Can I get a guarantor for a Shared Ownership home?

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.

Chris

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.

Peter

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