Shared Ownership CIS mortgages

Yes, it’s possible to get accepted for a shared ownership mortgage if you pay tax through the construction industry scheme. 

There are lenders in the UK that accept gross income evidenced by CIS payment and deduction statements. 

Essentially, that could help you borrow more because the lender bases the maximum amount you can borrow on your income before tax is deducted. 

What are the benefits of part buy-part rent? 

A benefit of buying a home this way is that the loan needed to purchase part of the shared ownership property is significantly smaller than it would have been if you were to buy 100% of it. 

But which lenders provide mortgages for shared ownership properties, and will any of them accept your CIS payment and deduction statements? 

Shared ownership mortgage example for a first-time buyer paid through CIS

What eligibility criteria do you need to meet for a shared ownership mortgage if you’re paid through CIS? 

You’ll need a minimum of three months’ payslips to prove you’ve been paid via the CIS (Construction Industry Scheme).

If you only have three months – that’s ok, but you’ll likely need to prove that you were employed beforehand for an additional nine months within the same trade. 

Don’t go straight to your bank 

Being loyal to your bank could result in you getting rejected for a mortgage. 

There are over 100 lenders in the UK, yet only 16 accept CIS pay and deduction statements.

If your bank isn’t one of the 16 suitable lenders for you, you could get rejected, and that will appear on your credit report for future lenders to see when deciding whether or not to lend money to you.

Crucially, you could also miss out on a cheaper or more flexible deal elsewhere. Decide on getting a mortgage when you know your options and how each one could affect you personally and financially. 

Let’s crack on

• Contact Opportunity Mortgages.
• We’ll listen to what you need from a shared ownership mortgage. 
• You send us a copy of your passport, proof of address, bank statements and CIS payment and deduction statements.
• We’ll ask about bad credit and listen without judgment if you have recent debt or other credit issues.
• Based on the information you provide us with, we’ll find you a possible match for a CIS mortgage lender without affecting your credit score.
• We’ll compare a range of options that could be suitable, including lenders that could treat your gross turnover as your income, not the amount you’re left with after tax.
• The higher income figure may allow you to borrow more (so you can look at better or bigger homes).
• If you’re happy to apply, we’ll fill out the application to help you avoid mistakes that might otherwise slow the process down.
• We’ll keep you updated about the progress of your mortgage application.