'Right to Buy' Mortgage
Has your local authority offered you the chance to buy your home?
Great! This can present an opportunity to take advantage of generous discounts on the purchase price. And we can help you to achieve further potential savings by sourcing the best deals out there!
Your home may be repossessed if you do not keep up repayments on your mortgage.
For right to buy mortgages the overall rate for comparison is 9.8% APR. The actual rate available will depend on your circumstances. This rate is based on those with a clean credit history.
For mortgage advice you can choose how we are paid: -
- No fee. We will receive commission from the lender when your mortgage completes.
Or
- A fee. A fee of typically £580 payable on completion of your mortgage. Any commission received from the lender will be refunded to you.
Or
- A combination of a fee & commission. A fee of typically £280 payable on completion of your mortgage In addition we may receive commission from the lender.
---pagebreak---
Been offered the 'Right to Buy'?
Have you lived in your council house for more than 2 years? Then you may be able to buy your home from the council at a discount to it's true market value.
Contacting your local authority will establish if they're prepared to sell and, importantly, what discount you may be entitled to. The 'right to buy' discount increases in proportion to the years that rent has been paid, with maximum discount ranging from £16,000 to £38,000, depending on your local authority
We can access specialist mortgage lenders who recognise issues that are specific to a 'right to buy' purchase.
Loans of up to 95% or 100% of the discounted price are available (this is because the true, or Open Market Valuation (OMV) is higher than the 'right to buy' price, so: -
- Right to Buy Price £90,000
- Mortgage £90,000
- Open Market Value £120,000
So the loan to value is equivalent to 75%.
Part of our advice will be to consider: -
- The possible movement of property prices - might it be better to wait and agree on a potentially lower price?;
- Are interest rates going to 'settle' again at a possibly lower rate than present?; and
- The overall cost to buy, compared with your current rental costs?
The 'right to buy' is definitely an opportunity that we are happy to advise you on.
Your home may be repossessed if you do not keep up repayments on your mortgage.
For right to buy mortgages the overall rate for comparison is 9.8% APR. The actual rate available will depend on your circumstances. This rate is based on those with a clean credit history.
For mortgage advice you can choose how we are paid: -
- No fee. We will receive commission from the lender when your mortgage completes.
Or
- A fee. A fee of typically £580 payable on completion of your mortgage. Any commission received from the lender will be refunded to you.
Or
- A combination of a fee & commission. A fee of typically £280 payable on completion of your mortgage In addition we may receive commission from the lender.
.