Right to buy query

System

You have to have something tangible to start with to be a guarantor. Until the mortgage is approved and the house purchased there is nothing the aunt has that can be used as a guarantee to get the mortgage in the first place.

You can not use something that you do not own as a guarantee

Pixie5740

alethius wrote: »

I'm not sure - I'm truly ignorant when it comes to mortgages. Nobody in my family has ever owned property. I assumed the guarantee would be the house itself.

I like your signature!

The days of borrowing 100% of the purchase price are long gone. These days you need a deposit, at least 5%, to get a mortgage. In the case of RTB the discount can be used as a deposit but since it's your aunt's discount and not yours you can't use it. Likewise, the council will only sell the property to a resident of the property which you're not so as it stands you can't buy it.

Even if you could do this, how would you service the mortgage debt if your aunt was living there rent free?

theartfullodger

Have you thought of buying a place the normal way - estate agents, RightMove etc - for you to live in, get a normal residential mortgage, ..................

Cheeky_Monkey

alethius wrote: »

I suspected it would be impossible, thanks for confirming. I did previously read some threads confirming this, and the right to buy information, but wondered if anyone had any personal experience. I was simply trying to secure a childhood home that has 'belonged' to us since it was built - but you're right to be cynical. Most people aren't motivated by sentimentality.

Correction - it has never belonged to you or your family

theartfullodger

Yes: It would be correct though to say it has been your family's property all that time though

alethius

Cheeky_Monkey wrote: »

Correction - it has never belonged to you or your family

Yes, I know - hence the quotation marks.

alethius

theartfullodger wrote: »

Have you thought of buying a place the normal way - estate agents, RightMove etc - for you to live in, get a normal residential mortgage, ..................

Yes, I've considered it for a while, but my income is such that I can't really afford anything above 60 or 70k. There are some nice places in Sutherland, north Scotland, for that price, so I might move up there and hope for the best!

Running_Horse

This forum desperately needs a neutrally written sticky pointing out all the implications of buying an elderly relative's council house. Maybe one of our resident experts could write and paste it every couple of weeks.

Or a sub forum.

ethank

I accept that their may be sentimental value for you wanting to buy this house, however if it is not your tenancy, you should pay the going price for the property.

Why should you benefit from buying a taxpayer funded property at a reduced price?