Right to but mortgage and fees assistance please!

hazeyj

Hiya all, my brother has been given a price from the council but ha sbene unable to find a mortgage suitable. He has been told that there are only a few companies who do this and has had one qoute from a company who told him that this would incur £3.5 fees for sols and arrangement fees. Does anyone have any experience of this or any recommendations?

Thanks.

AndrewSmith

There are some companies out there who you will see advertising on daytime TV who suggest that Right to Buy mortgages are somewhat of an enigma, and that you have to pay large fees to specialist companies to have them arranged.

This is utter nonsense, a large proportion of the standard high street lenders will accept Right to Buy mortgages most of them at standard rates.

What will effect the rate or the available lender will be the credit history and status of your brother.

Dont pay large broker fees to any specialist company for arranging this type of mortgage, it is wholly un-necessary.

Hope this helps

Andy

brannyrhino_2

What ever he does do not pay fees to the "Rip off Councill Tenants" companies as mentioned above.

Just tell him to go to his Local Building Society and ask them to help him.

Most Building Societys/Banks do Right to buy Mortgages and you wont have to pay a huge commission.

Try online/or phone London and Country 0800 953 0304 No Fee to find you the mortgage.
http://www.lcplc.co.uk/freeadvice_form_1.aspx?id=1:27188&id=0:21995

I get so frustrated when i process RTB mortgages and see how much the council tenant is being ripped off. Some companies charge £2000 add it to the loan and so the council tenant pays back £2500 interest as well as the original £2000.

Hope this helps.

hazeyj

Thank you.