buying our council property

pipjes

just looking into buying our council house, not in any great rush tho, but my husband is a discharged bancrupt by a year, what would anyone recommend for mortgages etc, we are complete novices at this, so have no ideas no mortgages buying houses etc!!! so please be gentle, and thanks

MortgageMamma

due to your husbands credit history there are plenty of firms that will try and charge you an absolute fortune. Most of these firms advertise on the TV and national press and claim to be specialist adverse credit lenders/specialist right to buy companies.

I myself have just done a right to buy mortgage for some clients this week. Their previous advisor wanted to add £3,000 onto their loan amount for the priviledge. He also only had a handful of lenders to choose from.

Your best option is to seek the advice of an Independent Whole of Market Mortgage Advisor, as they will have access to all right to buy mortgages on the UK marketplace so you are assured of the best mortgage deal, and hopefully good quality advice.

What I am trying to say to you is, don't be fooled into agreeing to thousands of pounds worth of fee's by companies making you think council house purchase mortgages are something difficult and unusual. Fact is, they are no more difficult to arrange than a "normal" mortgage and high fee's are not justified.

If you have any specific questions you wish to ask on the forum I'm happy to help.

MM

pipjes

thanks mortgage mama, thats helped a great deal, we would have gone down the route of those lenders thinkning that the was the best plan. when we do seriously look into buying we will follow your advise, i was just worried with his credit history too, it might not be for another year or so, so would that make things better?/

MortgageMamma

Well if you want a mainstream lender that will lend on right to buy properties with adverse credit I would say chelsea building society are a good option, but it would be really beneficial to you to take advice. Why are you waiting for a year?

pipjes

just to get our finances in order, as my husband went self emplyed this year after being mucked around by his old work, so we were thinking that it would be best to have a years worht of accounts??

MortgageMamma

a years worth of accounts won't make a great deal of difference to the mortgage you get, if you had two years accounts that might help, if you know on average what his monthly take home income is you might be as well to self certifiy. That is, if you feel ready for the mortgage and wouldn't struggle due to irregular income etc

pipjes

thanks so much for your help:beer: