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Right to buy at 50+
cazmeg
Posts: 183 Forumite
We are 50 and 52. We could buy our Council House with a £75,000 discount. It hasn't been valued yet, but approx. £190,000 to 220,000. We will be retirement age when its paid off, but cant decide if is the right thing to do? Could be a 15 or 20 year mortgage, so will be more expensive than 25 years.
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It would actually be cheaper than a 25 year mortgage, bearing in mind LTVs and affordability.
There are restricted lenders on the RTB scheme, so this needs to be taken into consideration, too.
CK💙💛 💔0 -
Sorry in what way is it cheaper? I was meaning the monthly repayments will be more expensive.0
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If the oldest applicant is 52 attained, the longest term possible will be 17 years to take them to no more than 70. You may get longer if they can evidence sufficient income past retirement to continue to service the mortgage.
£145,000 at 4% over 17 years is £980.77 per month.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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