Right to Buy - £80K property, 50% discount

edited 30 April 2019 at 4:13PM in Mortgages & endowments
4 replies 555 views
Jack19901Jack19901 Forumite
3 Posts
edited 30 April 2019 at 4:13PM in Mortgages & endowments
Hi there,

I got an offer to buy the council flat I live in.

It's worth £80K and I get 50% discount, so I have to pay £40K.

I tried to get a mortgage, and I had a decision in principle, but the flat I live in, didn't meet the banks criteria for a mortgage, so they refused it in the end.

So my brothers are trying to help me buy it.

I got 40% of the money. I'm borrowing 60% from my 2 brothers - they are helping me out without conditions.

My questions are:

1- Will it be a problem if I borrow most of the amount required? It's all legit money. My brothers have been working and saving for many years.

2- If I do purchase the flat, is it likely that the council will refuse to buy it back in future?

3- Are there different criteria for 'borrowing' and 'gifting'?

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