Hi, looking for a bit of advice here. I have approval in principle for which I identified a property where I would make up the balance of funding from the mortgage with my savings and the first home scheme. Since then I've been offered a property by my local council under the Local Authority Affordable Purchase Scheme or Affordable Housing Scheme in which the council retain a 20% stake in the property, i use the mortgage and my savings to cover the rest.
Since I have been offered the property by the council, the bank have been quite difficult to deal with. I have tried ringing the team in the bank several times but they always want to deal with me over chat. I'm getting nervous that they will either A) Refuse outright to lend for the house or B) offer me less as a result of the council's 20% stake.
I guess my question is, from the banks perspective, what is the difference between the first home scheme and the council scheme which both gave the respective parties 20% of the house. Am I being overly worried and has anyone been in this situation? Thanks.
Since I have been offered the property by the council, the bank have been quite difficult to deal with. I have tried ringing the team in the bank several times but they always want to deal with me over chat. I'm getting nervous that they will either A) Refuse outright to lend for the house or B) offer me less as a result of the council's 20% stake.
I guess my question is, from the banks perspective, what is the difference between the first home scheme and the council scheme which both gave the respective parties 20% of the house. Am I being overly worried and has anyone been in this situation? Thanks.