Right to Buy Mortgage

hunnybugs1

I am currently looking for a mortgage on our Council house. We have been offered it for £35340 but would be looking to borrow £40000 over 25 years. We would prefer a fixed rate (discounted if poss) so we know exactly what we are paying. Neither of us are clued up on mortgages and have been to 2 local banks ( Bank of Scotland & Alliance & Leicester), who both gave us quotes for around £230 a month. We wondered if there were any better deals out there and the best way to go about it.

sasha1167

go to abbey national for your mortgage they were the best deal for me and friends recomend them 230 a bit high over 25 yrs

MortgageMamma

Hunnybugs.

Not all lenders will lend on a right to buy property so it is a good idea for you to go get some professional advice. The internets a fantastic tool for tracking down good mortgages. One thing I would advice, is make sure whichever mortgage broker you speak to is "whole of market" which means she/he can search all the UK mortgages for the best one to suit you, and also that you are not being charged a fee, as normally the broker will take something called a procuration fee, which means commission. It's normally between 0.35-0.50% of your mortgage amount and is paid by the lender.

Don't waste your time walking around town going into banks when you can often get much better deals and a lot more choice through a broker in a nice warm office!

Good luck

MM