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Any mortgage advisors I can ask for advice?

4 replies

Dipdipdoo · 15/04/2015 15:42

namechanged .
Me and dh are council tenants and are looking to buy our council property on the right to buy scheme, valued at £116000, with my discount, we would get for £86000 or thereabouts,
But we have massive debts totalling £30000 Blush through many different reasons.
We both work full time approx income is £43000.
My husband has read that with a right to buy you don't require a deposit and you can maybe lend more than the 86000 I would get it for (LTV??)
Would we be able to do this and pay off debt ?
Would we even be considered for a mortgage with the debt we are in ?
Tia

OP posts:
Bearbehind · 15/04/2015 19:08

Sorry OP, the simple answer is there absolutely no chance of you borrowing £30k more than your house purchase.

Sunseed · 15/04/2015 21:31

Some lenders can be a bit funny about right to buy because of the restrictions on sale that apply. Doesn't make it attractive security for them.

CookieLady · 15/04/2015 21:39

You can't borrow more to pay off your debts. As to whether you can get a mortgage is dependant on your age, if you have children and how much it's costing you a month to service your £30k debt.

Vinomcstephens · 16/04/2015 22:01

I'm a mortgage adviser and cookielady is right - you can't borrow more to repay debts. You don't have to put down a deposit with Right to Buy and you CAN borrow extra for home improvements but not for any other purpose.

To be honest, with the income you declared, even with the debts you have it might be possible (but the number of children/financial dependents you have will affect the overall affordability). I'd suggest going into a few different lenders websites and having a play about with the mortgage calculators to see what you may be able to borrow?

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