Applying for a shared ownership mortgage, even if you have a CCJ against your name is possible. With the help and support of our specialist mortgage advisers, you could shortly be on the way to getting your foot on the property ladder despite bad credit issues. The short answer to the question; can you get a shared ownership mortgage with a CCJ is:

Yes, it is possible to get a shared ownership mortgage if you or your partner has an outstanding, satisfied, or paid CCJ. There are specialist mortgage lenders in the market, but you might have to lay down a larger deposit on average. Each application will be assessed on its individual merits.

If you, your partner, or joint applicant has a CCJ registered against their name, then the first step is to fully understand the options available to you.

For more information on shared ownership mortgages with a CCJ, please read on to see how you could benefit from this type of deal.

How our advisers can help

Our mortgage advisers are specialists in bad credit mortgages (see how they can help) including helping people who have had CCJs and other debt-related issues in the past.

To get started call us today or complete an enquiry form for no-obligation initial advice.

What is shared ownership?

Shared ownership is a government initiative that helps people to buy a share in a property. This is available on new build properties only, and you can purchase stakes in your property in increments of 25%.





Who is eligible for a shared ownership property?

You can apply for a shared ownership property if your household income is less than £80,000. In London, the income threshold is a little higher at £90,000.

Shared ownership is available to first time buyers, existing shared ownership property owners, or if you used to own a home but cannot afford the full 100%.

In most cases, shared ownership is available on new build properties, but you can also buy a resale property through your local housing association.

As you do not own 100% of the property, shared ownership homes are always leasehold. Because of this, it’s imperative that you speak with an expert mortgage broker, as different lenders have varying lending criteria for leasehold properties.

How does it help people buy a property?

Shared ownership is a great way to get on the property ladder or upgrade to a bigger property where you cannot afford the full asking price.

The scheme was initially designed for first time buyers but was later opened up to help more people afford home ownership.

It is an affordable route to home ownership and provides you with the flexibility to purchase more of your property later should your financial circumstances change.

Getting a shared ownership mortgage with CCJ

Understandably, you will have many concerns if you or a joint applicant has a CCJ. It’s a scary word and will often conjure up images of never being able to get approved on a home loan.

In terms of your eligibility for a mortgage, having a satisfied or outstanding CCJ on your file can limit the amount of mortgage lenders and deals you can take advantage of.

But that doesn’t mean you don’t have any options.

For example, let’s say you have applied to your local housing association for a shared ownership scheme, then your next step is to speak with a qualified mortgage adviser.

They will review your current situation, help you make sense of your credit file, and gather as much information as possible such as:

  1. When was the CCJ registered and how old is it?
  2. Why did one of the joint mortgage applicants have a CCJ issued?
  3. How many CCJs have been registered against one of the joint mortgage applicants?
  4. What was the value of the CCJ?
  5. Has the CCJ been satisfied?

Based on this information, a mortgage adviser will then be able to help you prepare an effective application and make sure that it’s submitted to the lender most likely to accept you.





How much deposit will I need?

Just like any other sole or joint application, you will still probably have to place down a slightly larger deposit than those with a clean credit file would. Our advisers can help you with this, as they calculate your CCJ mortgage (read more).

Many of the lenders who offer joint mortgages for CCJ applicants will required a 15% deposit as standard for those with bad credit history. There are even some lenders prepared to loan up to 95% of the value of your share.

If you have bad credit history including CCJ showing on your credit file, then contact us today to talk with a specialist adviser who can tell you where you stand and what next steps you can take.

What if it’s your partner who has a CCJ?

It is still possible to get a shared ownership mortgage when your partner has a CCJ.

If you have good credit, and the other applicant has a CCJ, the same process will be taken. The mortgage lender will look at both parties, and just like a sole application it could limit the lenders you can apply to.

And that includes possible larger deposits than usual, but this isn’t always the case, so it makes sense to speak with an adviser who specialises in the bad credit mortgage market like the ones on our panel.

What lenders can I get a shared ownership mortgage with if I have a CCJ?

There are a range of lenders that are prepared to lend to people who have a CCJ on their credit profile.

When you contact Specialist Mortgage Online your expert mortgage adviser will assess your individual circumstances and look to get you the best deal based on you as an individual.

Our panel of advisers have years of experience in helping people get mortgages despite having outstanding or satisfied CCJs. They understand the process, have access to the best lenders, and know what is required get you the result you require.

What is the difference between a satisfied CCJ and non-satisfied and how long will it stay on my credit profile?

Satisfied and unsatisfied CCJs are relatively simple to explain.

Once a CCJ (county court judgement) is registered you will be placed on a payment plan. Once those payments have been paid back and the debt settled, the CCJ will show as being satisfied and paid on your credit report.

Whilst it will remain on your credit profile for six years from the date of registration, lenders will see that you have made a conscious effort to make good on your debt and this can help when applying for a mortgage.

Does being self-employed with a CCJ affect my ability to get shared ownership mortgage?

No, it doesn’t have to.

If you can prove your taxable income through tax assessments and you have the correct evidence and documentation to prove your affordability as a self-employed person, then there will still be lenders in the market you can work with.

If you are self-employed, we recommend having a minimum of your last two years’ worth of accounts available when you speak to an adviser. Different lenders have different ways in which they calculate the affordability based on self-employed income.

Is there any I need to prepare?

When applying for a shared ownership mortgage with a CCJ, preparation is key. It will help our advisers if you have as much detail as possible, including:

  • Proof of income
  • 3 months’ worth of bank statements
  • Credit card and loan details
  • Local Housing Authority acceptance

What to do next…

If you have any questions about getting a shared ownership mortgage with a CCJ, our specialist team are available now to talk with you over the phone.

Our expert mortgage advisers offer an initial consultation at no cost to you, letting you get a quick understanding of whether or not you are likely to get a mortgage.