The deposit needed for shared ownership mortgages can change based on factors like the lender’s rules, the borrower’s money situation, and the property itself. Generally, shared ownership mortgages usually need a smaller deposit compared to regular ones, usually around 5% to 10% of the share you’re buying.
But if you have bad credit, you might have to give a bigger deposit to make up for the risk to the lender. Sometimes, this means putting down a deposit closer to the higher end of the usual range, or even more.
We will help you understand what is expected and how it might affect your chance of getting a shared ownership mortgage with bad credit. We can also give you advice on how to improve your credit score and work out how a bigger deposit can help you get better terms and improve the chance of approval.
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