Posted on 5 February 2010 by joe
I have a very bad credit history and having been renting for several years. I want to get back into the property market again and am looking for a sub-prime shared ownership mortgage. Also can I use self-cert mortgages for bad credit history or are they no longer available.
There used to be two lenders who looked at sub prime shared ownership mortgages. One of them doesn't do sub prime any more and the other one no longer exists. Self Certification mortgages are also thin on the ground now, but at no point were they used for covering up a poor credit history. Their sole use was to reduce the need for income to be verified.
You have not stated what bad credit you have, nor for how long you have had it. After 6 years items start dropping off the back of your credit record and it may be that things are not a dark as you make out.
I recommend that you get a copy of your credit file from one of the main credit reference agencies, Equifax, Experian or Callcredit. This can be done online or by post for a fee of £2 after downloading a statutory application form. Once armed with this information I suggest you speak to an independent financial adviser about your situation.
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