Shared Ownership No Mortgage Question

MaxwellAbbott80

Hi please could someone advise,

im looking at buying into a shared ownership property

i inherited around 50k, and i want to put that straight into a shared owner property, but i have bad credit and a mortgage currently isnt a option.

Will my bad credit effect the 'rental' part of the scheme?

Ive been renting for 10 years, at 700pcm and never missed a payment on that, the rental on the shared owner property will be much lower..

Thanks

ReadingTim

I guess it depends on the extent to which the 'rental' part involves a credit check - if I were a housing association, or other provider of SO housing, I'd want to make sure my tenant/co-owner had a reasonable credit history... I'd also suggest that in this instance, not needing a mortgage might be tricky too - not least because you'll have to demonstrate where the money came from to prove it's not dodgy...

Dunno the price of places you're looking at, and percentage you're looking to buy, but £50k seems on the low side - can one really go into SO with that sort of amount? I also don't know how long ago your credit issues were, but it might be worth getting copies of you credit reports and using the inheritance to sort out whatever issues there are lurking in the past, and wiping the slate clean for a more successful mortgage application in the future...?

VRG100

Hi, can anyone advise me here? My parents have a shared ownership 50/50 they have recently paid off the mortgage so simply pay rent, the house is worth approximately 220k and my father has some debt 25k that a debt management company have been dealing with. They paid off 33k and this is left. The debt company want them to release funds to pay the debt off, since this happened my mother is no longer able to work she is 65 with MS. Are they able to force them to do this and is it possible a. For the debt to be written off and in b) are they able to release equity from a shared ownership property?