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Scottish Trust Deed Forum
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Topic starter
02/01/2015 10:10 am
Hi folks. But of background firstly. I am 18months into my td. As some of you may be aware the council are stopping the buying of council houses in August 2016. My partner would be able to get a mortgage but we won't be applying to buy until the beginning of 2016 at the earliest. My question relates to the £15000 discount when buying. Will this be taken into account as part of the deposit when applying for a mortgage or not?
02/01/2015 11:06 am
Hi there
im pretty sure that if its in your partners name (mortgage) then basically this has nothing to do with your TD and as such is not an issue, maybe the experts will take a diff view but thats the way it looks to me!
02/01/2015 11:11 am
Hello notntodeedyet.
That's a question to ask a mortgage broker or mortgage lender rather than us. I'd have thought it would be though given that it represents security for the lender, but I don't know for sure.
You'll need to be very careful if you're to be the joint owner of the home. If you're not discharged from your trust deed it might be seen that you have acquired an asset.
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Topic starter
02/01/2015 1:01 pm
I'm not proposing to get the house whilst in td. Just wondered about whether or not the right to buy discount would be accepted as a deposit. Thanks for replies
02/01/2015 11:16 pm
No it isn't......... Your deposit is a percentage of the cost of the property....
03/01/2015 10:24 am
Thanks Porcupine.
Not knowing much about this I just had a read around online.
It seems practice varies between mortgage lenders.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
05/01/2015 2:05 pm
Thanks for the info folks. Seems to vary between different mortgage providers so will just need to shop around when the time comes
05/01/2015 5:54 pm
I did the same thing and checked for some information and it appears that the position varies from lender to lender. I wonder if the difference is that some will look on a deposit against the purchase price while others will look at the deposit against the value and if the discount is sufficient, then this may constitute the deposit.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
