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Shared ownership when partner has default
1 Posts
14/07/2021 - 10:07 pm

Hoping somebody might be able to offer advise.
We are looking at shared ownership properties in the SW.
I have a clear credit file no issues, earn £2500 per month/30k Per year, only issue is i run my own business and its really the last 12 months its taken off and showing the rewards from all the efforts. been advised to transfer shares is going it alone for mortgage to be below ~20% then im treated as employed rather than self employed, one bank even said this was acceptable.
Partner earns 16K per year as she is training still. she did have a shared house with previous partner and quite a lot of debt, sold it 18 months ago and cleared all her debts accept one which was in default, this is now satisfied and was registered on credit report as in default 2 yeas 3 months ago, her credit report shows her paying and clearing all debts etc.
No outstanding loans etc,
How do we go about securing a shared ownership mortgage at 95% on an approximate £140K / 40% Share property, we have deposit. I am just about able to do this on my own according to some calculations but would ideally like her on the mortgage aswell.
It seems slightest mention of a default sends most lenders running for the hills.
Any advice on securing a mortgage in these circumstances? are there lenders willing to lend at 95% in these circumstances?

157 Posts
19/07/2021 - 4:38 pm

Hi, sorry for late reply as we have recently changed the site and didn’t get a notification.

I would suggest there could still be options on a joint basis based upon your credit profile concerns. Please do not change the ownership of your company for mortgage purposes, as this is terrible advice and could see you reported across multiple agencies for misrepresentation or worse.

There are lenders that could fit your circumstances but you are highly likely to require an experienced Mortgage Adviser in order to access/evaluate them

Best of luck

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