Is a mortgage out of the question?

I recently had an offer accepted on a property and have been trying to sort out a mortgage however I’m not sure if I am fighting a losing battle. I have just had one mortgage application refused and am wondering whether there is any point in trying again.

There are a number of complicating factors: it is a “shared ownership” property, I have one default on my Experien credit file which I am presently contesting and affordability is tight. In addition I now have a “hard search” on my credit file due to the recent failed application with Barclays.
My mortgage advisor has mentioned that it may be easier applying for a 100% mortgage rather than shared ownership property as the market is much larger but I wonder whether there is any point. I don’t want to waste more time and effort chasing after the unattainable and wrecking my credit score. Have I ran out of options?

Comments

  • dawyldthing
    dawyldthing Posts: 3,438 Forumite
    You can't get a 100% mortgage. If affordability is tight I'd consider not doing it anyway as with shared ownership I believe you pay for repairs so all that to consider. Might be better saving for a deposit a bit longer tbh
    :T:T :beer: :beer::beer::beer: to the lil one :) :beer::beer::beer:
  • QBY
    QBY Posts: 3 Newbie
    edited 20 May 2018 at 4:33PM
    When I said 100% I meant a conventional mortgage rather than shared ownership.
    The value of the property is £70000 and it is for a 50% share.
    I can afford a 10% deposit.
  • kingstreet
    kingstreet Posts: 38,692
    First Anniversary Name Dropper Photogenic First Post
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    Can you afford the mortgage, shared ownership rent and service charges on the lender and (if newbuild) Government SO calculators?

    What was the registration date of the default and how much was it? Presumably this;-

    "I am presently contesting"

    means it isn't satisfied.

    Is it only on the Experian version of your credit file; or is that the only one you looked at?
    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.
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