Shared Ownership/Default

Answered on 13 March 2015

I will be looking for a mortgage of roughly £50,000, as I will be doing the shared ownership scheme. I will hopefully have a deposit of £20,000. I have recently had a default placed on my credit file, which I have now settled and was for a small amount. I am up to date with the rest of my finances; which includes car finances and credit card. Do you think I have a chance of getting a mortgage for this amount?

I think that the default could well derail your home ownership plans.  Lenders tend not to like the combination of shared ownership and a poor credit record with them accepting one or the other, but not both.

If you have not done so already I recommend that you get hold of your credit file from one of the main agencies:

Equifax Ltd

Credit File Advice Centre

PO Box 1140



0844 335 0550

Callcredit Plc

Consumer Services Team

PO Box 491



0870 060 1414

Experian Ltd

Customer Support Centre

PO Box 8000


NG80 7WF

0844 481 8000

I believe you would benefit from speaking to one of our independent mortgage advisers.  Please call 0330 433 2927 once you have your credit file, after one of our consultants have taken all your details they will be able to find out if anyone will consider you for a mortgage.

Ask The Mortgage Experts answers are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them. We recommend you seek professional advice with regard to any of these topics where appropriate.