Right to Buy mortgage

bazvw205

Evening all, myself and my wife are looking to buy our council house, we are currently at the stage of sorting a mortgage, however, having 4 kids we have no deposit as such. Speaking to a financial advisor he has told us we can use the discount as deposit? before I pay him his £600 fee to sort it could I do it myself? If so, is there specific mortgages to apply for that will allow this?

nubbins

I wouldn't be paying a fee, get a fee free broker who will get a commission from the lender for sorting a mortgage for you

bazvw205

nubbins wrote: »

I wouldn't be paying a fee, get a fee free broker who will get a commission from the lender for sorting a mortgage for you

He has offered it this way but by buying life insurance from him which is all good but me being me was trying to save some money, the life insurance he was offering I could get at almost half the price for the same cover

Mokka

Most lenders who will consider RTB will regard the discount as the deposit. With 4 kids you should think long and hard whether to buy. If you google RTB mortgages it will come up with several lenders- check their deals. It is usually much easier to buy a house than a flat, so providing your credit records are clean and you do not have debts you should not really need a broker.