Right to buy mortgage

Reddevil40

I was wondering if i can get a mortgage on my right to buy house? I've lived in the house for 25 years so can get 55% discount. The house is worth about £140000 and i could get it for around £62000. Does anyone know if they would take the discount as my deposit? Also do the major lenders give mortgages on right to buy properties. I have a decent job and an annual salary of around £55000. My credit score is quite good around 850 on experian. Any answers would be greatly appreciated. Thanks in advance.

ACG

Some lenders will use the discount as yo deposit, others will want you to still put in an additional 10%. Some high street lenders will be fine with this.

Pixie5740

Lenders don't use your Experian credit score and Experian don't lend money.

What your credit score really means

Reddevil40

I know experian don't lend money but lenders do use credit agencies or do you think you can get a mortgage without them checking your credit? mmmm i don't think so.

David_White

The only issue I can see is you being a Utd fan

There are lenders out there which will use the discount as your deposit. It will largely depend on what information is on your credit file.

ACG

Where is the issue there? :P

Pixie5740

Reddevil40 wrote: »

I know experian don't lend money but lenders do use credit agencies or do you think you can get a mortgage without them checking your credit? mmmm i don't think so.

Yes lenders use the information in your credit files but they do not use the score generated by Experian so the fact that Experian give you a score of 850 means diddly squat.

chelseablue

When my parents purchased their council house Nationwide provided the mortgage so yes there are high street lenders that offer RTB mortgages

steve4mandy

We used Nationwide. They were very quick, unlike the council legal department. Nationwide use your discount as full deposit.