Posted on 2 September 2012 by Chris
Is it possible to get a guarantor mortgage for a shared ownership home?
I am self employed and in first year of trading, my partner is due to end her debt management plan at the end of the year. We would have 5 - 10% deposit and would like to own 50% of the house/flat and the mortgage would be between £75 - £100,000.
Whilst it may be possible to get a guarantor for a shared ownership home, I am not aware of anyone who will lend if you are buying a shared ownership property and have bad credit.
I do not see this situation changing in the current economic climate and I expect that you will have to wait until your partner's debt management plan no longer shows on their credit file. This will take 6 years from first registration and hopefully in that time your own business will have grown to a point where you no longer need a guarantor.
Answers provided in response to Ask the experts 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.