Right To Buy mortgage question.

Lancs-lad_2

Hi,

Can buy our council house for approx 70k with a 40k discount.

Me: ex-bankruptcy but 7 years ago & no trace on files, I have couple of c.cards (owe bout 1k in total), also had about 5 payday loans in past year (all paid on time & none outstanding), mobile phone contract on file, again upto date no late payments etc.

Mrs: had a few probs in last year had op & off I'll for few months but back at work now, few late payments etc but ok for last 6 months, also couple of payday loans (again paid on time & none outstanding).

Mortgage man says with the payday loans & wanting a RTB mortgage we gonna be struggling.

Any thoughts??? Any specialist brokers or providers to try?

Thanks!

leveller2911

Lancs-lad wrote: »

Hi,

Can buy our council house for approx 70k with a 40k discount.

Me: ex-bankruptcy but 7 years ago & no trace on files, I have couple of c.cards (owe bout 1k in total), also had about 5 payday loans in past year (all paid on time & none outstanding), mobile phone contract on file, again upto date no late payments etc.

Mrs: had a few probs in last year had op & off I'll for few months but back at work now, few late payments etc but ok for last 6 months, also couple of payday loans (again paid on time & none outstanding).

Mortgage man says with the payday loans & wanting a RTB mortgage we gonna be struggling.

Any thoughts??? Any specialist brokers or providers to try?

Thanks!

Start saving for a deposit and stop using payday loans ,these will show your inability to manage your finances.

Good luck.

Senior_Paper_Monitor

I process a couple of right to buy mortgage enquiries/applications a day.

Based on your description of your joint credit history your 'mortgage man' and Mr Leveller are 'on the nail'.

amnblog

Right to buy does not mean right to lend.

We have a source that might consider some adverse history if you can put in a £1,500 deposit.

leveller2911

amnblog wrote: »

We have a source that might consider some adverse history if you can put in a
£1,500 deposit.

A cynic would think your post was a "send me a PM and we may be able to do business " .......;)

Lancs-lad_2

Thanks for the replies.

Another thing to consider on this is:

I've been left a property in my dads will. House is now mine but my dads partner has the right to live there until her death/or gives up the right to live there. Could I borrow against this property (I'm guessing a small BTL mortgage or secured loan??) to clear our current debts then would this put us in a better position for obtaining a RTB mortgage??

Thanks again.