Friday, 21 September 2018

Borrow 100% to purchase your Council home!

Thank you for taking the time to look at my website and I trust you find the answer you are looking for.

Right to Buy mortgages are readily available from the High Street lenders however many of them will only accept you if you have a clean credit history.

I assume however you are having trouble getting a Right to Buy mortgage because of your credit history but I have access to lenders who will consider you with a poor credit history.

The first thing to do is to download a copy of your credit file from Check My File as they provide data from four credit reference agencies - Equifax, Experian, Call Credit and Crediva - so it is a good place to start to get an overview of your credit history. It maybe that once I have identified a lender, we get copies of your credit file directly from the agency the lender uses to make absolutely sure your credit history is OK for that particular lender.

Here is the link to Check My File; https://www.checkmyfile.com/?ref=stevenneale&cbap=1

I will read it through to make sure you qualify for a mortgage by checking your credit history against their lending criteria.

If your credit history is OK, the next step is to see if you pass the lenders affordability test. I will email to you a short form to complete that will give me all the necessary information about yourself. I then use this information on the lenders affordability calculator to see if you pass.

And when you pass both of those steps, and having been granted the Section 125, we submit a full application to the lender with all other supporting documents they will need to offer you a mortgage e.g. payslips, P60, bank statements, proof of ID ( Passport) proof of address (Driving Licence) Section 125 etc.

As with all adverse credit mortgages, the key to seeing if you can find a lender prepared to lend to you lies in your credit file so it is important I see this as soon as possible.

Here are some of the key points of the Right to Buy Mortgage scheme if you have adverse credit:

  • Up to 6 CCJ’s or Defaults can be considered in the last 12 months
  • Up to 3 missed / late rent payments can be accepted in the last 12 months (only 1 in the last 3 months)
  • Interest only considered
  • No early repayment charges only a £195 Redemption Administration fee.
  • Many income sources accepted – employed, self-employed, DWP, Benefits or Pensions.

If you have the Right to Buy but are struggling to find a mortgage, give me a call or drop me an email and I will see how I can help.

Right to Buy London

With the rise in London property prices over the past few years, now may be a good time to see if you have the right to buy your home from your Landlord.

Right to Buy in London has seen over 250,000 Londoners get onto the property ladder since the Right to Buy scheme was introduced by Margaret Thatcher (source BBC website 12th January 2015) and with discounts for London increasing to £103,900 from April 2015 and the Right to Buy qualifying period being reduced down from 5 years to 3, more and more tenets are now becoming eligible to buy their council home.

 To see if you are eligible for the Right to Buy your home, complete this form (RTB1) and send it to your local landlord.

 If successful, your Landlord will send you an offer letter (S125) that sets out the terms for you to purchase and you have 12 weeks to get everything in place.

The link below will open to the Governments guide to buying your home that although a little out of date regarding the discounts and qualifying period, is still a very good brochure;

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/356849/Right_to_Buy_Summary_Booklet_FINAL_INTERACTIVE_September_2014.pdf

 If you have a poor or adverse credit history, you may still be eligible for a Right to Buy mortgage but first download a copy of your credit file from Equifax (www.equifax.co.uk) and email it to me. I will read it through and confirm if you could get a mortgage and then call you back explaining your options.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Right To Buy

Right to Buy mortgage

Right to buy mortgages

Right to Buy London

My Contact Details & Fees

  • La Cachette, Upper Stanley Rd, High Wycombe, Bucks HP12 4DB
  • T: 01494 526400
  • M: 07949 713563
  • steve@snmortgages.co.uk

My fee for arranging a mortgage is 1% of the mortgage amount with a minimum fee of £1,995.

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