Right to buy - poor credit

Benjo247

Hi all,

Apologies if this topic has already been covered, I couldn’t find answers to my queries.

I’m after a bit of advice please.

Am looking to buy my council flat/maisonette which is being valued a c.£130,000 and my discount of £82,000 has been confirmed. Mortgage value should be in the region of c.£50,000.

I have a ccj (£900) that’s a couple years old and its satisfied. I also have a default that’s a year old and is now satisfied.

Am currently working and earning £50,000.

I have searched around for a few weeks and the majority of poor credit lenders don’t do RTB. Will I be able to get a mortgage and what sort of rates should I expect.

Please could you recommend some brokers as well.

Thanks.

Slithery

Just save half your wage for the next 2 years and buy it with cash?

Benjo247

Thanks for yout response but am looking for a mortgage even with slightly high rates.

LilElvis

You earn £50k and yet don't have any savings to put towards the purchase? Or have I missed something?

Benjo247

I have £6k savings that i can use but didn't think it was necessary because the discount would act as the deposit. I have also just started earning £50k and don't have any debt.

strawb_shortcake

Not all lenders will accept the discount as the deposit, Barclays for instance wanted us to put £10k towards the purchase. We went through a broker and got our mortgage with Natwest.

Benjo247 wrote: »

I have £6k savings that i can use but didn't think it was necessary because the discount would act as the deposit. I have also just started earning £50k and don't have any debt.

Benjo247

Thanks Anna. Do you mind if i ask which broker you used. I think if i tighten things up, we can get to c.£10k savings in the next 2-3 months which is 20% of the value we hoping to get.

strawb_shortcake

I used a broker through my employer so not a high street one, I think they cover the police and some government bodies.

Benjo247

Thanks for the quick response.

Does anyone recommend any brokers? Thanks.

ACG

Have a look for brokers who specialise in adverse. This is one of those where the LTV and your income will be help so it could be possible to get normal rates, but you may find the default being recent means you end up with rates of around 4% - difficult to say but it is a borderline case for normal/specialist rates.

Benjo247

Thanks ACG.