Right to Buy Mortgages
Buying your council property can be a daunting prospect. But it generally is much easier than you expect to obtain a Right to Buy Mortgage.
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Right to Buy Mortgages
There are now numerous lenders offering you the chance to purchase your council house using a Right to Buy (RTB) Mortgage.
If you have lived in your council property for a fair length of time then you may be able to buy the property from the council. The chances are they will be able to offer you a discount on the valuation value of the property. You will of course need to contact them first to get the exact details of any discount offers they may have and an idea of the valuation of the property.
The opportunity to buy your council house or flat can therefore present a very good investment opportunity, as well as the obvious benefits of owning your own home! So to make the transition from tenant to home owner as easy as possible our brokers will help you find the best Right To Buy Mortgage deal available. The search will encompass the the whole UK mortgage market.
Right to Buy Mortgages – eligibility
There are a number of lenders who will be able to offer you a mortgage at standard rates for a right to buy on your council property. There are also a number of specialist schemes to buy council properties where there may be other circumstances including a poor credit, CCJ’s etc. With so many different mortgage products available in this category a specialist Mortgage Broker used to right to buy mortgages will give you advise and offer you a number of different product options. To get a free no obligation quote to see how much it would cost just click on the link above.
Right to Buy Mortgages – what can you borrow up to?
Most lenders that lend on right to buy properties will lend up to 95% – 100% of the RTB Price – that is the price you will have to pay to buy the property. Also when calculating your loan to value they will use the OMV – that is the Open Market Value of the peoperty.
If you look at our example below this will give you an idea of how loan to value LTV works etc.
So this means that for example if you were buying your council house:
Valued at OMV £100,000
But you can buy it at RTB Price £75,000
Then they would count your purchase as being on a 75% loan to value. Since you would be able to borrow the 100% being £75,000.
We work with some of the best Mortgage Brokers in the country. We'll find out a bit about your Circumstances and then match you to the one Mortgage Broker who can best help you.