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Shared ownership

Have equity from house sale with ex of 80000. Me and new husband cannot get a mortgage on open market due to him having bad credit . Would we be eligible for a shared ownership property with a view to purchasing our share outright therefore having no mortgage only the rent to pay? Not sure how you prove you can’t get a mortgage on open market , we earn 27000 between us which Isn’t much but because we have large deposit of 80000 would this mean we wouldn’t be eligible for shared ownership ? Can you get shared ownership on just the basic of not being able to buy on open market due to bad credit ? 
Many thanks 

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  • Longwalker
    Longwalker Forumite Posts: 630
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  • kingstreet
    kingstreet Forumite Posts: 38,317
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    sophkitty said:
    Have equity from house sale with ex of 80000. Me and new husband cannot get a mortgage on open market due to him having bad credit . Would we be eligible for a shared ownership property with a view to purchasing our share outright therefore having no mortgage only the rent to pay? Not sure how you prove you can’t get a mortgage on open market , we earn 27000 between us which Isn’t much but because we have large deposit of 80000 would this mean we wouldn’t be eligible for shared ownership ? Can you get shared ownership on just the basic of not being able to buy on open market due to bad credit ? 
    Many thanks 
    Yes. A broker can demonstrate to the Registered Social Landlord (RSL) you are unable to obtain a mortgage and a cash purchase should be submitted. An RSL will have at least one of us lurking around.  
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • sophkitty
    sophkitty Forumite Posts: 7
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    Thanks , was just worried we wouldn’t be entitled due to having a big deposit and just on grounds of bad credit . We only earn 30000 between us and a 3-4 bed to house us all in our area is  250000 upwards so even without bad credit I doubt we could afford it .
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