Right to buy Mortgages

Revend1963 · 12 February 2015 at 12:22AM

Hi! I've recently a right to buy offer through a south London Council. I've received the maximum discount offer of £102700 My one bedroom 1st floor flat in a 5 storey 1930s built building was valued by the council at £320000 with the discount offer the purchase price will be £217300. I'm now about to explore mortgages and just to start off so far I'm looking to meet with Halifax and TSB. I've pick these two from a site recommending the top 10 right to buy mortgages these two where in the the 1st & 2nd position of recommendations.

If anyone has any advise to best mortgage providers offering right to buy products or if a broker the best way to go / recommend any good brokers in the London Wandsworth area I would be so grateful for any positive pointers.

Regards

Mokka · 12 February 2015 at 10:53PM

With a low-rise '30s building you shouldn't have a problem with getting a mortgage- only a handful of lenders have a strict 'no ex-LA' policy.
So I would go about this as looking for an ordinary mortgage: check your credit records, see whether you can really afford the repayments, think about potential £15K future bill for repairs to the block etc.
WHether you want to go through a broker depends on how much you like to do the research/legwork yourself. If you would rather not, then pay someone else to do it for you.
Unless there are some other obstacles to you getting a mortgage, which you haven't mentioned, such as high current level of indebtedness, bad credit record, low income etc, in which case you might benefit from an expert advice (which might be 'do not buy yet').

Revend1963 · 15 February 2015 at 8:49PM

Thank's Mokka. My possible obstacles would be I am 51 years old with nearing twenty one thousand pounds savings that could be contributed to deposit. I work full-time with gross annual pay 32372.00 pounds with a small pension pot of around 38000.00 pounds. Plan is to work until state retirement age. I have no debts currently and I have a good credit history, so with this it looks like my only affordable option is a 95% Mortgage. Would you have any advice on who best to approach for such leading rates. TSB where prepared in principle to lend but on a larger additional deposit than I could afford.
Kind regards