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Right To Buy Mortgage
Comments
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Well, best of luck. Do let us know how you get on. Not going to be eligible til next year myself, but it would be good to hear experiences from others as they go through the process.0
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And yesterday I found out The Woolwich have changed and now will only let you borrow upto 90% of the discounted purchase price, so had to find £13000 to cover the other 10% (means no new bathroom for a while
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its a hard lifeI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Update for you.
I have had my mortgage accepted by The Woolwich and have just signed my mortgage deed.
I finalised on a 5 year fixed at 3.39% paying £9 a month less than the rent
As far as I can tell all that is left is money movement and final signings.0 -
Why didn't you just find a broker or at least another lender?And yesterday I found out The Woolwich have changed and now will only let you borrow upto 90% of the discounted purchase price, so had to find £13000 to cover the other 10% (means no new bathroom for a while).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 -
kingstreet wrote: »Why didn't you just find a broker or at least another lender?
Numerous reasons. Not all offer RTB mortgages and not all accept the discount as the majority or full discount. I also needed a joint mortgage based on my finances with the second named party being at Retirement age and so needed their finances to not be a deciding factor or the mortgage would have been limited to a maximum of 12 years - putting it out of my affordability range.
After my broker had searched he advised this was the only one that came close to being able to offer me a successful application.0 -
Quick update for this.
I signed all my contracts last week and my mortgage funds were released on Friday and I complete tomorrow, so very soon I will be a homeowner.0 -
Congratulations.
To bump this thread again, has anyone heard about the proposed changes in the Deregulation Bill, reducing the necessary tenancy period from five years to three before being eligible for RTB/RTA? I've been following the Bill, it hasn't passed yet. It might make a difference to some of us on here.0
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