NEW 2012 Right to buy mortgages

obone

Now I know this is a touchy topic for many people. Especially those who bought their property the hard working way and I admire you for that, but as you may know by now the government have given council and housing association tenants a blessing (some may say). Now I am one of those people and it be silly of me to turn down a offer like this especially when my long tenancy grants me a £75,000 discount. Now what I would like to ask is that on a £230,000 property with this entitled discount and a £20,000 deposit. 1) What are mortgage lenders like with their rates and lending when it comes to this type of mortgage? I will be a first time buyer 2) Does the discount and my saved £20,000 all count as a deposit on the purchase price or is it my saved earnings they only take into consideration. I have a excellent credit history with no debts. Thanks for your time

cattie

Is your property a standard brick built construction? Only some council properties are of a non standard construction & it can be difficult to get a mortgage on some types of non standard buildings.

Loopgames

I'm not sure but my only advice is to pick up the phone or pop along to your h.street and ask them. Maybe a mortgage adviser will be along to give you better advice. Good luck.

dimbo61

You will have to pay stamp duty and other costs ( solicitor,surveys, set up fees for mortgage, ETC) which can add up to £5K
So you have about £90K equity and would need a £140K mortgage
Do you earn enough ? 4X income so perhaps £35K and more if you have OH and kids
Good Luck in buying your own home

bmar71n

council of mortgage lenders website is useful for information like this, the average income multiplier is cira three in january 2012 not four