right to buy mortgages

merlin1

hello all! i wonder if anyone can offer advice on my situation.

i have lived in my little 2 up 2 down council house now for 11 years and qualify for full council discount. my partner who lives with me and myself are in well paid full time jobs and feel that soon would be time to excersize my right to buy. (the house is in my name only)

i have read the right to buy website and guides, but i'm confused as to where to go first. i have seen on the net lots of places offering to help with rtb, from valuations right through to getting the right mortgage, with our 25,000 discount we could get omv for extra cash to do the place up etc - its a minefield.

another issue we have is the house is prefab - concrete and steel, though the council have insulated and rendered the outsides of the property, are they morgageable?

i'd be looking to buy not to sell but to have a home for life, can anyone advise?

_Andy_

Your best bet would be to speak to a whole of market broker.

Mrs_Bumble

merlin1 you have a home for life? The council are not going to throw you out are they?

The property construction is an issue and there are limited lenders that will look to lend on this type of property. Speak to an independent whole of market broker in your area, as I am guessing that type of property is quite common place and they will be used to dealing with this. Ask around and see who people have used locally and get on with and approach them for advice.

Find someone local!

Conrad

Note the credit crunch has removed the bulk of lenders that were lending on non standard property.

Your partner wont be able to go on the deeds, nor the mortgage unless the RTB document names him / her.

Really your'e probably only going to get a high street lender like Halifax on this type of property. Your income and status needs to be comensurate with thier policy.
Borrowing extra can be arrnaged subject to various rules. Be aware some lenders will not release these additional funds without builders invoices, and possibly a revaluation and often council consent (some councils will not allow additional borroiwng).


If you don't buy it, invest the mortgage money wisely - be aware 95% of adviers do not have a clue and will sell you savings products with high charges and commission. Generaly you want the least charges and a decent investment spread - or just use Building Societies cash accounts - yes honestly, ignore the slick salemen and thier shiny investment products - lots of middle class people work for investment houses and they need your money to spend on horses and private school.

merlin1

thanks to all of you!

i have been recomended a whole of the market independant broker by a work colleague, so will soon sit down with him and see what his thoughts are - he is local mrs bumble!

conrad - when you say that he needs to be on the rtb document to get on the deeds or the mortgage - is this something that is done during the rtb process? to be honest we are both pretty much in agreement that he wont be on the mortgage if it can be helped but this hasnt been finalized though, keeping all options open and all that!

and also you mention income and status - i assume status means credit score etc?

thanks again :A

Mrs_Bumble

Conrad means, Is your partner entitled to the right to buy discount, i.e has he been a tenant of the council as well?

If it is only you that has been the tenant and entitled to the right to buy discount, he won't be able to go on the mortgage, as the right to buy paperwork, mortgage, and deeds have to be in the same name,

merlin1

ah i see!
no my partner has never been a tenant of this council (or any other as far as i know) so it is just me that is entitled to the rtb discount? he has lived here for about 18mths, does this not give him the commonlaw partnership thingy? (sorry cant remember the exact term! :rotfl:)

if it is just me then i feel i have some work to do! i have a bankruptcy that will drop off my file next october, i am currently in wranglings with a bank who have changed dates on my credit file, so i'm fighting to get them put right. i also havent held any credit for almost 6 years. shame really as we have a joint income of almost 40k