Rent or shared ownership

[winterwoolies99]

Hoping from some advice and WWYD. I am renting atm and paying quite a high rent. I do have a fairly decent job and so does my partner (we do not live together atm). I manage to pay my rent and all bills and do not claim any benefits at all. Before we met both myself and my partner had bad credit history as we both had bad divorces etc which left us is a fair amount of debt. Mine is about £10k and his is about £15k. At the moment he lives with his parents as his ex took the family home. My ex is no longer on the scene. My question is would I be able to get a mortgage for a shared ownership property with a bad credit. I have never defaulted on my rent etc and it is quite hefty and could easily afford the same on mortgage payments (around £1600 per month). My family have said they would help me with a deposit. WWYD? I feel I am just throwing my rent down the drain each month. Any advice really really appreciated as I really do not know where to go for help. One other thing - it could either me just in my name or joint. Thank you

[JoJoSM2]

You need to speak to a mortgage advisor as no one can answer your question without going into your financial details and history.

Shared ownership or not, you’ll definitely need a deposit and will have fees to pay. Have you got some savings? You could also rent something cheaper to save/pay off debt.

[Seashells47]

You can use your debt to build your credit if you are making all payments on time and continuously, I agree speak to a mortgage advisor, and speak to more than one as some offer better deals than others and will accept you where others would not.

[JadH08]

As Jojo said, you need to speak to a mortgage adviser but If you're now back on track and not missing payments etc (and have been for a while) I can't see why you wouldn't get a mortgage.