There is no single credit scoring metric that is universally accepted among lenders. Your credit score will range from 0 to 999, and generally, anything above 881 is considered good. As a rule of thumb, the better your credit history, the more options you should have when it comes to securing a Shared Ownership mortgage.
If the following statements are true for you, it’s likely you have a good credit score to begin your Shared Ownership journey:
- I have not been declared bankrupt within the last 6 years.
- I do not have an unsatisfied County Court Judgement (CCJ) registered against my name.
- I am not in arrears with any tenancy payments or mortgage repayments.
- I do not have any active Individual Voluntary Credit Agreements in place.
- I have not had a home repossessed in the last 5 years.
For more information on how to improve your credit score, take a look at our guide on credit scores and Shared Ownership. And for impartial advice relating to debt or money concerns, contact your local Citizen Advice Bureau or visit; www.citizensadvice.org.uk/debt-and-money/help-with-debt/.