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Right to buy mortgage
bailliebhoy
Posts: 14 Forumite
hi there I was looking to see if anyone could help with some advice please?
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? Would a lender be able to look at just me?
thanks
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? Would a lender be able to look at just me?
thanks
0
Comments
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Hi,
The mortgage lenders would not provide mortgage on just your name if the Right to Buy application is approved on joint names. Persons named on the RTB discount have to be on the mortgage.
If you qualify for the discount on your own, you can apply for RTB discount on your own and get the mortgage.0 -
hi expert thanks for getting back to me. I dont think it will be possible to apply just on my own, that being the case what might our chances of getting a mortgage be? will they be able to put mum to the side and just look at my financial history?0
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Unfortunately not. If your mum's name will be on the mortgage, the lender would be doing a credit search on her and looking at her financial circumstances as well.0
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hmmm not good news-i wonder if i could get it just in my name? seems like it might be the only way round it.0
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so ive looked into it and it seems it can only be with me and my mum on the right to buy paperwork-does anyone know of any lenders that might look at us??
thanks0
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