RTB help

trickytrolleys

Hi, just wondering if anybody could help: My friend wants to buy her house via the right to buy scheme she has full discount but her and her partner are on a low income - she just has a little part time job and he earns around 10K p/a. they have 2 young children and do receive tax credits and are wondering if this would be taken into account.

If anybody has any deas the would be greatly appreciated.

Thanks

chugalug

Your friend needs to get all the initial information from her Local Authority. This often has details of mortgage providers who deal with RTB. If not, go to the website https://www.odpm.gov.uk. Lots of info on RTB there - maybe some links to specialist mortgage providers. I know if you google RTB plenty of mortgage providers come up promising the world but I would be wary of contacting them as some of them charge high fees and interest rates. If no other option, could consider these initially and then change once established a good record probably looking at 3-5 years though. Your friend needs to be certain she can afford the repayments, if she loses her house because the mortgage doesnt get paid it's unlikely she would be rehoused. Something to consider.

pjd_3

bank of scotland will lend on a rtb as long as it's brick built building not tower block, your friends discount of probably £38,000 will be taken into account by the lenders, so it shouldn't be 100% mortgage, just make sure they dont use one of those rip off firms that charge thousands for advice that is totaly free from there council, try to get them to use solicitors that knows about rtb