Shared Ownership for a ex-bankrupt?

conspiracy

Hi All,

Can anyone advise me if I stand a chance of getting a SO mortgage? I'm 28 and have been discharged from bankruptcy but am getting fed up of renting. I have seen a property that iminterested in which is a 50% share. i have a 15% deposit (thanks mum!) but reading other posts on here it looks like not many people are lending on SO property now let alone to somebody with bad credit history.

Am I just dreaming or do i stand a chance of getting a mortgage?

Thanks for any advice

Paul

MortgageMamma

when were you discharged?

conspiracy

Last month

MortgageMamma

nothing to be embarassed about it happens to a lot of folk and sometimes its the right course of action.

However, the answer is no, there is no mortgage available to you at present and to be honest you have started looking at a bad time, since mortgages for people with a less than perfect credit history are in short supply at the moment.

Another issue you will face is the housing association itself, they often exclude people with severe credit problems from their selection criteria on the basis that shared ownership is meant to make housing more affordable, but if you have bad credit it doesnt really help.

Unfortunately unless you can move in with relative renting is probably a good option for you at the moment. As you are only just discharged I am assuming you have no credit whatsoever and consequently your credit score will be very low - lenders like to see a payment history on some credit accounts before they will advance you enough to buy a property.

Sadly its going to be very difficult to obtain credit for the next year or so. A good starting point would be to go to your bank and try and upgrade your bank account to an account with a switch card and cheque book. This will help build a credit profile. In about 6 months you might want to try to apply for a capital one credit card or a vanquis/aqua visa card. Initially they will offer you a v low credit limit of about £200, but use the cards and pay off in full every month, this again will help build a payment profile and enhance your credit score

thats all I can think of for now, but give me a shout if you have anymore questions

conspiracy

Thank you for your good advice and very quick reply.

It was what I was expecting really. Guess its a case of keeping my nose clean and rebuilding my credit history.

Thanks again