Advice on mortgage for right to buy council tenant

johncain25

Thank you for your advice.
Can the process take place without needing to discuss matters on the phone? Is it possible to send all my documents to the mortgage brokers and correspond by email? My disability makes it very difficult to use the phone.

johncain25

Good afternoon,

I did get a mortgage quote but they only offer 76K, which it not enough.   At the moment. I can only put up £4800 towards the mortgage, leaving a the mortgage requirement at £82,800. Is there any mortgage broker who would accept this?  Failing this, can you tell if it is legally acceptable for someone else (who is not a family member) to put forward £6,800 towards the mortgage without actually putting it in my account? Can they pay it directly to the solicitor or the mortgage company? Previous enquiry to mortgage broker: I have an enquiry about RTB mortgage for my brighton council flat. The Purchase price of flat (including discount) is £87,600; the actual market value before discount is £190,000; the government discount is £102,400; there are No Major Works and Improvements over the first five years of the lease; the Service Charge (cost for the current financial year) is £51.51 per month. I also have £3800 ISA instant access to put down as my personal deposit and £999 into my bank account. The lease will expire 125 years after the first lease was sold in my building. The first lease was sold on 09/07/2007. I was born **/6/73. If I get the mortgage I will still be receiving income-based ESA, as well as both highest PIPS. My outgoings per month are £280 including all bills etc. I have donate rest to charity every month. Is there a mortgage available at all? Kind regards, Mark

silvercar

Your questions are:

Is there a lender that would give you a mortgage of £82,800?
Is there a lender that will also accept a deposit gift of £6,800?

You need to find a mortgage broker that can handle this.

If there is then the normal procedure is for them to transfer the gift to your solicitor, so that is not an issue. 

housebuyer143

Can I ask why you give the majority of your benefits to charity? If you didn't you would have enough to buy the flat I imagine. PIP alone is significantly more than £280 a month. 

johncain25

Thank you silvercar. 
Thank you housebuyer143. Ever since I left school, I have given the remainder of my wages to charity once I have met my monthly needs. This is the way I live. When I die, the flat will be bequeathed to charity. 

silvercar

johncain25 said:

Thank you silvercar. 
Thank you housebuyer143. Ever since I left school, I have given the remainder of my wages to charity once I have met my monthly needs. This is the way I live. When I die, the flat will be bequeathed to charity. 

Entirely your choice. If you had saved the money, you would have been buying with a lower mortgage, so had more money from the sale to be bequeathed. Especially as you wouldn't be paying so much interest on the mortgage. then again, building up a large savings pot may have effected your benefits.