RTB Mortgage Query

Kopite0417

Hi,

My mother and I have applied for the right to buy our council house. Both of us are on the offer letter and would be on the deeds of the property. The problem is my mother is retired. I was hoping to apply for the mortgage myself which I would no problem getting given my income and the value of the property. I have been told that the mortgage have to be obtained by both of us and wouldn't be accepted because my mother is retired.

Is this correct?

Any help would be more than appreciated.

Thanks,

ACG

Im not sure if you could do it in your sole name or not, I dont do enough RTBs to know the answer to that.

I dont see why you could not get a mortgage in joint names however if your income alone is enough. Some lenders may have issues with mums age but there will be lenders on the high street who will do it... I know this as I have done a RTB for someone on a pension with the son who was employed.

Kopite0417

Thanks ACG.

Do you mind me asking who the lender was and was the mother only on a state pension?

ACG

I cant say who the lender was, if you were to speak to a broker though im sure you can get this placed.

It was actually the father and he had a pension with vauxhall I think - actually going off the name I think he was probably from round your neck of the woods. But they did not need his pension paperwork anyway so it didnt matter.

GMS

How old is your Mum?

Does she have a pension income?

Worth a chat with a broker to see what can be done.

Senior_Paper_Monitor

Ignoring mum (who must be on mortgage/deeds as the primary tenant in most cases) for age and income used to be easy - but only standard market two lenders who do it now (and they have their own issues).


The best answer (as ever) will depend on the details - in particular her age and the amount of the mortgage, together with the income available.

Kopite0417

Thanks for all the advice.

I have been in touch with an advisor specialising in RTB so hopefully they will be able to help with finding a lender.

Dave_Ham

We have done a few of these, but lately harder and harder and only got the last one through thanks to Senior Paper Monitors help as this is their specialist area (thanks again SPM)


Thanks again and OP clarify that your broker absolutely knows where to place this, as there is a very limited pool now..


All the best

Senior_Paper_Monitor

Pleasure Dave - glad to hear it helped.


The whole 'old people thing' is a nightmare at the moment !!!


With page 1 google rankings for 'guarantor mortgages' and 'right to buy mortgages' (probably c 40% of our work) our lives have been a misery with the consolidation of the last few months following the MMR over-reaction with regard anyone beyond middle age (whatever that might be).

bailliebhoy

hello I was wondering if anyone could help ? I live with my mum in our council house and we have decided to finally buy it.

I work full time and have a fairly good credit score i reckon from the "checkmyfile site", with the right to buy we are entitled to 60% discount off of the value so the mortgage I think will be cheaper than the rent and I intend to get insurance ect to cover for any repairs, damages and accidents ect.

However my mums credit rating will be poor as she has a sequestration in 2011 and she was only discharged from this in may 2012, she is also 60. As she is the continuing tenant the discount is gained by her name on the application but from my understanding both her sequestration (Scottish bankruptcy) and age might be issues in getting a mortgage.

Essentially I will be paying the mortgage and can easily do so on my own, but i wondered if anyone had any advice? Will any high street lenders be able to assist? any information would be appreciated

Contemptuous

Haven't you already started your own thread on this?

Confused..