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A&L 3.99%/Council Right to Buy Issues
LoopyPrune
Posts: 205 Forumite
Purchased a Right to Buy 3yrs ago on a discounted variable rate which finishes on May 19th. Got A&L 3.99% 5yr fixed on the table at the minute but here the problems start.
1. Because it was originally my partners house and I had not lived in the property long enough the original broker (Home&County)+ Preferred Mortgages could only process with both names on the mortage and just her name on the deeds.
2. 3yrs down the line we cant do a straight Transfer because A&L require both names on the deeds and that would trigger the £16000 discount that the Right to Buy gave us.
3. Home&County have been back in touch and they can arrange a 4.75% deal with Leeds Building Society and can process all the paperwork but with a wacking £1495 fee that would put the mortagage up to the highest point it has ever been at £38454 (inc. all others fees etc)
The question is how can home and county do what I cant, they are blaming A&L saying they wont release a valuation for the deed of postponement the council would require. But its all getting to technical. The annoying thing is I have 60% LTV and a perfect credit history and can get any deal I want in theory.
1. Because it was originally my partners house and I had not lived in the property long enough the original broker (Home&County)+ Preferred Mortgages could only process with both names on the mortage and just her name on the deeds.
2. 3yrs down the line we cant do a straight Transfer because A&L require both names on the deeds and that would trigger the £16000 discount that the Right to Buy gave us.
3. Home&County have been back in touch and they can arrange a 4.75% deal with Leeds Building Society and can process all the paperwork but with a wacking £1495 fee that would put the mortagage up to the highest point it has ever been at £38454 (inc. all others fees etc)
The question is how can home and county do what I cant, they are blaming A&L saying they wont release a valuation for the deed of postponement the council would require. But its all getting to technical. The annoying thing is I have 60% LTV and a perfect credit history and can get any deal I want in theory.
Credit card and overdraft at 18. 2 loans and 3 storecards at 20. University education flushed down the toilet through debt at 22. Car finance at 23. Car repossessed at 24. Rock bottom at 25. Learnt my lesson 26-33. Now 34 with a mortgage on an affordable house, a car paid for with cash and a bank account in credit. I learnt the hard way.
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