Bad Credit Mortgages

Shared Ownership Mortgages when you have Bad Credit

You might think it isn’t possible to get a mortgage with bad credit, but you may be pleasantly surprised.  

Having a bad or poor credit report can make finding a mortgage very challenging, especially if you are buying a shared ownership property. At Plus Financial Solutions we are specialists in helping our clients obtain mortgages on shared ownership properties. We even have lenders available that will lend up to 100% of the share purchase price, so you may be able to buy without a deposit.

A bad credit rating can be caused by a number of different reasons including:

  • Missed mortgage payments
  • Bankruptcy
  • Individual voluntary arrangements
  • Defaults
  • County court judgements
  • Property repossessions
  • Debt management plans

The good news is many lender will accept certain credit issues and we know the lenders criteria to match you to the best lender. We have many years experience in aiding our clients with finding a new mortgage that fully meets their needs even when other lenders have previously declined their applications.

Shared Ownership Bad Credit Mortgage Broker
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Getting on the property ladder

Shared ownership schemes allow buyers to obtain a mortgage to buy a share of a property normally ranging from 25%-75%.

You then pay rent on the remaining share to the housing association/private developer that owns the building.

You can get a mortgage on a shared ownership property with no deposit depending on your credit history.

The higher the share of the property you buy the lower your rent payments will be.

Also, with shared ownership homes you often get the opportunity to buy more of a share in your home.  This is normally allowed after you have lived in the property for a certain period of time.  This is known as ‘staircasing’ and again the more of a stake in the property you own the lower your rent payments will be.

For more information please click here