right to buy council property

nippysweety

I have lived in my council property for 16 years and qualify for full discount which is 70 percent. Trouble is i dont think either myself or my partner will get a mortgage due to poor credit history although we do have a reasonably good income. Any advice much appreciated.

Running_Horse

nippysweety wrote: »

Any advice much appreciated.

I advise living within your good income and rebuilding your credit record.

Not much else to say really.

carefullycautious

As for 70 percent I think you need to look into this as it was capped some time ago and the most you can get off market value is 28,000 26 in our area.

PasturesNew

You've had 16 years to reach this point. Surely you didn't just wake up this morning and think "You know, I think we'll buy this". What you should have done is realised after 5-6-7-8 years that it's a nice house and you want to buy it - and then spent the last 8-9-10-11 years saving up a deposit and getting yourselves straight.... always with an eye on the future date when you'd be buying it.

So .... start doing that now.

Hump

See here http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/HomeBuyingSchemes/DG_186973 for the maximum discounts (capped)

nippysweety

In Scotland, if your tenancy began before 2002 your right to buy is governed by the old arrangment which has a 70 percent maximum discount on flats. Thanks for all replies anyway.

Le_Chuck

nippysweety wrote: »

I have lived in my council property for 16 years and qualify for full discount which is 70 percent. Trouble is i dont think either myself or my partner will get a mortgage due to poor credit history although we do have a reasonably good income. Any advice much appreciated.

Move out & let some one who genuinly needs it, have it.

savingmummy

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

some info here how to get credit score back on track.

Wee_Willy_Harris

Le_Chuck wrote: »

Move out & let some one who genuinly needs it, have it.

Why should he?

dancingfairy

Firstly it's going to depend on how 'poor' exactly your credit rating is - there's a big difference between a couple of payments being slightly late 3/4 years ago and recent happenings or a CCJ.
I suggest you get copies of your credit reports from the 3 credit agencies - they are likely to give you a guide (a guide only mind) of how good/bad your credit rating actually is.
You could then find a whole of market mortgage broker and go and talk to them about your plans - they should hopefully be able to tell you who might/probably won't accept you and what sort of rate(s) you'll be looking at based on your credit rating.
Aside from this the only real way to rebuild your credit rating is care and time so if it isn't good enough now to get rates you can afford then you will need to save and be patient.
Best of Luck
df

theartfullodger

nippysweety wrote: »

In Scotland, if your tenancy began before 2002 your right to buy is governed by the old arrangment which has a 70 percent maximum discount on flats. Thanks for all replies anyway.

- you don't mention if it's a house or a flat..

Err.. up to a point see..

http://scotland.shelter.org.uk/getadvice/advice_topics/finding_a_place_to_live/buying_a_home/right_to_buy/right_to_buy_discount

Discount for people with the old right to buy

If you are buying a house :

• minimum discount = 32% after 2 years as a tenant
• discount increases by 1% each year thereafter
• maximum discount = 60%

So in your case with 16 years we, the tax-paying people, would be giving you (if my sums are right, 32% plus 1%x14 =>) 46% discount.. blimey, ain't we generous!!! (If a house: If a flat, 70% yes I think.. even more generous.. )

Must write to my various MSPs & MPs...