FTB Needs much advice please.

vultura

Ok, I still live at home with parents in local council rented house. I am looking to purchase the house under the Right to Buy scheme.

Completed the forms, which the council have processed and admitted the right to buy (both myself and father (tenant) listed on the paperwork). The council retained surveyor has been to value the property, though I don't think he did much of an inspection.

Waiting now for the valuation/offer to arrive from the council.

So up to now I have just been completing forms and following procedures, but am lost as to which steps I need to take next and who I need to contact/speak to make progress.

DilbertJones

Surely you need to arrange a mortgage?

herbiesjp

Have you seen what kind of mortgage you can arrange?

vultura

Thanks for the replies, as you can tell I am a total novice at this. Didn't know (and still don't) know the order to do things, hence my asking.

I can understand that most buyers would need to arrange a mortgage first (presumably based on income), then go look at properties they can afford. In this case I won't be looking at other properties and as yet have no idea as to final figure/details that the house will be offered under, so didn't think a mortgage could be sought/arranged on such unknowns, do correct me if I am wrong.

vultura

No one else have words of advice?

Ok, lets change tack. Is there an idiots guide someplace I can refer to?

fruityslh

I would start speaking to mortgage providers or a financial adviser to see how much they will lend you for a mortgage ( I think it's called a mortgage offer in principal or something, but I could be wrong) and then wait for the valuation to come from the council to see if you can afford to buy. Also Don't forget that you will also need a solicitor to deal with all the paperwork if you decide to go ahead, which will also cost, so maybe start asking around if anyone knows a good solicitor and find out what they charge. I wish you luck and hope that you are able to buy your home

Tilliebet

When you talk to mortgage lenders they will tell you the maximum you can borrow and give you an idea of the how much that will cost. The propertly price might be an unknown but your income hopefully isn't and that is what they use to make their decisions.

You're not under any obligation to borrow the money offered so there is no harm in going around and seeing what they will offer you right now.

I hope that helps.

Tilly.

vultura

Thanks for the replies.

LouLouHelen

Hi

Have a look at https://www.unbiased.co.uk. They will tell you the independent mortgage advisers in your area. Call/e-mail them. They will tell you how they work and how they get paid. You want to know they have access to the Whole of the Mortgage Market place' you also want to know that they offer a service where they DON@T charge you a fee but instead take a Procuration fee' paid from the lender for placing the business. AS they are Regulated they have to explain all of this to you. Once you are happy with those issues - get them on the case. No all lenders will offer mortgages on a Right To Buy scheme and you could be trawling the net and wasting some time doing it yourself when there is someone out there who can do it for you at no cost to you. They should explain the whole process to you and search all the lenders to find to most suitable deal. As that is what they do for a living they will be a good source of knowledge and experience if you are a newcomer to the whole housebuying thing.

Good luck.

vultura

Update: Valuation came through from Council, actually lower than I thought it might be.

Made contact with independant mortgage adviser and they found me quite a good deal with Nottingham BS. Market was limited by RTB scheme and concrete construction of house, as many lenders won't support these. Just need to sort the paperwork now, insurances, etc and then put in application to Nottingham BS.

Conrad

Nottingham arent usually too good on concrete so be sure your construction type (eg Wimpey no - fines) is acceptable before parting with cash.

Also you mention parentS, but then say just you and Dad are on the RTB agreement. Make sure the lender are happy to allow a third party to reside before proceeding further (some lenders arent happy as they are concerned they cant reposses as a third party has rights to dwell).

Hopefuly these issues arent a problem though.