to buy a place. If I am not going on the mortgage is my salary taken into account in this?
If so it seems we're in a bit of limbo. My credit is too poor to get a mortgage, but my salary takes us up too high to get shared housing options.
Is this right, or am I getting the wrong end of the stick?
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