Right to buy mortgages

Make an enquiry, or scroll down the page for more information and a video about Right to Buy Mortgages:


right to buy mortgage broker cardiff

The right to buy scheme is designed to help tenants of local councils and housing associations get onto the property ladder by buying the home they currently rent. Usually available to those who have been tenants for more than one year and in some circumstances, more than five years. The scheme offers a discount on the property value, allowing you, the tenant to buy it at a genuine discounted rate. The level of discount varies according to how long you have been a council tenant, the type of property and the area in which you live. The discount you receive can in effect act as the deposit for the purchase, meaning that you have found less or no deposit from your own savings to make the purchase. And the balance of monies to be paid to the council or housing association for the purchase is paid from your mortgage lender.

It is important of course to ensure the mortgage is affordable, this includes your ability to pay other bills such as your council tax, electricity and gas bills, food, clothing and any childcare commitments to name just a few.

Many of the schemes available, such as the Halifax right to buy scheme* may allow you to borrow more than the purchase price so that you can pay for home improvements or consolidate other debts. There are differences in what is required to qualify for a right to buy a mortgage from one lender to another. And there are criteria differences from one to another also, that is why a broker with Right to Buy experience can really help by giving the right recommendations to you and helping with all of the paperwork too. It is sometimes the smaller Building Societies that will provide the best right to buy mortgage solution for you, such as the Leeds Building Society, Principality Building Society or the Skipton Building Society.

To find out more about the Right to Buy Scheme, or to inquire about a right to buy a mortgage, contact us today on 029 2175 4150 or complete the form below and we’ll get back to you.

You can buy your Council Home with No Deposit

If you have lived in your council home for a sufficient amount of time, the discount provided by the council may act as your full deposit, meaning that you do not need to find additional funds to go towards the deposit to buy the home.

Do you have poor credit and you are looking to buy your council house?

There are a number of mortgage lenders that will consider a Right to Buy mortgage even if you have had poor credit such as defaults and CCJ’s. In some circumstances, a lender may consider a right to buy mortgage even where there have been rent arrears or late payments.

Depending on what level of poor credit, rates do not tend to be higher for bad credit right to buy mortgages provided the mortgage application is acceptable to one of the high street banks or building societies. Some small defaults which are not too recent may well be acceptable to the right high street lender. If you may have some poor credit, it is important to tell your right to buy mortgage broker about it so that they can give you the right advice. It is also useful to get a copy of your credit report from a provider such as Experian or Equifax and give this to your broker. This will mean that the broker will be able to give more accurate advice from the start by knowing what is showing on your credit profile.

At Harvey Bowes, we understand that some council tenants have had the odd credit blip in the past, but would be good council right to buy mortgage payers. If you are a council tenant looking to buy your council home under the right to buy scheme who would prefer to get a right to buy mortgage and one day own your home instead of renting for a whole lifetime, get in touch with us today and we’ll talk you through the steps.

Although subprime right to buy mortgages are available, the lenders do normally need to see that you are not financially struggling and can afford the mortgage. Under normal circumstances, they are reluctant to lend if your poor credit is within the past two years. If you have CCJ’s and Defaults that are older than two years old, the lender may be happy to ignore them entirely.

If you do have some ‘wrinkles’ in your credit rating, it is best practice to provide your mortgage broker with a copy of your credit report. There are a few different companies and organisations that can provide you with your report. Further down this page, you can find contact details of some of these companies.

Contact the team at Harvey Bowes today for an appraisal. Even if you have not got the right to buy forms yet, it is still worth talking to us and finding out all the right to buy funding options. Call 029 2175 4150 today.

*This information is correct at 21/08/2016, however lender criteria is subject to change at any time.


Think carefully before securing other debts against your home

Your home may be repossessed if you do not keep up repayments on your mortgage


Want to know more? Enquire now


Need a copy of your credit report?

You can contact a number of companies and organisations to obtain a copy of your credit report. Two of the companies often used are:

Experian | Customer Help Service | Po Box 8000 | Nottingham | NG80 7WF | Tel: 0844 481 8000 | www.experian.co.uk

Callcredit Information Group | One Park Lane | Leeds | LS3 1EP | Tel: 0845 366 0071 | www.callcredit.co.uk


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