Right to buy mortgage

Questions and Answers

can i get buy to let mortgage if i don't have permanent right to remain in Uk?

A) yes but you will have to prove that the mortgage will be paid

right to buy,if i accept the councils offer of right to buy do i have to have a mortgage in place?

Q) how much time after acceptance of offer do i have to find a mortgage

A) I suggest you contact your council and ask how much time you have to complete the purchase. Either that or they may have put it in the written contract they sent you offering you the 'right to buy'. Check the small print.

my rent is £65 weekly if i was to buy the mortgage would be £430 including insurance .?

Q) if i was to buy my house the mortgage is £430 monthly whereas i only pay £65weekly for rent would you buy it and hope you can find the money every month. I only have a part time job which pays £125 weekly.

A) The mortgage company may be unwilling to give you a mortgage as you are in part time work. You have to satisfy them that you are able to afford the loan before they give you it. I also have I'm a CeMAP (the lowest form of mortgage/finance advice qualification), as well as my FPC's and managements accounting exams. I can tell you now, most (responsible and reputable) lenders will be scared off by a part time worker. Your income is far too low for a mortgage. Unless you live on the uppermost Scottish Isles you'll never afford anywhere. The best you could do is perhaps go into a joint mortgage with someone who has a higher income than yourself, perhaps one of your parents would be willing. This way the amount you can lend will be roughly 3 times what they earn with your amount added on the end. It would be a good idea to have a deposit saved up as well, around 10 000 + is a good amount (depending what you want borrow of course but that's about average) The very best thing you can do id visit an IFA (not a mortgage broker, they give shit advice). An IFA will (in theory) give you independent advise (meaning no-one is paying him to push their products). He will also be able to realistically tell you what your options are. IFAs are also free so really it s a great source of info that should be tapped. If I were you I would continue to rent as you save each month towards a deposit.

My ex partner lives in the house we bought together.Been told to take out buy to let mortgage, should i,can I?

Q) I have a son with her and therefore I continued to pay the mortgage so my son could continue living there and this replaced me paying child maintenance. Now finding it hard to get on property ladder again and she won't move out, buy me out or let me be her out. Spent £3000 on a slicitor and got nothing other than parental responsibilty, which of course is great, but got nowhere regarding the house. Can't even get a decent mortgage lender to give me a good fixed rate as I don't live there. I have recently been told to go for a buy to let mortgage, but unsure if I can without her signing something and unsure if this is the right way to go. Left two and a half years ago and it pissing me off. She living rent free and my monthly repayments keep going up. Any ideas??

A) If you own it, and have not signed anything giving her possesion, live there. Enjoy your child, and the rest of your house. If she doesn't like it, she can move.

Buy-to-let mortgage?

Q) Someone said i needed a commercial mortgage to buy a block of flats which i plan to rent out, but i was sure i needed a buy to let?! Are they the same thing, or is one of us wrong?! Furthermore, in what way and how much more expensive are Buy to let mortgages than normal mortgages? PS i'm thinking of a repayment mortgage here

A) I am not sure I would ring up a building society that you like the look of and trust and doesn't have high rates.

can i get a mortgage to buy my dads council house?

Q) my dad is a council tenent my plan was to move back home to buy his house with him as he cannot get a mortgage. the reason to buy his house is that we get a big discount we can not afford houses on the current market,this way we get on the property ladder but at a much less price has any one done this and could any one help with mortgage advice. thanks

A) To qualify for the Right to Buy you need to have been a public sector tenant for a minimum of two years, so you will need to move in with your father and have your name added on to the rent book for 2 years

Cash or mortgage to buy an investment property?

Q) I have cash to buy an investment property but I heard it's better to set up a mortgage for tax purpose. Can anyone explain the reson why? It is said that setting up a mortgage is advantageous because the mortgage interest is deducted from the rent income, so there is a tax benefit. However, by the time you pay up the mortgage you will end up paying a few times more than the actual sale price. Is it still a good idea to set up a mortgage? If so, why?

A) Because you are able to utilize the mortgage interest on your income tax return - thus reducing the total price by the amount saved in taxes.

Should I buy a house by taking a fradulent mortgage?

Q) The problem is that I cannot afford a house on my salary but all my friends have bought one. Should I take a fradulent mortgage and buy a house? Will prices continue to rise and make me very rich?

A) No because it will probably end up being repossessed if you can't keep up the payments or if your mortgage broker finds out. Plus you willl be rendered homeless.Then your credit will suffer and you will never get a mortgage again. Wait until you are financially in a position to apply for a mortgage legitimately.

How do I get a loan/mortgage to buy property abroad?

Q) I'm a recent graduate looking to buy a property in Turkey. I don't have the option of remortgaging as I don't own a house. I asked my bank about getting a personal loan/mortgage of between £25k and £35k but they won't lend money if it will be used to purchase property abroad. Can anyone give me some advice?

A) Try a Turkish bank operating in the UK

does anybody know if there is a special type of mortgage,to buy a house,renovate and sell straight away?

Q) I WOULD LIKE TO BUY A RUN DOWN PROPERTY TO RENOVATE AND SELL AGAIN AS SOON AS IT IS FINISHED,WOULD THIS BE A BUY TO LET MORTGAGE OR IS THERE ONE OUT THERE FOR THIS TYPE OF THING ?

A) If you buy a property as an investor you will probably be getting a max of 80% ltv (loan to value) and your rates will be a bit high. As an investor your score has to be atleast a 720 and you have to already own a home that is currently listed on your credit report. You can try a Hard Equity lender. They will let you borrow money on the equity of the home and they usually only give a max of 65%. They do not check your credit, job etc. All they look at is the value of the home. But their rates are ridiculous. I'm talking about a 15% rate. I don't know how bad the property is but you can also by the home as your primary residence (if you don't own anything else) move in and do the renovations while your living there. If you do it that way then you can get a normal rate and you can get 100% financing (a full doc loan).

Looking for a first right of refusal form to buy my mortgage at a discounted price when it's sold by my lender

Q) When my lender goes to sell my loan to another company so that they may gain more capital to lend more money. This first right of refusal gives me 30 days, upon being notified by the lender that they are interested in selling my loan at a discounted price, to find the financing to purchase the loan from the lender. Its been done but I just can't find the freakin form I need or a lawyer that is aware of this advatage.

A) This form may be state specific so I am not sure you can use it http://www.network-data.co.uk/downloads/mortgage/Norwich%20&%20Peterborough.pdf But if this is no good this site is great - www.USLegalForms.com

When is a 2 /1 buy down mortgage the right thing to do?

A) this is tied directly to the interest rate and if you have a low interest rate and not a arm -- not right for you!!!

Help determining how much mortgage company paid to buy a loan in pre-foreclosure?

Q) Question for your real estate investors out there. I am aware of a property that is in pre-foreclosure. I happen to know that the mortgage on this property has been sold a number of times (I realize that this is very common in the mortgage industry). However, the company that holds the loan now is one of those last stop mortgage companies. They buy mortgages that other companies have written off as bad debt. Is there a way to find out how much this company paid when they bought the loan in question?

A) Look at your county treasurer and auditor.

How and where would you buy mortgage notes?

Q) Where can I go to buy mortgage notes? How does the whole thing work? After I purchase, how would I receive the monthly payments, who to contact, where to store the notes, etc etc. Um, is there a book, website, or a class I can take or learn from? Where should I start?

A) Most large cities have people whose business is to sell mortgages. Ask your friends that sell real estate. You just pay for the mortgage and it is assigned to you. The mortgage seller will tell the person that is making the payments to send the payments to you. You should store the mortgage and notes in a fireproof safe deposit box. If you need more info, look up my profile and send me an email. BOB F

If your name is on title (deed)to buy a house you are responsible for mortgage also. Right!?

A) hello, here's a few links that might help you to find out : http://finance.ebookorama.com/ also perhaps here: http://credit.ebookorama.com http://credit-repair.ebookorama.com http://credit-cards.ebookorama.com if you get any luck please don't forget about me lol, hope it helped you, thanks!

where can i buy mortgage leads from? I am a loan officer, and if u r d 1, where do you buy leads from? Ne idea

Q) I want to close more loans, where can i buy leads from, is it good to buy leads from those whole do cold calling? How much it cost per leads? please give me as much information as much you can, thank you

A) Generate your own leads, it will take you about 3 months to start generating the type leads that you are seeking but if you decided to work a ceretain area of the city in which you live and also close to the place where your home is located, you will generate leads directly as well as referrals. Work this are very diligently, become an expert in the area, become a friend of the home owners in the area. Select about 5000 homes in one tract, send them a flyer introducing yourself as the new loan officer for that area. Send the flyers for about 3 months, 4 if you like. You may walk the area and place the flyers on the doors of each home, hire some kids from the neighborhood to do this while your supervise, get your kids to do this and help dad, of course reward them with a meal and some change. The flyers should give a little bio or yourself, the services you offer, refinace, first time home buyers,one or two popular loan programs you have available. Place on the flyer that you will give a referral fee of at least $250.00 per referral or what ever amout you want to give a referral fee. You should also work the commercial shops in the same area placing the same flyers in liquor stores, barber shops and any other place that will allow you to place your flyer. You can purchase the stands for the flyers from Staples or Office Depot. After placing the flyers for 3-4 months in your 2nd or 3rd month you should be getting calls to your office. You should start a monthly newsletter to the same people. Your title company can provide a farm package with the names of the home owners. Your team members can write article for your newsletter explaining there services. Since you have made friends with the commercial shops that allow you to place your flyers in their shops, you can offer them ad space in your newsletter to help with the cost of the newsletter. The $1000. 00 you would use to pay for these leads that are sold to others as well as yourself could go toward your newsletter. This would be a part of your advertising/marketing budget. You should also establish a team of experts to work and help you in your job, a real estate appraisal, a notary, a real estate agent, an insurance agent that sell home owner's policies,your title rep, a CPA, an attorney and tax preparer. Make friends with all these people give them about 10-20 of your business cards, tell them you will pass out their card when you run across someone that need their service if they will pass out your cards when they run across someone that need your services. Give them some of your cards. This will get you referrals. You should make contact with your team at least once a week by telephone or in person. This is very hard work, but will pay off in the long run and you will never have to pay for a lead that is sold to at least 4-5 people including yourself. Your leads will call and ask for you directly. In about a year you should be well on your way to getting loans as well as referrals from your area. I hope this has been of some use to you, good luck. "FIGHT ON

Rent to buy mortgage?

Q) If you rent to own a home, how exactly does that work, does it mean the owner would obtain the fiancing for you, or would you have to obtain it yourself after a certain time period would be over? I live in Ca and I wondered if the mortgage payment would be less than a traditional mortage payment, and if its a good thing to do?

A) There are two basic types of "rent to own" type systems. One is the right of first refusal and the other is the option to purchase. Under either one of those you execute a lease for the terms along with an agreement (the controlling instrument) identifying the type of system you are using and what the terms are going to be and the instruments that will be used as exhibits to the agreement. There is no offer to purchase agreement attaching to the controlling instrument on a right of first refusal. Then under the option to purchase you execute an offer to purchase instrument which is basically accepted by the buyer and seller and used as an exhibit to the controlling instrument. This offer agreement is executable on a future date and premised on the agreement (controlling instrument) signed. The payment on either one of the systems is based on how much will go to rent and how much the seller/landlord will credit you towards the purchase price as a down payment. The purchase if you then choose to execute will be financed by either the seller or you will have to go and get financing. If you choose to not exercise the option to purchase or the right of first refusal then any credits you have been accumulating will be considered rent.

Can you buy a mortgage without living in the state that property is located in?

Q) I live in Miami but want to purchase a home in San Antonio, Tx. I wouldnt be moving there any time soon since I stil have to finish my school program. I intend on buying and renting out until I decide to make the big move in like a year or 2. I recently found out that I can not use my realtor from Miami to make the purchase, But what about the mortgage broker? Ive called a couple and they have said they dont write mortgages for other states, just FL. Is there a way to get a mortgage without having to use one in San Antonio? What do you think about that " countrywide" mortgage company? any good?

A) Yes, you most definitely can do this. This is what is commonly referred to as an investment property. Banks as well as mortgage companies all over have special criteria programs which they have put together for people such as yourself who purchase homes, but then rent them out for periods of time. I would suggest that you contact a reputable company dealing with investment property programs. They should also be able to guide you in the after sales care of your home. This is especially important as you will need to ensure that your property is taken care of by the people who will be renting it from you. An experienced banker should be able to put you in contact with someone in the area who would be able help you in this regard. You can try: http://www.investmentpropertymortgage.biz they are very good and has helped me on countless occasions.

If I buy mortgage leads which is the best company to buy from and why?

Q) I've bought them before and the said if I pay 40.00 they'll give me a lead that they only give to 1other person. I found out that, that doesn't mean that is the only website the people have commited too and most of the time people were going between 3or 4 company.

A) I own my own telemarketing company and can get you real quality appointement leads. I know its hard for you to trust someone now, but i would say give us a try with few leads and you would love to have business with us. The best part of our leads are the leads sold to you are only sold to you. YOu can write to me at willclose4utoday@yahoo.com

should i buy mortgage insurance?

A) There are at least two different things you could be calling mortgage insurance. The first would be insurance that would protect the bank in case they have to foreclose on you and in the process they lose money. Sometimes a mortgage company requires you to buy this as a condition of them providing you a loan. There are ways around this even without putting 20% down but those also incur extra costs. Compare them in your case and decide which is best. The second thing you could be calling mortgage insurance is life insurance designed to pay off your home loan in case you die. This is not required by the bank. I think this is always to expensive. You may need life insurance to protect your spouse, but you can buy term life insurance for the same dollar amount at a lower price and accomplish the same protection.