tenants right to buy mortgage

lowis

halifax definitely lend on RTB - first thiong you need to do is tell the council you want buy. don't know about you local council but mine have been extremely helpful during the whole process and they will answer any questions you have about the process.

please don't throw that money away with the company, it really is a waste of time and money!

Epiphone

Please don't use these firms, as others have said they don't do anything you can't do yourself. I've been helping the old dears in my block get their families involved as a few of them were signing up to one of these firms.

Annoyed me when they also "had to" change their phone provider to one the mortgage arranger people recommended!

Try explaining that to an OAP then ringing their families to update them! I took some satisfaction in most of the families waiting with their mum/dads for the mortgage arrangers to come round then gave them both barrels

Louise80

Hi, Just bought my property from local authority. I put in for the right to buy before i had sorted out a mortgage, they valued it and gave me the offer. I had a long time to decide whether i wanted to go ahead and of course i did!!! would have been mad to turn it down. Tried everyehere for a right to buy mortgage with some companies trying to rip me off with thousands of pounds in fees....popped in to the abbey and they dealt with it there and then using my discount as my deposit, within afew days i had an offer and went ahead...the whole process took about 8 weeks. there is no need to get a company to contact the council to arrange valuation, you just need to apply for the right to buy and go from there. companies charge you more for doing all the leg work for you and there fees are ridiculous.


definately recommend Abbey.

MortgageMamma

Hi there

There really is no need to instruct this expensive company, so please dont let them take advantage of you. There are plenty of lenders who will lend on right to buy purchases some of which have already been listed but please don't go approaching them all as you may not fit their specific criteria credit/income wise etc and if you keep being credit checked it can damage your credit rating.

Your best option would be to take advice off a whole of market mortgage advisor who can do all the legwork for you and do the job of tenants right to buy at a fraction of the cost. you would get better advice as well from a dedicated well trained professional. Whole of market, if you don;t know. means that the advisor has access to all the lenders in the UK and can rcommend any one of them to you, ensuring you get the best deal for your circumstances.

Most advisors will charge a small fee for RTB mortgages as usually the sums involved are so low, and there's a lot more work involved, but if you let me know which area you are based in I will see if I can recommend a good one to you.

MM

lowis

I tried two "whole of market" advisors (L&C and a local firm) and in the end found the best mortgage myself...neither of the advisors suggested the mortgage i found (Nationwide) and in fact both tried to sell me a 2yr fix mortgage when i wanted a 3yr fix. Perhaps I should have used Mortgage Mamma? ;-)

I can't remember which site it is (moneyfacts or moneysupermarket) but in the search functon it actually has a drop down menu asking you to specify which sort of buyer you are - and includes Right To Buy - this in theory should filter out the lenders who aren't willing to lend on RTB. If you live in a high rise you will need to call to see if they will lend as well.

Obviously using a broker means alot less work - just make sure you are getting the mortgage you want though and do your own research too.

payless

A lot of RTB are done on 3 yr fixed products .. can't see why a broker should not have been able to find this if you expressed a perference... and again can't see why a decent broker would have overlooked Nationwide.. they are known for being reasonably flex on RTB applications .. unless for some reason they discounted them ( perhaps case looked outside criteria )

MortgageMamma

The reason RTB's are three year fixes mostly is because of the pre emption period where you cannot sell the property. Forget using moneysupermarket or moneyfacts as brokers have far more sophisticated pieces of softwade called sourcing systems which can source the best mortgage more specifically and throw out lots of weird and wonderful calculations and comparisons. I have my own personal feelings about L & C as there's been a lot of negative stuff written about them on here lately. I suggest if you want a personal service you should perhaps use a smaller firm of brokers or a one man operation. Plenty of advisors on here for you to choose from, which area do you live in? I will let you know which one is closest to you if you like...

katsplat1

Bruce - out of interest - you aren't in the 'charnwood' area are you?

My mum had this guy knock on her door last night and really grilled her about buying her house. He led her to believe he was actually from Charnwood council. My mum is disabled and I noticed she'd been at the door a while. Luckily enough I was there. When I went to see what was up, this guy was really giving her the hard sell saying that if she didn't buy the house, the council could evict her when she becomes widowed (my dad is on 66 and full of the joys of spring & my mum is only 53!) and she would be left in a one bedroomed flat.

I told this bloke to basically sod off and my mum was really upset. I have just reported this company to the council and they are looking into this now and are taking it seriously.

I am actually looking into buying my parents house for them and will no way be using this company. Charnwood BC have been great to work with so far and it is really easy to manage the whole thing yourself. I would consider ditching this company and go through the right to buy process without their so called help!!

Kat
x

MortgageMamma

katsplat1 wrote:

Bruce - out of interest - you aren't in the 'charnwood' area are you?

My mum had this guy knock on her door last night and really grilled her about buying her house. He led her to believe he was actually from Charnwood council. My mum is disabled and I noticed she'd been at the door a while. Luckily enough I was there. When I went to see what was up, this guy was really giving her the hard sell saying that if she didn't buy the house, the council could evict her when she becomes widowed (my dad is on 66 and full of the joys of spring & my mum is only 53!) and she would be left in a one bedroomed flat.

I told this bloke to basically sod off and my mum was really upset. I have just reported this company to the council and they are looking into this now and are taking it seriously.

I am actually looking into buying my parents house for them and will no way be using this company. Charnwood BC have been great to work with so far and it is really easy to manage the whole thing yourself. I would consider ditching this company and go through the right to buy process without their so called help!!

Kat
x

Lowlife scum. Some people will stop at nothing to flog a mortgage. The fact he had to knock on the door for business in the first place tells you what sort of company you are dealing with.

Dora_the_Explorer_5

Bruce, the only reason they want to charge you the quoted amounts is because they think you are stupid.

bruce2110 wrote:

hi guys and thank you for your replies,

they have given me a breakdown of the costs that they will charge:

£3,185.00 - there charges
+
£600.00 - solictors fee
=

£3,785.00

he did say that sometimes the solictors fees could increase depending on any boundry problems etc but should be no more than £4,000 on total.

so, going by the replies, it would be ok if i just approched the council directly and start the process off myself! i already bank with the halifax, so they are use to giving these types of mortgages already?

would they still take the discount as deposit as we are not in the position to provide any type of decent deposit at the moment?

cheers Bruce2110