Right to buy

Rosie_apples

Hi i'm new to this so forgive me if i do something wrong.

I'd like to buy our council house and have recieved the initial forms to find out how much they will sell it us for, I'm a joint tenant with hubby and we are unsure if we'd be able to get a joint mortgage. My hubby is self employed, will only have 2 years of accounts and last year made a loss. If a joint mortgage is not poss we are ok if it just goes in my name only problem with this is i'm unsure i will be able to borrow enough.

We think we will get the house for between £46,000 - £56,000 and i earn £12,000 and may be able to scrap together 5% deposit. I have no other debts and as far as i can tell my credit is good. When we know how much the house will cost we will go to a whole of market IFA but for the initial form we need to tell them who is buying the house.

Hope this is clear enough any advice will be greatly appreciated.

birmanza

when you say you will get it for 46 - 56,000 is that before or after your discount? We bought our council house last year... It was valued at 99,000 the council discount was 26,000 so we got a mortgage of 74,000. We didnt have to pay any deposit as the discount from the council counts as that. With a right to buy mortgage I think lots of companies will take you on. Our mortgage is with the Abbey and we had no problems, husband self employed and I dont work so we had a self cert mortgage.
hope this helps although there are some fantastically knowledgeable people on this site so I'm sure you will get some very good advice soon!!

Rosie_apples

Thanks for reply

£46-56,000 after the maximum discount for our area which is £24,000, houses on our street are going on the market for £75-80,000. This is the only way we will be able to get on the property ladder so your post gives me hope.

I have heard of self cert but i am unsure what this is?

birmanza

When we bought, houses in our area were going on the market for around £120,00 and the council usually under value a bit, ours was valued at 99,000 we got an estate agent around at the time too and he said it would go on the market at 120,000 and we would get 115,000. so you may get a pleasant surprise!! However if your council is anything like ours you will wait at least a year to buy it, from when we applied to buy it and were accepted it took 14 months until our first mortgage payment!! So you should have plenty of time to sort out a mortgage in the meantime, we had to renew our mortgage offer because it expired before we could buy it!
Someone else would be better to explain a self cert, it's something to do with declaring what you earn rather than proving it... not sure really!