First Time Buyer

janis_2

Have just decided to buy my council house, get 50% discount. Do not have a clue with mortages and how to go about it. I have 2 months in which to close the deal with the local authority. Could anyone give me advice on how to get the ball rolling and find a good deal. Have a royalties account with Royal Bank of Scotland would this be a good option?

mancitychick

We are in the process of buying our first house. What we did was find a independant mortgage broker who could search the whole of the market.

Most do not charge a fee and by meeting with them and discussing your options you are not tied in to taking out your mortgage through them.

Joe_Bloggs

Do you have savings to pay solicitors/conveyancing and other fees ? Have you got a good credit history ? Check your credit files from Experian and Equifax just in case, as factual errors could add to delays. Have you proof of income (P60) and an upto date picture of your borrowing and expenditure.
The number of lenders who lend for a Right to Buy a council house is limited but does include Natwest (AKA RBS), Alliance and Leicester, Nationwide, Northern rock and many others . The number willing may also depend upon the type and construction of the property. The more facts you can gather the easier the choice for you and perhaps a mortgage broker if things get too complicated.
J_B.

janis_2

Joe_Bloggs wrote:

Do you have savings to pay solicitors/conveyancing and other fees ? Have you got a good credit history ? Check your credit files from Experian and Equifax just in case, as factual errors could add to delays. Have you proof of income (P60) and an upto date picture of your borrowing and expenditure.
The number of lenders who lend for a Right to Buy a council house is limited but does include Natwest (AKA RBS), Alliance and Leicester, Nationwide, Northern rock and many others . The number willing may also depend upon the type and construction of the property. The more facts you can gather the easier the choice for you and perhaps a mortgage broker if things get too complicated.
J_B.

Thanks, got savings for various fees and will check the credit history sites you have provided, how do I find a mortgage broker?

Fairdo_2

Blimey

You got a 50% discount.

I thought they had put a cap on the maximum discount now to about 18%!?!

Perhaps that's just in my area then.


When people come to me for a Right To Buy Mortgage, they have normally been given a letter from the Local Authority, along with a pack of information, that I would need to photocopy and provide to the Lenders that deal with Right To Buy.

There are several High Street Lenders that will deal with this and vast numbers of "Niche" Lenders. Many will prefer you to have a deposit for 5% of your share of the borrowing, but some will lend more if essential.

Do you have any money you could put aside as a deposit and for purchase fees.

I would need to know the "Open Market" value and subsequently the discounted purchase price, along with your earnings and any other liabilities.

If you'd prefer not to give them on the thread, feel free to PM me and I will be happy to go through options, back via the thread, (without personal information) so people know ho wthe thread goes.

janis_2

mancitychick wrote:

We are in the process of buying our first house. What we did was find a independant mortgage broker who could search the whole of the market.

Most do not charge a fee and by meeting with them and discussing your options you are not tied in to taking out your mortgage through them.

Thanks, was a bit wary about brokers, but now think will give them a go.

simonkirkland

Martin recommends London and country... http://www.lcplc.co.uk
And so do I....

They don't charge a fee...

Simon