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Shared Ownership mortgage with defaults?
f1umpet
Posts: 20 Forumite
Hello,
I'd love a bit of advice please. I am desperate to own my own home again after my marriage broke down. My husband stopped paying a joint loan when we separated which I couldn't afford to pay so the bank defaulted the loan and closed and defaulted my sole account with an overdrawn balance. These defaults are registered as August 2012 and are for an approximately £3,000 and £8,000.
The marital home is now sold and these defaults will be settled shortly. I have money to use as a deposit as part of the settlement from the house sale which would mean a ltv of 70-80%.
I've found a shared ownership property that I'd love to buy but I'm not sure if any of the shared ownership lenders would consider me with the defaults on my credit file. Does anyone have any experience of this issue?
I work part-time as have young children so would struggle to purchase a property outright.
I know it would make most sense to wait 2 years until the defaults are gone but I'm desperate to feel settled with my children in our own home and renting feels really insecure to me as I've always owned our home previously.
Also these defaults do not show on clearscore, only on experian credit score. Does that mean if I can find a lender that only searches Equifax that I could possibly be ok? I have no other adverse credit on my file and always pay my credit card off each month.
I have requested an appointment with a broker for advice too.
Hope someone can offer a bit of insight x
I'd love a bit of advice please. I am desperate to own my own home again after my marriage broke down. My husband stopped paying a joint loan when we separated which I couldn't afford to pay so the bank defaulted the loan and closed and defaulted my sole account with an overdrawn balance. These defaults are registered as August 2012 and are for an approximately £3,000 and £8,000.
The marital home is now sold and these defaults will be settled shortly. I have money to use as a deposit as part of the settlement from the house sale which would mean a ltv of 70-80%.
I've found a shared ownership property that I'd love to buy but I'm not sure if any of the shared ownership lenders would consider me with the defaults on my credit file. Does anyone have any experience of this issue?
I work part-time as have young children so would struggle to purchase a property outright.
I know it would make most sense to wait 2 years until the defaults are gone but I'm desperate to feel settled with my children in our own home and renting feels really insecure to me as I've always owned our home previously.
Also these defaults do not show on clearscore, only on experian credit score. Does that mean if I can find a lender that only searches Equifax that I could possibly be ok? I have no other adverse credit on my file and always pay my credit card off each month.
I have requested an appointment with a broker for advice too.
Hope someone can offer a bit of insight x
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