Shared ownership

sophkitty

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 

Longwalker

who-can-apply

kingstreet

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.  

sophkitty

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 .