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, Shared Ownership mortgage bad credit 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 to decide whether to offer a Shared Ownership mortgage bad credit agreement.
Remember that specialist bad credit lenders have more flexible approaches to Shared Ownership mortgage bad credit 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 on a Shared Ownership mortgage bad credit.
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.
Shared Ownership is designed to help prospective buyers who may have otherwise been unable to purchase a property, and if you are purchasing a smaller proportion of the home, which presents a lower risk, you may have a broader range of Shared Ownership mortgage bad credit products to choose from.
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.
If you require a Shared Ownership mortgage bad credit we would always recommend speaking to the Revolution Finance Brokers team to assess the most suitable solutions and compare the rates and terms available from lenders who offer a Shared Ownership mortgage bad credit product.
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 [email protected].
your 
2023-05-09 
.webp)
.webp)
.webp)
