Shared Ownership Adverse Brokers

HopelessMr

Hi All
First post, long time lurker!
I wondered if anyone here had any recommendations for a broker who deals with Shared Ownership (Adverse)
We are looking to move into our first home and have the following circumstances to overcome;

• Wife on Furlough, currently back 2 - 3 days a week. Also working a second job on the days she is still furloughed for additional income but one would cancel out the other when she returns full time. Annual Income c£25k. Has great credit, no monthly costs etc outside of rent and utilities (no loans, CC's)
• Me, working full time and was all the way through 2020. Been with the same company since 2008. Annual Income £54k. Poor credit, no monthly commitments but 5 defaults from 2017 (unsettled). PDL history from 2017 and 1 default from Jan 2020 (bank account I forgot about that went into arrears due to overdraft fee's and I didnt deal with it), also unsettled.

We have been looking at shared ownership properties with staircasing options. Total c£175k property value and we have a £20k deposit.
We have been speaking with an awesome broker thats been really supportive but he doesnt work with Shared Ownership. 
Do we have any MSE recommended for sub prime shared ownership?
Thanks everyone!

K_S

@hopelessmr Is that a 20k deposit on a 175k share of the property?

HopelessMr

£22k deposit in the bank (setting aside other savings for fees etc)
We have 2 options for the share, either c£82.5k for 50% or £123k for 75% (wife has just pointed out that its a £165k property total value)

K_S

@hopelessmr Based on the very limited info in your post, if you wanted to buy right now, with a 22k deposit on a 82k share, you may have quite expensive adverse options depending on the background details and numbers stacking up.

For the sake of cheaper options for a future mortgage, you should weigh up the pros and cons of satisfying your defaults. Depending on how big they are, any savings from not paying them off might well be outweighed by the higher cost of the mortgage products you will be eligible for.

HopelessMr

Thanks @K_S , appreciate the feedback!