We would like to buy our council house

The_shuffs

Hi I have lived in council property for over 24 years and we would like to buy our house i understand the process RTB but i have some more questions about deposit and will we beable to get a mortgage here goes would the discount that we get from the council (we have the full amount)be classed as our deposit,both myself and my OH have debts which we are paying no CCJs etc i am with the CCC and my OH is paying his with agreed payments to the compaies he owes to we are all up to date would we be able to get a mortgage i am thinking NO and didnt want to apply for one only to be told NO and walk away red faced hope someone can throw some light on this Thanks Rachael

opinions4u

When you talk about "debts" and "agreed payments" .... do you mean normal monthly payments on loans/cards, or do you mean arrears and payment arrangements to clear arrears?

Please list:

- what money you owe
- what monthly payments are
- what current arrears situation is
- what (how much, how many months behind) and when the worst arrears situation was

Additionally, what is the council's valuation of the property and how much do you need to borrow to buy the house?

The_shuffs

Thanks for the fast response. Myself I have just over £8000 left to pay off my debt with monthly payments of £300 a month and just over 2 years left to pay my OH has debts amounting to (not exact) £30,000 and he is paying only the min each month we have no arrears on rent, council tax etc I have never had a mortgage before but my OH had one with his ex and seems to think that it would not be a problem I am not sure of the value of the house as council will only value it when you have put in your RTB I live in a 3 bed middle terrece in south east kent if that helps thanks again for your help Rachael sorry missed that one we would need to borrow the full amount but we would get the full discount

benjo

Are there any houses near you, of a similar type that have sold recently so that you can get a guestimate of price, then deduct the % discount to give you a very rough estimate of how much you would like to borrow?

The_shuffs

Hi i would say £80,000 but not 100% sure. Rachael

benjo

80k after your discount? or before?

The_shuffs

Oh sorry that was after.

ILW

What is your income?

benjo

Ok well if you wanted to borrow 80k then you would need an income of (approx) 23k - 26k depending on income multiples.

That said, given the amount of debt you already have (38k) your monthly outgoings are already high, so affordability may be an issue.

Opinions4u has posted a list of questions, the advisors on here would need that information in order to more fully answer you

Please list:

- what money you owe
- what monthly payments are
- what current arrears situation is
- what (how much, how many months behind) and when the worst arrears situation was


You might also include your income.

The_shuffs

I have made this hard work sorry I earn 18,000 and my OH 22,000 after stopages. Rachael