what deals - Confused

buzbyxman

Hi all,

I want to buy my council house. I have been to an advisor (not whole market)he says that I need to put all of my deposit down.

The house is £195000

The discount is 75000

I have 80000

I need to carry out a loft conversion to accommodate my children 2 at unione at college (18)

Idealy I would like to have a fixed rate for as long as posible and keep30000 for the works and pay fees ie solicitors etc and have 12000 to pay offdebt ect. Also am paying £112 PM for a car.

Can anyone make any suggestions??

Im so confused about all this!!!

And after speaking to him on Friday I am worried that I won’t be able to buythe house!

Thanks
:money:

kingstreet

Why is he suggesting you need such a large deposit?

Low income? Credit problems?

Ordinarily, you can use the discount as your deposit and borrow 100% of the discounted purchase price.

If you do have credit problems, you need to get hold of all three of your statutory credit files;-

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKSCR

Experian

http://www.experian.co.uk/consumer/statutory-report.html#orderReport


CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=basket_add&tpl=setRegister&package=63&amount=1&mode=clear

which you should take along to a meeting with a good independent or whole market mortgage broker. Ask friends and relatives for a recommendation. Failing that, use https://www.unbiased.co.uk remembering to switch off "sponsored ads only" option so you get a full list, not just the paid-for adverts.

The £2 statutory paper files will be fine. Avoid online schemes you have to pay for which give you your inside-leg measurement and call it a "credit score" as these are worthless.

buzbyxman

Thanks for your reply Kingstreet !
If I got those credit checks will it affect my credit rating?

Thanks

ACG

No, its you checking your own file its fine.

You dont need to put down any deposit in theory. The discount can count as the deposit.

So im presuming there must be a reason why hes suggesting that you have to put down a deposit? Maybe speak to another broker.