Shared Ownership Mortgages

If you are looking to get onto the property ladder buying a property through the Scheme Ownership scheme is popular choice amongst First Time Buyers.

If you have a low credit score or bad credit registered such as defaults, missed payments or County Court judgements we have lenders that provide bad credit shared ownership mortgages.

Speak to an Expert

I confirm that I have read and consent to my personal information being processed in accordance with The Money Hub's Privacy Policy. I also confirm that I have read The Money Hub’s E-Marketing to Customers and consent for The Money Hub to market to me by email. On receipt of this enquiry we will contact you to discuss your requirements.

Shared Ownership Mortgage With Bad Credit

A Shared Ownership Mortgage is a government scheme that helps first time buyers or previous home owners who are unable to buy currently. Shared ownership mortgages work by buying a portion of the property and paying a rent on the rest of the property. A buyer, for example, may initially opt to purchase 25% of the property with the remaining 75% is owned by the housing association or council.

To qualify for the shared ownership mortgage scheme your joint family income will need to be under £60,000 p/a and you will need to be either a first time buyer or in a position where you are unable to purchase a new home outright.

There exists a process called stair-casing that allows the purchase of further shares of your house until such stage as you have purchased the entire property. The agreed sale price is via the housing association and will be dependent upon market conditions. That is, if your property has increased in value since your initial ownership then you will need to pay more, and if the property has devalued then you will pay proportionally less for your increased percentage of the property.

Want to have a chat?

Speak to one of our experts...

What to Expect from The Money Hub

We Gather Information Required to Search the Market

We gather some basic information about you using our quick online form

Conduct a Whole of the Market Comparision

We will search 100’s of providers to find you the lenders who are willing to approve your mortgage

Provide full service through to completion

We will show you rates along with the monthly repayments. This will not affect your credit score. We’ll also explain any fees if you progress at this point and as long as you are happy to proceed, provide you with the full service through to completion of your mortgage being accepted

What our Customers think about us

Shared Ownership Mortgage FAQ's

How do shared ownership mortgages work?
This is where you buy a share in the property and rent the remaining share. For example if the property value was £100,000 you may choose to buy a 40% share and then rent the remaining 60% from the housing association for example. You do have the option to staircase in the future and buy more shares within the property.
Can you get shared ownership with bad credit?
Yes - however it depends upon many factors to see if we can help source a mortgage lender for you. We will want to see a credit report which will show your credit profile over the last 6 years. Lenders will look at what type of debt the payments were missed on, when these missed payments took place, have you since caught up with the payments etc. It is best to call the office to discuss this with an experienced mortgage adviser for advice and a review of your options.
Is there a minimum income for shared ownership?
Some lenders do not have a minimum income requirement, however it is important to make sure that any borrowing is affordable throughout the mortgage term. The adviser will run through a full income and expenditure review to make sure any mortgage is affordable and does not put you under any financial strain.