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    • nyawton
    • By nyawton 2nd Oct 17, 9:53 AM
    • 7Posts
    • 0Thanks
    Right to Aquire, Mortage
    • #1
    • 2nd Oct 17, 9:53 AM
    Right to Aquire, Mortage 2nd Oct 17 at 9:53 AM
    Hello all, Me and my wife have just been approved for a right to aquire scheme in our current house.

    We are now waiting for a valuation & offer of a discount.

    We currently have no funds for a deposit, Am I correct in thinking that the discount can be used in place of a deposit? I believe we will be offered anywhere from 1 to 16%... I have no idea how this is worked out, if anyone can help answer these I would be grateful.
Page 1
    • marliepanda
    • By marliepanda 2nd Oct 17, 2:05 PM
    • 5,869 Posts
    • 12,439 Thanks
    • #2
    • 2nd Oct 17, 2:05 PM
    • #2
    • 2nd Oct 17, 2:05 PM
    You can use it as a deposit, however, depending on how much the house is worth and what mortgage you can raise, it may not be enough (Anything below 5% is unlikely to fly) and then it depends on your income.

    You will have to factor your recent loan into your afforability as well.
    Last edited by marliepanda; 02-10-2017 at 2:14 PM.
    • csgohan4
    • By csgohan4 3rd Oct 17, 7:50 AM
    • 4,537 Posts
    • 2,835 Thanks
    • #3
    • 3rd Oct 17, 7:50 AM
    • #3
    • 3rd Oct 17, 7:50 AM
    I hope you have fully thought this through, in exchange of a safe tenancy for long term, you will be responsible for all repairs now and any lease renewals if applicable.

    Fall behind on mortgage payments and you could lose your home and be homeless. The council may regard you as intentionally homeless

    Do you know how much a broken boiler or new roof if applicable costs? I am concerned you do not have any deposit/savings as maintaining a home is quite expensive.
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
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