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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 Finance 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.

The following topics are covered below:

Is Shared Ownership Open to Bad Credit Applicants?

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

Expert Advice on Bad Credit Shared Ownership Mortgages?

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.

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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.

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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