First time buyer / right to buy / mortgage options

Niels-Bohr

Hi all,


I hope someone can provide with me advice regarding my situation:

My family home is a council flat in east London.
Under the RTB scheme, my mum(registered tenant) would be eligible for the maximum discount (100K).

I live in the house too, but my name isn't on the rent book. My mum was interested in purchasing the property, but she is only a temp worker. She doesn't have a permanent contract, and I assume getting a mortgage will be tricky. She keeps getting her contract extended, and has been working full time for 2 years.

I recently graduated and will start my permanent role in February, and I wanted to get a joint mortgage if possible.

What I want to find out is:

1) will my mum be able to get a mortgage solely in her name?
2) can I put the mortgage in my name, despite not actually having started work?
3) will it be possible to get a joint mortgage ?

I look forward to hearing from everyone and many thanks in advance.

kingstreet

The answer to all your questions is possibly.

Far too much detail is required and nowhere near enough information to say for definite.

Temporary/contract/agency workers are accepted by some lenders, depending on how long they have been on contracts and how long they have left.

Some lenders will accept applicants who have not yet started a job, as long as they have a written offer and commencement date.

If you purchase the property jointly, you may be able to get a joint mortgage.

I suggest you discuss this with a whole market broker to determine your best route forward.

Mokka

You need to prove that you have been living in the property for at least 1 year. Then you need to apply together with your mum for RTB- otherwise you won't be able to get a joint mortgage for RTB- the names on the mortgage application need to be the same as on Section 125 offer.

Dave_Ham

There certainly appears to be enough to go at, although as suggested you need to talk through formally with a mortgage broker.

This is not a particularly quick process and involves a fair bit of administration.

I would explore the options in Mum's sole name first, as one would imagine that as life progresses, you would not necessarily want/need to be on this mortgage..

All the best