Right To Buy?

strawie

Hi. Can n e one tell me their experience of getting a right to buy mortgage as i am now going through this process. How does the council value the property and is it resonable? Is the mortgage for definate as a tennant for a right to buy mortgage? Is the repayments alot more than the rent etc.
Please if n e one can let me know of personal experience i would be grateful as i am really scared

muskoka

Presumably you have applied to your local authority for the right to buy. They will send round someone to value your property - ensure you list on the application what improvements you have made. The local authority will then calculate the discount you are entitled to & advise you the selling price. You can then go to a high street lender who should have no problem offering you a mortgage subject to being standard construction property & your salary/credit ratings/etc. Whether it is cheaper than rent is dependant on the price you have to pay for the house? Wait & see. If you are happy there & can afford the repayments, then cant see that you can go wrong. Once you find out how much you can buy the house for, you can go onto numerous websites to calculate what your repayments would be if you took on a mortgage. Dont forget all the extras with being a home owner though i.e. water rates/buildings insurance, maintenance. Good luck

strawie

Thanks is it worth going to right to buy mortgage specialist like regency or oceans?

muskoka

I'd just check out one of the websites that give you best comparison rates on mortgages. Stick to high street lenders if you can? I've never used a broker, but some people do