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I have a large deposit but am unable to get a mortgage

My property is currently under offer, when it's sold, all debts will be paid, including mortgage. I now find myself unable to get the additional funds to get a property, due to my bad credit report. Would I be eligible for part rent, part buy?

Asked on May 18 2013, Home Finance in Egham | Report content

Answers (1)

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  • Hi z2_NDY4NzE2SklM, This is a difficult one, largely because of the way that part ownership is done. These are controlled by housing associations, and they are subject to strict conditions before you can sign up to them. One of the base conditions is that you must be unable to afford to purchase a home under normal market conditions before you can go through this channel. Because of the fact you have a large deposit and have already sold your house, I'm not sure if you would qualify under this scheme, although your bad credit history may come into play. Your best bet would be to contact the local housing association in the area you are planning to buy in. They will be able to advise as to whether shared ownership is an option that is open to you in your current situation. Many thanks, Scott

    Answered on May 20 2013, Report content

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