Will bad credit affect your suitability for shared ownership mortgages? Not necessarily. You can apply for shared ownership mortgages even with a poor credit rating. However, you may find securing a mortgage more challenging than when you have perfect credit. Relying on mortgage brokers like When The Bank Says No could help you find appropriate mortgage lenders quicker.
The issue with bad credit is it usually raises a red flag for lenders. Poor records like missed loan repayments, country court judgments, and bankruptcy mean more risk.
That said, while flaws in your credit history feel like a gloomy scenario, you’re not out of options yet! Sure, it might reduce your lender options, but there’s still something you can do.