Finding a mortgage with a poor credit history is difficult and has to be approached very carefully because of the shortage of lenders available in this market. Having the advice of a qualified Poor Credit Mortgage Broker will greatly enhance your chances. With only a few sub prime lenders to choose from, getting it right first time is very important.

Steven Neale – Specialist Bad Credit Mortgage Broker

Steve and Sue made the whole process very easy and calming. The advice given set me at ease as I thought I wouldn’t be able to get a mortgage due to credit issues of the past. Highly recommend!

Mr Wright
11th Mar 2020

Thanks both for all your help!

14 Feb 2020

Excellent service, always informed me of any information required in a timely manor.

Ms Ross
13 Feb 2020

Steven and Sue were extremely helpful and knowledgeable and their calming influences made us feel at ease throughout the whole process.

03 Feb 2020

Very obliging, helpful and provided all the guidance we could have expected.

23 Jan 2020

Steve provided an excellent service to us and ensured we had the necessary documentation in readiness for our mortgage application. He was very patient in dealing with all our enquiries looking through several scenarios to suit our situation. The process was seamless and very satisfactory.

13 Jan 2020

SN Mortgages understood our position extremely well, even when there was an unexpected potential move rather than the remortgage.

28 Nov 2019

Thank you – yet again! We have organised a variety of mortgages over the years with SN Mortgages. The mortgage process is always complex by nature, but Steve and Sue always make the ‘journey’ as seamless as possible. Calm, friendly, helpful.

28 Nov 2019

S N Mortgages have provided an excellent service. They have been very accommodating to my personal requirements and provided a timely, yet thorough service. They provided multiple product options and talked me through the benefits in each case. Thank you both for your support and patience.

Mr & Mrs Tarring
14 Nov 2019

Thank you Steve & Sue for all your hard work in in securing a mortgage for us to purchase our first home. No query or question was too much trouble, thanks again.

Mr Hockley & Miss Lee
07 Nov 2019

As always, both Steven and Sue were knowledgeable, helpful, informative, quick and a pleasure to deal with.

Clive Saffron
19 Aug 2019

If you are looking to get a Shared Ownership mortgage with bad credit, you will find it is almost impossible to get accepted from a high street lender. However, there are a small number of specialist adverse credit lenders who can offer Shared Ownership mortgages.

Can you get a Shared Ownership mortgage with bad credit?

I have helped many clients with poor credit to buy their first home via Shared Ownership. These include people with missed payments and defaults, to CCJs and more serious credit issues.

  • Missed and late payments
  • Defaults and CCJs
  • Debt management plans
  • IVAs
  • Mortgage arrears
  • Bankruptcy

Before applying for a Help to Shared Ownership mortgage, it’s important that you check your credit file to understand whether you have any issues, such as missed payments, defaults or CCJ’s for example. You could look at one of the free reports from Equifax’s ‘Clearscore’ or TransUnion’s ‘Credit Karma’ or use Check My File for free for 30 days and then £14.99 a month – you can cancel online anytime – which checks all three.

Can I get a 100% Share Ownership mortgage with Bad Credit?

I work with a select few lenders who are able to provide 100% shared ownership mortgages to those with bad credit, making shared ownership a great option for those with little or no deposit.

Lenders of 100% shared ownership mortgages will look at the type of bad credit you have, such as missed payments, defaults or CCJs, as well as the status of these accounts and whether they are settled or outstanding. The lender will also consider how long ago these bad credit marks were registered.

Can you get a Shared Ownership mortgage with defaults?

Yes, it is possible to get a Shared Ownership mortgage with defaults on your credit file. I work with a few lenders who are willing to lend with those with one or more defaults. 

The most important thing about getting a Shared Ownership mortgage with defaults is how long ago they were registered. Lenders will also consider the value of the default, and whether it has been repaid.

Can you get a Shared Ownership mortgage with CCJs?

Although not easy, it is possible to get a Shared Ownership mortgage if you have a CCJ registered on your credit file. I’ve helped several clients with CCJs to buy their first property via the Shared Ownership scheme.

As with defaults, the lender will want to understand when the CCJ was registered and for what value. As a general rule, the longer ago the CCJ was implemented, the better your chances of acceptance.

Those with bad credit will find they usually have to provide a deposit if they wish to apply for a mortgage. Saving up such a deposit is no easy task which is why Shared Ownership is such a popular option for anyone with bad credit as you can borrow up to 100% of the share you want to buy.

Can I get a Shared Ownership Mortgage with an IVA?

It is possible to get a Shared Ownership mortgage having had an IVA. I work with a few lenders who are able to offer Shared Ownership mortgages to those who have had an IVA, who will consider when the IVA was registered and what the circumstances were around it. As with most credit issues, the longer ago it was, the higher chance of acceptance there will be.

Can I get a Shared Ownership Mortgage with a Debt Management Plan?

Similar to IVAs, I work with a few lenders who will consider applications for Shared Ownership mortgages from those who have had a DMP registered on their credit file. As with other credit issues, the details of the DMP will be the deciding factor when it comes to acceptance, with DMPs which are cleared and a few years ago having a greater chance of success.

What is the Shared Ownership scheme?

The Shared Ownership scheme was introduced to allow those on lower incomes to get on to the property ladder. The scheme works by allowing buyers to purchase a share of a property (usually 25% – 50% initially) while paying rent on the remaining share. 

How does it work?

If you wish to purchase a property costing £150,000 through Shared Ownership, you could start with an initial share of 25%. This would require a mortgage of just £37,500, which would enable someone working full-time on minimum wage to meet the income criteria for a mortgage, in most cases.

Another benefit of Shared Ownership mortgages is the small deposit required, due to the size of the mortgage. Using the example above, a 10% deposit would only mean having to save £3,750. However, I know of 2 lenders who would consider lending the full £37,500, meaning you would not have to save for a deposit at all.

In addition to the mortgage payments, you would also pay a monthly rental fee equivalent to 75% of the typical rental costs for the particular property.

Over time you have the option to purchase further shares of your property, usually in increments of 10%. This will also reduce the amount of rent you are currently paying on the share of the property which you do not yet own.

Who can get a Shared Ownership mortgage?

You are likely to be accepted for the Shared Ownership scheme if you meet the following criteria:

  • You are a first time buyer or previous homeowner who cannot afford to buy
  • You have an income of less than £80,000
  • You wish to buy a property which is offered through a Shared Ownership scheme

Where to start with Shared Ownership?

Start by looking in your area for Shared Ownership properties for sale. These can be new build or second hand properties offered by a Housing Association. Registering with your local Housing Association can keep you up to date with newly available properties.

Once you have found a property, call me with the details including the market value, share you want to buy and your deposit. From a 10 minute discussion, I will be able to determine if you could get a Shared Ownership mortgage, even if you have bad credit.

Why you should use a broker for a Shared Ownership mortgage with bad credit

There are very few lenders who offer Shared Ownership mortgages to those with poor credit. This makes getting the application right first time vital. 

A specialist adverse mortgage broker such as myself has a full understanding of lending criteria. I can use this to match you to a lender who I am confident will accept you application for a Shared Ownership mortgage.

For more information on Shared Ownership mortgages with bad credit, please call me 01494 526400 or complete my online enquiry form.

If you’re looking to buy a property in Scotland, I can also help you find a First Home Fund mortgage with bad credit, as part of the new Scottish Government scheme.


Years of Experience

I specialise in Bad Credit Mortgages for people who have a poor credit history because of any number of reasons.

Choice of Lenders

I am a Whole of Market, Mortgage Broker meaning I can talk to every lender to see about finding you the right mortgage.

Saving You Money

As a specialist Mortgage Broker for over 30 years I have a great deal of experience that will help save you time & money.