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Shared Ownership - poor credit - Housing Association
Sarahlouj89
Posts: 4 Newbie
Myself and my partner are looking to buy a shared ownership resale.
We have the 10% deposit, extra savings, and have a mortgage in principle. We earn circa 65k and the share is 12500 which is 30%
However I have a default on my file that's 3.5 years old and some late payments from a time when I split with my ex partner. My partner has a near perfect credit score.
The mortgage company have seen all of my credit history and are still happy to lend, but the HA want to credit check too. Is it possible to be accepted by the mortgage company but not the Ha?
I'm worried that I'm going to ruin my partners chances of buying.
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Comments
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yes, it is very possible to be accepted by lender but not housing association. For instance, Kent Reliance allow shared ownership mortgages with 0% deposit on the share, but a lot of housing associations wont allow that deal to be done and they insist on a deposit to be paid.
I have done a lot of shared ownerships with much more recent adverse than you have got so I want to say you will be fine but with so many housing associations out there I will have to say that you need to wait for their decision. I'd be very surprised if it caused a problem though with it being that old. Usually its people with current outstanding and very recent CCJ's that get thrown out.1 -
Thank you, that's relatively comforting to hear.0
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Sarahlouj89 said:Myself and my partner are looking to buy a shared ownership resale.We have the 10% deposit, extra savings, and have a mortgage in principle. We earn circa 65k and the share is 12500 which is 30%However I have a default on my file that's 3.5 years old and some late payments from a time when I split with my ex partner. My partner has a near perfect credit score.The mortgage company have seen all of my credit history and are still happy to lend, but the HA want to credit check too. Is it possible to be accepted by the mortgage company but not the Ha?I'm worried that I'm going to ruin my partners chances of buying.
If the entire property is only £41,666 then can you not just save up to by a similar property in cash? It's less than a years wages for you.
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I assumed the £12,500 was missing a zero... otherwise pretty much unmortgable as under most lenders minimum loan and property values0
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Sorry yes! It was missing a zero, the deposit is £120000
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