Published 3 June 2019 · Last reviewed 3 June 2019 · Older article — see current rates
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.