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Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.Shared ownership

sophkitty
Forumite Posts: 7
Forumite

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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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 thanksI 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.0
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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 .0
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