Right to Aquire, Mortage

nyawton · 2 October 2017 at 9:53AM

Hello all, Me and my wife have just been approved for a right to aquire scheme in our current house.

We are now waiting for a valuation & offer of a discount.

We currently have no funds for a deposit, Am I correct in thinking that the discount can be used in place of a deposit? I believe we will be offered anywhere from 1 to 16%... I have no idea how this is worked out, if anyone can help answer these I would be grateful.

marliepanda · 2 October 2017 at 2:05PM

You can use it as a deposit, however, depending on how much the house is worth and what mortgage you can raise, it may not be enough (Anything below 5% is unlikely to fly) and then it depends on your income.

You will have to factor your recent loan into your afforability as well.

csgohan4 · 3 October 2017 at 7:50AM

I hope you have fully thought this through, in exchange of a safe tenancy for long term, you will be responsible for all repairs now and any lease renewals if applicable.

Fall behind on mortgage payments and you could lose your home and be homeless. The council may regard you as intentionally homeless

Do you know how much a broken boiler or new roof if applicable costs? I am concerned you do not have any deposit/savings as maintaining a home is quite expensive.

Right to Aquire, Mortage

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