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Right To Buy & No Deposit

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hdr
hdr Posts: 34 Forumite
10 Posts Second Anniversary
in Mortgages & endowments
Hi

Me and my partner are looking to buy our first home. It’s a council property and we have applied for the Right To Buy scheme and have received the valuation.

My question now is can we actually get a 100% mortgage with a poor credit score and it being Right To Buy?

Any help would be grateful.

Thank you
«1

Comments

  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Only good news is that you dont have a credit score, bad news is that 100% mortgages are not very common, you may be able to get one with a guarantor.
  • hdr
    hdr Posts: 34 Forumite
    10 Posts Second Anniversary
    We both have a poor credit score and no chance of a guarantor. :/
  • ACG
    ACG Posts: 24,540 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    You can use the discount as your deposit and not need to put in any deposit for most lenders when looking at the RTB.

    When you have bad credit and are wanting to purchase under the RTB, depending on the finer details there are only really 2 lenders who may consider you. But it may only be minor adverse giving you more options.

    You could do with getting your credit reports infront of an experienced mortgage broker really.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • hdr
    hdr Posts: 34 Forumite
    10 Posts Second Anniversary
    Any idea who I could contact?
  • Neutrinno
    Neutrinno Posts: 310 Forumite
    Seventh Anniversary 100 Posts Name Dropper Photogenic
    hdr wrote: »
    Any idea who I could contact?

    You don't need a guarantor or 100% mortgage if it's a RTB, discount will be your deposit if you don't have one.

    You will need to contact a mortgage broker, ideally one who has experience in dealing with customers who have had previous credit issues if that's the case.
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ACG
    ACG Posts: 24,540 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    hdr wrote: »
    Any idea who I could contact?

    Call up one or 2 Mortgage brokers and have a chat with them. See how confident they sound? Just make sure any broker fees are only chargeable on full offer of a mortgage or completion.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    Be careful with RTB, if you don't have a deposit, you have to factor in repairs.


    Also you lose your secured tenancy




    https://forums.moneysavingexpert.com/discussion/5789909/new-roof


    https://forums.moneysavingexpert.com/discussion/5856039/service-charge-being-billed-for-5000-major-works
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • hdr
    hdr Posts: 34 Forumite
    10 Posts Second Anniversary
    Our home is an end terrace and the only council property left in row. We have recently had a new roof (last year). So I would think those two links doesn’t apply to us?
    Thanks for the heads up though.
  • ACG
    ACG Posts: 24,540 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I have not read those links, but home repairs can be anything:
    Damp, new boiler, subsidence etc. It is never a bad idea to have a little emergency fund set aside for problems that can arise.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    What's the rush to buy ? Why not get out of your credit issues and build some savings to account for home maintenance and other issues first ?
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