The Right to Buy scheme, offering council tenants the opportunity to buy the property they live in at a discounted price, has seen massive demand since it was first introduced .
As a consequence of this demand a number of UK mortgage lenders offer specialist right to buy mortgage deals. Most lenders do offer Right to Buy mortgages, even if you have existing debt, and some will lend even if you have adverse credit.
Standard lending criteria will apply, in relation to income and property value. Buying property under the Right to Buy scheme can be highly profitable, not least because the property can be sold after 3 years, with the difference between the sale price and the discount price going into the purchaser's pocket.
If you are considering exercising your rights under this scheme it is likely that you are a first time buyer, and it is therefore essential that you obtain as much impartial advice as possible before you take what is a very important financial step.
Lender criteria can be quite complicated in relation to Right to Buy, and you should ensure that all the facts are made clear to you before you go ahead.
As professional mortgage brokers, with access to a large number of lenders, we can source from the whole of the marketplace to help you find the most competitive quotes considering your individual situation and individual preferences.