Your Bad Credit
Mortgage Broker for Shared Ownership.
- What is shared ownership?
- How to apply?
- What income will I need?
- Do I have to be a First-Time buyer?
- Shared Ownership Remortgages?
Affordability criteria can be challenging to work out on a shared ownership property, like most mortgages the lender will fully assess your ability to repay the borrowing and will characteristically not lend more the 4.5 times your annual income. It is also important to factor in the rent payment and any service charges in assessing your ability to repay the mortgage. As part of the application process, you will also need to pass the shared ownership housing associations own affordability assessment. A good starting point would be to visit www.helptobuy.co.uk and complete their affordability assessment, this will give you a good idea of what is going to be affordable. If you have any questions contact us today, we are happy to help.
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- Bad Credit Specialist
- Fast Accurate Decisions
- Easy online Application
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Whether you have bad credit or perfect credit at Plus Financial solutions we always recommend you obtain a mortgage agreement in principle before you start looking at properties. This will not only give you peace of mind that you can obtain the amount you will require but it will put you in a better buying position when the time comes to put an off in on a property. While you won’t yet know exactly how much you are going to borrow an agreement in principle with Plus Financial Solutions will provide you with both the maximum loan available and importantly the monthly cost, this will put you in a very informed position and hopefully prevent any surprises later in the purchase transaction.
Bad credit shared ownership mortgages are the same as any normal mortgage. The lender will require you to either be employed (minimum of 6 months) or self-employed (minimum of 1 year) to be able to consider any application. In addition, they will often be able to use the additional income from Child Tax Credits, Working Family Benefit, Child Benefit, pension income, maintenance, and many more. Contact us today if you have any questions on income or affordability on a shared ownership property.
NO, while shared ownership is aimed at helping people get onto the housing ladder who cannot afford to purchase a house outright this does not mean it is only for first-time buyers. However, shared ownership property is only normally available for people who will only own the shared ownership property on completion. This means you cannot buy a shared ownership property to rent out or as a second home, it would need to be your only home and main residence on completion. Home movers are allowed where you are selling your current property.
Just like any other mortgage, you will want to ensure you are always paying the lowest rate possible, even if you have bad credit. You can still Remortgage a shared ownership property and at Plus Financial we can provide you with guidance on the best rates available to you, the market available on a shared ownership property is slightly smaller than that for a standard property and this is even smaller when you have poor credit, we recommend you seek specialist advice for a suitable mortgage broker like us. If you need any help with a bad credit mortgage contact us today for great advice!
We have many years of experience in aiding our clients with finding a new mortgage that fully meets their needs even when other lenders have previously declined their applications.