RTB Mortgage?

carlih1

Hi

I have applied to buy my council house the valuation being £185,000 less £34,000 being my discount. The question i have is i have a really bad credit rating can i still get a mortgage, the house next door sold for £265,000 in December last year, which would put about £100,000 of equity in the house so wouldnm't be 100% mortgage?

Another question in have is my boyfriend would like to buy the house with me but hasn't lived here for a year in fact were only just moving in together can we get a mortgage together and buy the house, he has an excellant credit rating.

Any advice would be useful

Oh also who do i go to for mortgage advice i understand it is an independant mortgage advisor but where are they?

Carls x

FreeBetKing

Hi Carls

I have just gone through this process, so hopfully I can be of help.

As far as I know, the name(s) quoted on the offer form (RTB1?) need to be those applying for the mortgage. I had myself and my partner both on the offer document, but later decided that I would apply for a mortgage on my own. The financial advisor told me that it needs to be those stated in the offer.

With regards to the valuation, the fact the house next door was £265k, this is irrelevant when it comes to the valuation (or at least it was with me) - the mortgage goes on the council's valuation then they will send someone to confirm it is worth this.

They will use your 34k as a deposit on the mortgage, so they see this as your own money - this may make them take your bad debt lighter, since in their eyes you are low risk after putting 34k up as a deposit.

I would go straight to an advisor, you dont specify where you are but I had a very good one in Liverpool - very straight talking and explained everything to me (I was worried!). Try the yellow pages, but remember to read martins guide on FA's... http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1101649966,86816,

This thread is also useful http://forums.moneysavingexpert.com/showthread.html?t=175653


Mark

carlih1

Bump!

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