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RTB, Your council house

johnny bravo

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I have decided lokking into right to buy your council house,  RTB. This was a few months ago,     The council sent there Valuer out, £80,000.   was his verdict.      Wrong i though, way toooooo high for an inner town house.

Value 10 years ago was £70  2  £85000

Now with all migrant issues in my town Middlesbrough   Prices have plumitted.

I got the District Valuer to value it,  His decision will be final,  Got it yesterday,      £62000.       With 28 years as a tennant = 58% discount.   = £26000, 3 bed, driveway, garden, cul de sac.   Now to get some loan,     They say being self employed is awkward some ways.     Ill find out


So the difference in Valuations is £18000.   Big difference.     


If you are thinking about RTB     Get a few local estate agents to value it, pretend its your home to sell, and get real local valuations to work from.


I think the COUNCILS Valuer may have been working on Commision,   TWATIE.


Now to start looking at loans.


I know this is nothing about window cleaning,      Get a second valuation if not happy with Councils

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I got my first mortgage 17 years within 6 months of been self employed, If you have an accountant he will be able to organise copies of the forms needed, Their is a specific form required which shows your profit which HMRC produce and that is the only form of income proof the mortgage lenders accept. 

Mortgage lenders want you to jump through hoops and know how much you spend on shopping, utilities and beer etc all part of the lending criteria to make sure they are a responsible lender, If you have been self employed a good few years with decent profit and your partner works it should be fairly easy and you will get a decent mortgage deal.


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It's all changed nowadays 

I got my mortgage in 1999 on just my wifes salary.. they didn't even need to see mine as i was self employed but had 60k deposit from the sale of my dads house that me and my brother shared after he passed

Nowadays that deposit wouldn't even make a difference since the bankers screwed things up

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Just as well you persevered with the District Valuer, it makes you wonder if you're helping the Council fill the funding shortfall!

I don't know how nowadays you'd go about raising the finance for the house, how many years accounts you need etc.

We bought back in 2004 (before the crash). It was so easy then, my Financial Advisor arranged me a Self Certified mortgage, which basically was a loan without proof of earnings paying 1.25% above the base rate, which isn't too bad.

We sold our old house and "only " needed 65k, to put towards this one, The FA said we could borrow up to 250k which is crazy!

You wonder why we are in the mess we are in.

Good luck.

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i do my own self assesment  and send to hmrc,  no accountant, no bussiness account, just people paying Bacs, and Gocardless coming in own account

maybe a loan will be better, ill be needing around £15000, hopefully over 5 years

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