Right to Buy and defaults!?

hutcheroo

My wife and I are currently going through the right to buy process. I have received a form asking if Ive ever been bankrupt or am in an arrangement with creditors. Im not but I do have 2 default on my file which I think will drop off in september - do these invalidate my right to buy?

Help!

LeeSouthEast

If the form is that specific, just answer no to both questions (assuming your defaults did not progress into some payment plan).

Blacksheep1979

You may have big problems getting a mortgage with defaults - could you not wait till september?

hutcheroo

We started the ball rolling thinking that it would take a few months to even get started - however its all progressing quite quickly so I might have to stall a bit to wait for september to roll in before looking for a mortgage.

crowdedhouse

We are going through the rtb process at the moment but don't mention it on this forum as you get shot down. see my posts.

However, you can stall it until september as it would give you a better chance. It is the mortgage that may cause more problems.

Have you found the process easy so far. We have just started it

dirtyflannel

Good luck to you with rtb cannot believe some of the replies from people ignore them seems to be a bit of the green eyed monster going on.

kittiej

Mine took ages to complete, about 9 months in all but that was when you had a lot longer to consider everything.

My main problem was with the mortgage company who wanted to know the ins and outs of everything, even who my neighbours were lol.

I also had less companies to choose from because my house is a pre-fab.

Oh yes and I then had to wait for the council to get my house registered which took ages too.

This was the only possible way that I could afford to buy, and I don't feel guilty about it since the MOD gave these houses to the council and they were only meant to be a temporary thing.

As for your original question, no it does not invalidate your ability to rtb if you have old defaults. Have these been satisfied/settled btw? Then again if they are to drop off your file in a few months time I would wait until then. You don't want mortgage companies keeping details like that on their own files for years to come.

hutcheroo

So far the process has been pretty painless and fast. Once we had handed in form RTB1 we got our letter saying we had the right to buy wihin about 2 weeks. Approx 1 week later we got a visit from the council building inspector and the valuer arrived a couple of days later. We have been told to expect the valuation in 7-28 working days. Good luck with your application!