Understanding Your Qualification Criteria. Shared Ownership is one of a few schemes designed to help those who would struggle to buy a home traditionally onto the housing ladder – but are you eligible?
If you are eligible for Shared Ownership and have bad credit then it is not completely impossible to get approved, but it will be more difficult than if you have a good credit score.
Your lender may ask you to make a larger deposit than usual for a Shared Ownership property to cover the risk.
Typically, with Shared Ownership you will need a 5%-10% deposit of the price of the share that you are purchasing.
The Shared Ownership process will usually take around 1-3 months to be completed. It is usually quite a quick process compared to some other property sales because there is no property chain.
In certain situations, you may be allowed to rent out your property purchased on the scheme; however, you will have to get permission from your Housing Association/Landlord
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