We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Right To Buy - HELP!
mea3583
Posts: 5 Forumite
My friend is looking to buy his mum's council house, which get maximum RTB discount.
He has applied for a mortgage in principle through Nationwide, and has passed his credit check successfully and got a conditional offer.
It now appears from speaking to the council that to get the maximum RTB discount his mum must be a joint purchaser as she is currently the named as main tenant on the tenancy agreement.
His mother has a bad credit rating. That being the case can my friend continue to progress with the mortgage with Nationwide alone, even though his mother will have to be named on the deeds?
I'd welcome any advice here. Thank you
He has applied for a mortgage in principle through Nationwide, and has passed his credit check successfully and got a conditional offer.
It now appears from speaking to the council that to get the maximum RTB discount his mum must be a joint purchaser as she is currently the named as main tenant on the tenancy agreement.
His mother has a bad credit rating. That being the case can my friend continue to progress with the mortgage with Nationwide alone, even though his mother will have to be named on the deeds?
I'd welcome any advice here. Thank you
0
Comments
-
"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
My friend is looking to buy his mum's council house, which get maximum RTB discount.
He has applied for a mortgage in principle through Nationwide, and has passed his credit check successfully and got a conditional offer.
It now appears from speaking to the council that to get the maximum RTB discount his mum must be a joint purchaser as she is currently the named as main tenant on the tenancy agreement.
His mother has a bad credit rating. That being the case can my friend continue to progress with the mortgage with Nationwide alone, even though his mother will have to be named on the deeds?
I'd welcome any advice here. Thank you
I have you've got your tin hat on.
The mother is the tenant, she is the one with the Right to Buy and it's her discount that's being used towards the deposit for the mortgage.
As far as I know Nationwide don't offer sole borrower joint owner mortgages but your friend should verify that with Nationwide.0 -
Thanks again ... I guess the only way forward is to look for a 'bad credit' mortgage now for them both, which is a shame as his credit rating is high0
-
I have you've got your tin hat on.
The mother is the tenant, she is the one with the Right to Buy and it's her discount that's being used towards the deposit for the mortgage.
As far as I know Nationwide don't offer sole borrower joint owner mortgages but your friend should verify that with Nationwide.
Wrong way round - it would be sole owner, joint borrower if they did.0 -
As a family member, he can join her in the RTB, so would be a joint owner, but looking for sole mortgage.... As I said guess only option is to go to a bad credit mortgage company? Shame0
-
Really? I thought the OP's friend was looking for 1 on the mortgage and 2 on the deeds.
They are. The point I was making was no lender is going to entertain this idea. If they wanted to repossess the property, they need to have a contract with all owners with the right to live there.
Some lenders offer sole proprietor (owner), joint borrower however.0 -
As a family member, he can join her in the RTB, so would be a joint owner, but looking for sole mortgage.... As I said guess only option is to go to a bad credit mortgage company? Shame
Why does the mum want to buy it?
She has a guaranteed low rent and secure home for LIFE with no maintenance bills.
It doesn't make sense to give that up, particularly as she is clearly not good with money if her credit rating is so bad.
You should advise your friend that this is a really bad decision, and what is best for his mum is to keep renting her council house as she currently does. She has nothing to gain from buying it, but everything to lose.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Where will your friend live once the house has been bought and her son no doubt sells itAn answer isn't spam just because you don't like it......0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.7K Banking & Borrowing
- 254.9K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.3K Work, Benefits & Business
- 605.9K Mortgages, Homes & Bills
- 179K Life & Family
- 263.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards