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Buying council house (mortgage advise needed)
Mr_postie
Posts: 1 Newbie
Hi all.
I have put in the rtb on our council house. I have been told that we are entitled to around 40% off market value.
So the question I have is if the house was valued at say 100k less the 40% brings it to 60k, would I be able to get a mortgage for say 70k so we have some money for improvements.
We are first time buyers so all of this new to us.
Any help is appreciated
I have put in the rtb on our council house. I have been told that we are entitled to around 40% off market value.
So the question I have is if the house was valued at say 100k less the 40% brings it to 60k, would I be able to get a mortgage for say 70k so we have some money for improvements.
We are first time buyers so all of this new to us.
Any help is appreciated
0
Comments
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Quite possibly, depends on the lender and your income, see an independent mortgage broker. Do you have savings set aside for all the costs of buying, and at least three months mortgage payments in case you get made redundant, fall ill or injured and cannot work?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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Also have you a deposit?0
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They don't need a deposit with RTB, the discount is taken as the deposit amount.
There are several lenders that will allow you to borrow an additional amount for home improvements0
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