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You are here: Home / Mortgages / Right to Buy mortgage / Buying Right To Buy for older applicants

by Payam Azadi

Buying Right To Buy for older applicants

right to buy mortgages

Right to Buy mortgages in retirement

The decision to buy a Right to Buy later in life could have been perpetuated for one or more of the following reasons:

• Security to remain in the property you love and are familiar with.
• The property might have been adapted for your particular needs or suitable for home caring.
• It could have a lifelong ambition to be a homeowner or to be free of State help.
• To provide a legacy to your next generations.
• The amount of discount being offered by the local authority is too beneficial to ignore.

There are however major factors to consider with such a large purchase:

• Stamp duty. A tax levied by the Government on property purchases.
• You will be adding to your estate which may increase the inheritance tax you will owe.
• Have you been given a purchase deadline by the local authority.
• Where do you find finance to assist you with the purchase and will this cost more than the rent you are currently paying.

The later is where Niche Advice, a professional Mortgage Broker, can come in with Right to Buy Mortgages on local authority property, including:

• Later life lending up to age 85 years.
• In the case of low income, state pension or benefits – immediate family guaranteeing borrowing.
• Flats with deck access.
• High rise blocks.
• Low percentage privately owned estates.
• House purchases to include applicants who are not on the Right to Buy papers.
• Affordability based on the youngest earner’s income allowing a longer mortgage term.
• Borrowing above the discounted purchase price to assist with legal fee costs and essential home improvements.
• Remortgages outside the discount reclaim period (known as pre-emption period).
• Second mortgages for essential home improvements inside the discount period.
• Historic poor credit conduct or past criminal records considered

About Niche Advice:

• Telephone based Mortgage Brokers – there is no need to visit our office for an interview.
• 2019 sees in our eleventh successful year of trading.
• Based in New Addington where there is a large Right to Buy hartland but services the whole of England, Wales and Scotland.
• Small and friendly. Direct access to the Business Owners if required.
• Access to over 35 Right to Buy mortgage lenders.

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Payam Azadi

Author: Payam Azadi

Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.
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Filed Under: Right to Buy mortgage

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AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Niche Advice Limited is a Credit Broker and does not lend money directly to clients. Niche Advice Limited is authorised and regulated by the Financial Conduct Authority. FCA Number: 750263.

Commercial Buy-to-Let and commercial mortgages are not regulated by the Financial Conduct Authority.

Our Fees

Click here for our fees structure. A full detailed fee plan will accompany all our quotes.

Niche Advice Limited has a commercial arrangement under an affiliate programme with Check My File and is remunerated for referrals.

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If you wish to register a complaint, please write to us on the details below or call us on: 020 7993 2044.

Correspondence Address: Niche, Unit F6, The Addington Business Centre, Vulcan Way, New Addington, Surrey CR0 9UG.

A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 0234567.

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Tel: 020 7993 2044

Registered Office: Niche, Unit F3, The Addington Business Centre, Vulcan Way, New Addington, Surrey CR0 9UG. Registered in England & Wales. Company registration number: 06599033.

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