Bad Credit Mortgages we offer:

Shared Ownership Bad Credit Mortgages

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Bad Credit Mortgages we offer:

Shared Ownership Mortgage With Bad Credit

A Shared Ownership Mortgage is a government scheme that helps first time buyers or previous homeowners 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.

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Shared Ownership 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.
Shared Ownership Bad Credit Mortgages
The Money Hub

Product Name: Mortgages

Product Description: Shared Ownership Bad Credit Mortgages

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Gary has been brilliant throughout the whole process. Very knowledgeable, helpful and efficient. The service provided as a whole, has been excellent, 10/10.