Right to Buy advice

rach!_3

Hi all
well i dont know if anyoone has seen my other post in loans anyway here is another option if it is possible
my OH has expressed interest in right to buy our council property
i have been in council properties for almost 9 years altogether i am told this should give me a big discount, is this true?
also i have been told of someone who got a mortgage on their council house a couple of years ago or maybe last year for 12000 which is what they had to pay the council for it, i have been told we can get upto 80000 mortgage on our income, what im wondering is if there is anyone chance if say for example we were told 12000 would we be able to get the 12000 plus extra to say fit new kitchen, bathroom and do garden, decorating flooring etc?
is this possible at all can anyone tell me, as i might just consider it if it were possible

mightymouse

Hi Rach

I am a newbie but I will start by saying yes you are probably entitled to a high discount under right to Buy so contact your Housing Trust for details and to start the ball rolling.

Consult an Independent Mortgage Consultant who should be able to get you the purchase price plus a lot more from a mainstream lender and make sure you avoid high interest rates or any other nasty.

The is a fee but shop around until you are happy with the amount.

There is clawback but only if you sell within the timescale usually on a reducing basis but you should be able to borrow what you need.

*EssEncE*

I would first recommend you contact your local council to clarify how you stand on RTB and if it's availble to you. Visit the following government site for further details:
http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/HomeBuyingSchemes/DG_4001398

There are lenders out there who will lend you amounts above the required purchase price/discount price, but whether they will lend the amount you require will depend upon your personal circumstances. They will also ask what you are to do with the additional funds, ie home improvement or debt consolidation etc.

So it is possible.

rach!_3

brill thanks you two