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mortgage question
mush1234
Posts: 26 Forumite
Hi there.
My sister is thinking about buying her current council flat. It's a small place and has been valued at around £70k
Because its a council place she will get a pretty good discount, around 30k.
Meaning she can buy the flat for £40k, she has £15k in saving, meaning she will need a £25k mortgage.
She has been told that only she can buy the flat, but I'm curious about this, she does not earn a lot, and frankly I do, and would be more than happy to go in as a joint owner/mortgage and use my credit/capital ect to help her get a better mortgage.
Also, she plans to rent it out for the next couple of years, but apparently you cannot get a "buy to let" mortgage unless you already own a property...again, I own a property, and my sister does not, so again if there was anyway I could joint mortgage with her I'd loooooove to hear it.
Any advice would be appreciated.
My sister is thinking about buying her current council flat. It's a small place and has been valued at around £70k
Because its a council place she will get a pretty good discount, around 30k.
Meaning she can buy the flat for £40k, she has £15k in saving, meaning she will need a £25k mortgage.
She has been told that only she can buy the flat, but I'm curious about this, she does not earn a lot, and frankly I do, and would be more than happy to go in as a joint owner/mortgage and use my credit/capital ect to help her get a better mortgage.
Also, she plans to rent it out for the next couple of years, but apparently you cannot get a "buy to let" mortgage unless you already own a property...again, I own a property, and my sister does not, so again if there was anyway I could joint mortgage with her I'd loooooove to hear it.
Any advice would be appreciated.
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Comments
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where will she live if she rents out the flat she's just bought from the Council?Everyone knows their RIGHTS, few know their RESPONSIBILITIES.0
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Off on a Uni course, I think it's only for a year (she did tell me) but it could be two.
Basically she wants to keep her flat, it's her home, but at the same time she cannot afford uni and the flat without renting it out to recop some money.
The other option is she looses the flat.0 -
£30k discount from council are you sure? Its capped depending on where you live0
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callmechar wrote: ȣ30k discount from council are you sure? Its capped depending on where you live
No im not sure of the excact figure, I think it's closer to 27k to be honest, but I thought rounding the figures up/bown was a good idea
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You can only buy with someone else if they live in the property.
http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/HomeBuyingSchemes/DG_4001398You can make a ‘joint application’ to buy your home through Right to Buy with someone who shares the tenancy with you or with members of your family. They must have lived with you for the past 12 months.
She'd need to ask her potential lender for permission to let in the short term.0
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