A shared ownership mortgage for bad credit is a type of mortgage designed to help people who cannot afford to purchase a property outright. It is specifically aimed at those who have a low income, or who are struggling to get a mortgage due to bad credit. Shared ownership allows you to purchase a portion of a property, typically between 25-75%, and pay rent on the remaining portion to a housing association or a private landlord. If you have bad credit, you may think that getting a shared ownership mortgage will be difficult, but there are still options available to you. While it may be more challenging to secure a mortgage with bad credit, it is not impossible. The key is to do your research and find a lender who is willing to work with you. When looking for a shared ownership mortgage with bad credit, it's essential to be upfront with your lender about your financial situation. Explain any credit issues you have had in the past and provide evidence that you are taking steps to ...
An online mortgage broker in the UK is a company that provides a platform for borrowers to find and compare mortgage products from multiple lenders. They typically have access to a wide range of mortgage products, including those from high-street banks, building societies, and specialist lenders. Using an online mortgage broker can be beneficial as it can save time and effort when searching for a mortgage.