Mortgage Virgin

Stuckinarut

I know this is not on the right forum but I have posted it over on the Mortgage board also.

But I had a guy out today to survey my council house so I can consider buying it. I have never had a mortgage before so looking for any advice anyone has on where is best to go and the like.
Thanks

Stuckinarut

Well I would have but its going to take over 7 years for me to have it cleared

Doomcow

for mortgages: seek independant advice

personally speaking, i went to a chap at "your move" (a local estate agent/solicitor/mortgage advice place)

and dont just see 1 mortgage advisor - go see a few at different independant companies.

shop around, and dont hide anything nor tell any fibs when they ask questions. and seriously consider how much you can afford for a mortgage per month... eg, me + other half figured out how much we could survive on (incl all bills) and basically worked it so that if 1 looses a job, the other can cope for a while untill a new job is found.

with that we set a "magic number" of £500 and tried to get a mortgage under that/month..

make sense?

Stuckinarut

Yes that makes sense thanks.

And regarding not taking on a mortgage when I have debts, i dont see the mortgage as a debt as I already pay rent for the house and with my council house discount I should hopefully get a mortgage which is less than my rent. And for all I am in debt I have never been so much as 1p behind in my rent in the 5 years i've been paying it.

oscar52

Have you considered adding your debt to your mortgage at all? I know its not usually a good idea, but you will be paying far less for the house than its actual value with the way that the right to buy works. For instance, if you could get it all into one payment of say 300-350 pounds per month this would only be slightly higher than the rent you are paying anyway.

oscar52

loaner wrote: »

Unfortunately the mortgage provider will probably have a different view.

One in wahy way?

Two how did you get "thanked" 525 times in 429 posts, when you have only posted twenty times???

Doomcow

well spotted oscar52

MYLITTLESISTERLOLA

I am in the same situation as you wanting to buy my council house, I have enquired into it and apparantely as council tenants get a 20% discount ( NI anyway ) the LTV is only 80% so that should help get some mortgage deals.

oscar52

MYLITTLESISTERLOLA wrote: »

I am in the same situation as you wanting to buy my council house, I have enquired into it and apparantely as council tenants get a 20% discount ( NI anyway ) the LTV is only 80% so that should help get some mortgage deals.

Cant say for Scotland, but i know for England and Wales the maximum discount for right to buy with regards to a house is £16,000 - I am not sure what it is for flats.