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Applying for a Shared Ownership Mortgage with Adverse Credit

Applying for a Shared Ownership Mortgage with Adverse Credit

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The Shared Ownership scheme enables applicants to purchase a proportion of a property, from 25%. They pay rent for the remaining balance to the housing association and can buy more shares over time.

This initiative is a popular way to get on the property ladder for people who wouldn't otherwise be able to own their own home.

However, applying for the scheme and getting a mortgage are two different things - and if you have bad credit, you may find that some lenders will not be willing to offer a loan.

In this guide, the Revolution Brokers team runs through how Shared Ownership works in a bad credit scenario. For assistance with your mortgage requirements, give us a call on 0330 304 3040, or email us at info@revolutionbrokers.co.uk.

Is Shared Ownership Open to Bad Credit Applicants?

In most cases, you can get a mortgage even with bad credit - being turned down by a high street bank doesn't in any way mean that a specialist lender won't be able to help!

The best solution is to work with a whole-of-market broker with access to all of the lenders, products and rates in the UK, with the ability to negotiate terms on your behalf.

When it comes to credit reports, lenders will assess when your credit issues occurred, why, how much was involved, and if you've since repaid the debt.

Remember that specialist bad credit lenders have more flexible approaches to mortgage applications, so there is often a solution even where mainstream mortgage providers cannot help.

Is It Possible to Get a 100% Shared Ownership Loan If I Have Adverse Credit?

Possibly, but it would be much easier to start with a lower property proportion and work up to 100% ownership. However, if you have the 5% minimum deposit, you will have a better chance of approval.

The higher your deposit, the lower the risk to the lender, and therefore the more likely they are to accept a bad credit Shared Ownership application.

Expert Advice on Bad Credit Shared Ownership Mortgages

The key is always to consult an independent broker. If you have bad credit issues and apply to the wrong banks, having multiple credit checks and rejections on your credit file could make it significantly more challenging to find the loan you need.

For more advice about Shared Ownership mortgages and bad credit, or to get your application started, give us a call on 0330 304 3040, or email the team at info@revolutionbrokers.co.uk.

Bad Credit Information

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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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