Right to buy and mortgages

Some financial providers, such as a few building societies, offer a product that is usually described as along the lines of a Right to Buy Mortgage.

This is for those who want to buy their home off the local authority under the right to buy scheme, but need finance in order to do so.

The financial instituations that offer this product would potentially consider offering a mortgage, which would typically be up to the discounted purchase price that the property is offered to you at. They would have a cap at the percentage of the current market valuation of the property that they would lend up to, and this would probably be around the 60% mark or perhaps 65 - 70% top end; it will vary from institution to institution what the most they would consider for a right to buy mortgage is.

Whether you can apply for this mortgage will depend on the usual range of factors that the lender will assess before making their decision. The property itself will also be a factor in that whilst standard, ordinary construction houses will be considered in most circumstances by lenders who offer this mortgage products, some other types might not be: for instance flats, or perhaps flats that are part of a building that has lots of floors.

As ever, you'll need to do careful research and talk to potential providers to get an idea as to whether you could qualify for a right to buy mortgage.

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Right to buy and mortgages

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