Right To Buy

shellvnatwest

Am about to start the process of buying my council home, which I am hoping will be valued at about £60,000, maybe less (after discount). I have 1 CCJ from just over 4 years ago for £280. I live with my husband and 2 children and we have an annual income of £33800 (before tax). My husband has not lived with me for 12 months therefore, is not a tennant and therefore, does not have the right to buy my home with me.

Will this then mean we will not be able to get a joint mortgage? We were hoping that his squeeky clean credit history would go in our favour. Now I'm really worried we are not going to be able to shop around for the best deal and also I will have to buy the house and it will look like he just lives with me!

Conrad

You are correct - he has no relevance to the mortage or property at this time.

CCJ shouldnt be an issue for many lenders as its over 3 years old and smallish!

Rates with Right To Buy specialists range from 5.5 - 6%, not bad at really. Note many lenders do not do RTB and of those that do THE PROPERTY RESTRICTIONS MUST BE CONSIDERED (examples; many lenders wont lend on flats, concrete houses, flat roofs, flats with galleried access etc).

Self Cert lending is also available, although your income must look realistic in relation to your stated occupation and note it is common for self - cert lenders to make phome calls to work to check the position.

Beware adding any insurance to the loan - this is common practice with RTB cases and must be avoided as the costs are vastly higher than needbe. Always best to consult a few IFAs regarding insurance before making a commitment.

Good luck and do your research.

mhay_3

try a company called advantage, a subsidiary of morgan and stanley. that's who i tend to use for right to buy purchases with light to heavy adverse credit. not sure if they allow direct submission though

shellvnatwest

Hi, thanks v much for that, just wondered if you had a web address for them, I did a google search but it just directs me to a site in America. Thanks again.

mhay_3

you wont be able to find them because they do infact only deal with brokers. it may be benefitial for you to call a fee free local broker

sarkin

There ar lots of lenders who specialise in Right to buy Preffered, G-mac, SPML, Kensington to name but a few and they all except bad credit. Have you applied for the RTB1 yet