RTA discount as part of the deposit

amy1991

Hi does anyone have any experience of any mortgage providers that will allow All or part of a £16000 Right to Acquire discount to be included as part of the deposit?


for example I have spoke to both HSBC and Santander, and there policy is that they calculate the LTV based of property value £86000 - £16000 Discount so £70000 loan = £21000 deposit needed for 70% LTV


So are there any left that would give for example
value £86000 - £16000 discount - £18,400 deposit = 60% LTV


or am I dreaming that such things still exist.


So I just got off the phone to Halifax, who despite passing me between 3 people, they have apparently never heard of "Right to Acquire" but said there Right to Buy policy, was to include the discount as a deposit, so £18400 deposit would give me 60% LTV, but could not confirm it would work the same, as there not aware of it...

amy1991

anyone know?

Mokka

I am sure it will be the same as RTB. From personal experience it's best to leave the complicated stuff to the meeting with a competent mortgage advisor. Front line staff/ first contact customer services operators are more likely, than not, to give you wrong advice on things they do not understand.

Just make the appointment and bring the relevant paperwork with you.

I wouldn't recommend to apply for things like this online or over the phone.

Good luck.

I am surprised that Halifax offer better deals than HSBC.

HSBC and Santander are good lenders for ex LA properties, so they should be willing to lend on HA properties too.

tvfreek

Speak to a broker for help on this, the discount is used towards the deposit so you may not need to put down any cash. Subject to affordability of course