Can you get a shared ownership mortgage with bad credit?

Is it possible to get a shared ownership mortgage with bad credit!

At Plus Financial Solutions we are specialists in helping clients with bad credit obtain a mortgage for both purchases and remortgages.

Currently, there are lenders that will accept bad or poor credit for a shared ownership mortgage. This included people who have defaults, CCJ,s and missed payments. We even have options for borrowing up to 100% on the share price allowing our clients to purchase without a deposit on a shared ownership property.

We have options for both home movers and first-time buyers.

If you would like to explore your options contact us today for a free no obligation quote on 01604 328 091!

We look forward to hearing from you.

Can you still get a 100% mortgage?

Despite what most people believe, 100% mortgage are still available today, however, they currently are only available on shared ownership properties.
A shared ownership property is where you purchase a share in a property rather than a normal full purchase, typically you would pay rent for the remaining share to a local authority or housing association.
This link explains shared ownership in more detail:

https://www.moneyadviceservice.org.uk/en/articles/shared-ownership-housing-schemes-explained
For example, you purchase a 50% share in a property for £50,000. The open market full value of the property would be £100,000.
In this scenario some lenders would consider lending the full £50,000 required for the purchase of the shared ownership property allowing you to buy with no deposit.
Like any purchase we would recommend you thoroughly explore all of your options before commuting to a new mortgage.
If you would like any further information on buying a shared ownership property with no deposit contact us today for a free quotation on 01604 328 091.