RIGHT TO BUY MORTGAGES

Borrow £25,000 to £500,000
No Deposit Required
CCJs, Defaults and Missed Payments
No Initial Credit Check
Experienced Advisers

CONTACT US NOW FOR ADVICE AND A QUOTE

I confirm that I have read and consent to my personal information being processed in accordance with The Money Hub's Privacy Policy. I also confirm that I have read The Money Hub’s E-Marketing to Customers and consent for The Money Hub to market to me by email. On receipt of this enquiry we will contact you to discuss your requirements.
100% Secure

WHAT WE DO

We Gather Information Required to Search the Market

We gather some basic information about you using our quick online form

Conduct a Whole of the Market Comparision

We will search 100’s of providers to find you the lenders who are willing to approve your mortgage

Provide full service through to completion

We will show you rates along with the monthly repayments. This will not affect your credit score. We’ll also explain any fees if you progress at this point and as long as you are happy to proceed, provide you with the full service through to completion of your mortgage being accepted

MORTGAGE LENDERS

(not all lenders displayed - not specific to your personal circumstances)

Customer Reviews

FREQUENTLY ASKED QUESTIONS

How we work?
By making an enquiry we will contact you to discuss your needs and outline if we can be of assistance. We will then request a copy of your credit file for a qualified adviser to review. After a full review of your credit profile the adviser will discuss this with you, provide advice and discuss possible quotations.

If you wish us to proceed and get a ‘Decision in Principle’ we can do so. Once we have a decision from the lender we will discuss and email you a formal quotation and outline our process going forward.
What sort of bad credit do you accept?
We have lenders that will accept clients who have had County Court Judgements (CCJ’s), Defaults, Missed payments, Debt Management Plans (DMP), Individual Voluntary Arrangements (IVA) and discharged bankruptcy. The general rule is that any bad credit needs to be registered over a year ago.
Do I need a deposit / equity?
Yes. You will need a minimum of a 10% deposit however, this is does depend on the level of bad credit that you have, so for example, if you have had CCJ’s/mortgage arrears in the last 2 years you may need to have 15%+ deposit. If you are buying a property through a shared ownership scheme we have lenders that do not require you to have a deposit. If you are buying a property through the Help to Buy scheme we have lenders that can help you providing you have a 5% deposit to put down.
How long does a bad credit mortgage take to arrange?
Once a Decision in Principle (DIP) has been done the typical arrangement times from mortgage application to offer is 1 month. Specialist bad credit mortgages do take more time when compared to standard high street mortgages, due to the extra due diligence that is required on these cases.
I have a low credit score – does that matter?
No. We have lenders some of whom are high street Building Societies that will lend to you if you simply have a low credit score, due to not being on the voters roll or not having much active credit. If you have a low credit score as a result of bad credit (CCJ’s/defaults/missed payments etc) we certainly have specialist lenders that can help.
I have been declined by other brokers – can you help?
The key to this question is why you were declined. We provide an advised service, so if we cannot help you now, we will explain why and provide advice as to what you need to do to be able to get a mortgage in the future.

Right to Buy Mortgages


Owning a home is a dream for most tenants. If you are a council tenant, the Right to Buy mortgage scheme gives you the possibility to buy the property you live in at a heavy discount. In this article, we’re going to explain the existing rules and how to adhere to the scheme.


What is the Right to Buy Scheme?

Right to Buy is a government scheme introduced through the Housing Act 1980 by Margaret Thatcher that allows council tenants to buy the properties at a discount. This discount is often accepted as a deposit by lenders, giving you easier access to a mortgage if you don’t have enough savings to pay for any upfront costs.

This scheme is fully available in England, but it has been abolished completely in Scotland. Wales is also abolishing it, while if you’re in Northern Ireland, you can only get a maximum discount of £24,000, depending on how long you lived in the property.

If you live in England, you must comply with the following rules to adhere to the Right to Buy:

  • This must be your main home.
  • The home must be self-contained.
  • There must be a legal tenancy contract between you and the council
  • You’ve had a public sector landlord for at least three years

Joint applications are accepted if you apply with someone who shares your tenancy or with a family member that has lived with you for at least 12 months if they don’t share the tenancy.


How Much is the Discount?

How much discount you can get depends on whether you’re renting a house or a flat, as well as for how long you lived there.

  • If you have lived in a house for three to five years, you can get up to 35% discount. This amount goes up with 1% for each additional year you lived there, up to a maximum of 70% or £82,800 across England (£110,500 in London), whichever is lower.
  • If you have lived in a flat for three to five years, you can get up to 50% of discount, which goes up by 2% for each additional year up to the maximum threshold indicated above.

How to get the Right to Buy?

To adhere to the Right to Buy scheme, you must fill in the RTB1 notice and send it to your landlord. They must respond in 4 weeks and give you a reason why they don’t want to sell if the answer is negative.

If they agree to sell, the landlord must send you an offer within 8 weeks for freehold and 12 weeks for a leasehold property.

The offer must contain the selling price and discount, as well as a description of the property, any known problems with the property, and estimates of any charges.

You must respond within 12 weeks and either accept the offer or ask for an independent valuation if you don’t agree with the terms.


How to get a Right to Buy Mortgage

Once the council has confirmed the terms of your ‘Right to Buy’ you can apply for a mortgage to any bank or building society; most lenders will accept the discount as a deposit, but you will have to comply with the lender’s conditions regarding income and credit checks to get the money.


Bad Credit Right to Buy Mortgage

If you are unable to get a mortgage from the high street lenders due to bad credit such as missed payments, defaults or County Court Judgements (CCJ’s) we have lenders who are willing to lend to clients. The main considerations for bad credit right to buy mortgages is affordability and the bad credit must be over 12 months ago.

For mortgage advise on right to buy mortgages please complete the above form and an adviser will give you a call to discuss further.


Here is some additional information on related topics from our blog:

First-time Buyers - 5 Ways to Get on the Property Ladder

PLEASE WAIT

Loading

We are currently processing your details

Thank you for your patience