right to buy with bad credit

jamesdean1978

hi i am in situation where i can buy my council house and get £70000 off the price i think it would mean i could buy my house for around £130000. in the past myself and wife have very bad credit i checked my file and it is very bad i cant even get a mobile contract or a credit builder card . in about two years all the credit will be off my file . i have not been made bankrupt but there are at least 4 accounts in default

over the last 4 years i had been out of work and living on sick benefits i now have turned my life around and have good job that pays around 450-620 a week and my wife earns around £250 a week she's self employed .

i really want to buy my house at the moment i do not have have a deposit but after dong some reading i see that some people say with the discount you get from the rtb it can count as a deposit

i am not sure if i managed to clear all my and my wife debts which i think would be around 5000-8000 would help out as i still think it would show on my file

we may be able to get a guarantor these are friends of my wife's mum there are a old couple but own there own house outright

so is there any type of mortgage lenders that specialise in bad credit and rtb i know the rate will be a bit higher but what is that rate around ?

Senior_Paper_Monitor

In the circumstances you describe there are no lenders who will consider you - right to buy and adverse credit don't mix.

There are no guarantor arrangements for right to buy generally (we have done a couple in special - age where income of senior person is counted - circumstances) that overcome bad credit and generally that is the case even without the right to buy issue.

From what you describe the best plan is to work with a specialist broker on a long term plan and hope that right to buy is not significantly changed in the interim (if government doesn't change I doubt right to buy will).

amnblog

This is common problem and we often have fractious conversations with frustrated 'right to buy' applicants, who think this means 'right to borrow'.

You are taking a more measured view of the situation.

Options for right to buy with bad credit history are not around and we do not see any reason why that will change in the short term.

If you want this right to buy, do everything you can to keep your credit payments up to date and clear those defaults.