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mortgage help advice please

tara1082
tara1082 Posts: 30 Forumite
edited 21 January 2011 at 11:58AM in Mortgages & endowments
Ok so i purchased my council house 4 years ago for a discounted price,i took my mortgage out with lloyds tsb,anyway my fixed rate has ended and i have applied to natwest as i now bank with them,i have been accepted by nat west for the mortgage and received my offer from them but now i have received a letter from council saying that because its been less than 5 years since i purchased the property form them i have to pay back the discount that i received when i purchased the property which is 21k i dont really know much about this and would like some advice if anyone is in the know?
I understand that if i sold the house within the forst 5 years then i would have to pay back this discount but i am not selling i am just changing mortgage companys. I am a little confused and could do with some advice. Thanks in advance for any help.

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    I think you need to get back in contact with the council and just let them know you are not selling, just re-mortgaging onto a new deal.

    You should be fine.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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