Right to buy Mortgage

kiddo123

Hello

Im currently in the process of purchasing my council property. The price will be around 110k after discount (Not verified yet, just going on market rates).

I would like to know what anyone thinks about my mortgage eligibility

Also, would my partner be able to join my on the mortgage (not on tenancy)?

I earn about 21K but have about 5k debt. I probably pay about 500 a month towards it all.

My partner earns about 35k but does have about 12k debt, he pays about 700 a month towards it.

We have 1 dependent.

As im writing this post I have realised that we do have a lot of debt between us but its manageable, we never miss payments plus the mortgage would be the same price as the rent we pay currently.

Any advice would be appreciated.

Thanks

Senior_Paper_Monitor

Both on purchase jointly and mortgage affordability with debt it sounds doable (subject age, credit history and other detail) -a broker experienced in RTB will help you through both components

kiddo123

So you think it would be possible to add my partner to the mortgage without him being on the tenancy?

We are both 34. My partner has had wonga loans in the past though and he does live in his overdraft. I presume these would have a big negative affect on someone lending to us?

Senior_Paper_Monitor

As I said "(subject age, credit history and other detail)"

... my recommendation is get in touch with a broker who has RTB experience and they will guide you through the whole thing - we cannot do so on a forum.

kiddo123

Ok thanks for your reply.

kiddo123

Hello again , sorry to pester but do you know any good rtb brokers in the London area (I presume they would need to be in my local area)? Thanks

Senior_Paper_Monitor

If you want face to face contact they will need to be local (try google) i.e "right to buy mortgages rickmansworth".

There are many advisers (particularly those that deal with specialities) who do much/most of their business remotely with no difficulty. (i.e search "right to buy mortgages").

LilPretty

kiddo123 wrote: »

So you think it would be possible to add my partner to the mortgage without him being on the tenancy?

We are both 34. My partner has had wonga loans in the past though and he does live in his overdraft. I presume these would have a big negative affect on someone lending to us?

Hi,

I am not sure you can add your partner to the mortgage - the RT offer will only be in your name as he is not on the tenancy - so it might be an issue...

Wonga loans n overdraft - could pose a potential issue - from what I have learnt on this forum - 'short pay day loans (such as wonga etc) reflect poor money management' - I stand to be corrected.

The RTB mortgage are slightly complicated - due to the 'discount offered n certain clauses'.. in my experience (buying my rtb), i have found it a bit challenging - esp if you have credit issue - ie defaults/ ccjs/ late payments etc...

Also a lot of the lenders that deal with adverse credit do not seem to deal with rtb offers.

I found myself in a similar situation - and i stepped back one yr - rebuilt my credit (still doin that) and 'cleaned up' my spending / saving - then approached my high street bank.

Apologies for the long winded post..

LilPretty

Apologies - your repayment may not be same as your current rent - mine certainly isnt - I saw a 100% rise - and that is from a good offer from the high street bank. - Council rent was #480, repayment mortgage is #880 on #210k loan.

My local authority states - that you can add a spouse / fam etc to your tenancy - wait 1yr and the added party would be included on ur RTB offer..

It may be worth you doing that - gives you 1yr clean up a lot as much debt as you can etc.

I did step back one yr as earlier mentioned - when I re-applied for the rtb - house price went up by #10k.. i actually thot it will be alot more as I live in a highly priced area..

Hope it helps - all the best

chelseablue

My Mum and Dad purchased their house from the council using the Right to Buy Scheme.


My Mum was named on the tenancy but my Dad wasn't.


But this was in 1997 so it may have changed since then