'right to buy', 1st time buyers - confused about mortgage

boufje

lynz, you seem very genuine, unlike some posters re rtb who seem to think it is a cash cow for anyone with a relative who is a council tenant, which is why I am responding to this rather old post in the hope you'll see it.

I don't think you will have a problem obtaining a mortage for £50K given this is only twice your joint income, despite your temp contract. however rather than waste time contacing banks individually, use an agent - see home page re how to get free mortage advice - I did this and found it v quickl.(london and country - v helpful)

However most Council's are now valuing much closer to market value, so you are unlikley to get the bargain you are expectingh. The max discount is now capped at around £18K (not sure if 18 or 19). You have to repay the discount if you sell within 5 years (100% if in the first year, stepping down 20% each subsequent year)

Also, if you sell within 10 years, the Council get right of first refusal to buy at full market value. The Council will be able to dispute your valuation, and if presssure for social housing continues, may be put under pressure by central government to buy back their ex council housing.

I would advise you to contact your Council's housing dept, who can advise you by phone, about this.