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You are here: Home / Mortgages / Right to Buy mortgage / 100% mortgage Purchase your Right to Buy council home without a deposit

by Payam Azadi

100% mortgage Purchase your Right to Buy council home without a deposit

100% mortgage plus legal costs  for you to purchase your Right to Buy council home.

Right to Buy council homeNiche Advice specialises in Right to Buy council home  mortgages including finance from Mortgage Lenders that do not require to put in your own funds as a deposit. In other words 100% mortgages.

We also have a Mortgage Lender that will allow you to ADD your legal costs and funds for home improvements on top of the mortgage.

How does it work? Well the Mortgage Lender takes comfort from the fact the council are selling the property under value at a discount. The chances are if you are reading this article you have already had a Right to Buy Offer through the door.

Example:

Open market value £250,000
Discounted purchase price £150,000

Mortgage £176,300
£150,000 plus legal costs (£1,300) plus £25,000 for home improvements

We can help all types of applicants including the following via our lender panel:

• Employed or self employed, supplemented with DSS state benefits
• Multiple jobs
• Short employment history
• Long standing zero hour contracts
• Missed payments (rent must have been paid for the last 12 months)
• CCJs and defaults

Example Product  – Right to Buy council home Mortgage (Residential)

Initial Rate: 1.84%
Subsequent: 3.74%
The overall cost for comparison 3.49%% APRC

Features: Borrow up to 70% of the property’s open market value to include the 100% of the Right to Buy purchase plus legal fees and home improvements.

Type and initial benefit period Fixed for 2 years.
Minimum deposit / equity: 0%
Valuation fee £0
Booking fee £0
Lender arrangement £0
Telegraphic transfer / CHAPS fee £0
Legal fee £129.75
Early repayment charge 2/1% in the fixed period

mortgage quote

 

 

For more information on a Right to Buy council home Mortgage please call complete the enquiry form on this page or call the number below. 


Any property used as security, which may include your home. may be repossessed if you do not keep up repayments on your mortgage


Important Information

Residential and Buy to Let Mortgages

Rates current as at 24/12/16 . The overall cost for comparison is based on a purchase price of £300,000 over a 25 year term. The Right-to-Buy example is based on a discounted purchase price of £150,000. Repayment for Residential and Interest only for Buy-to-let (unless otherwise specified). Eligibilty will depend on your own personal circumstances.

KEY – ERC = Main early repayment charge.

The purpose of this web is for information only and is based on a fictitious illustrative scenario. It does not constitute a Mortgage Offer in any way.

It is essential that you seek independent mortgage advice as a suitable product will be based on your own individual circumstances. An interest rate should not be read in isolation, and you should refer to your personal key facts illustration and Mortgage Offers for full terms and conditions. If anything is unclear it should be discussed fully with both your mortgage and legal advisors before entering into a mortgage contract with the lender.

The information contained herein is based on research through the Trigold (IRESS UK) sourcing system. When first published to this site the data is normally 24 hours behind real time, and may or may not still be available.

A first charge over your property is required as security for the loan.

The formal mortgage offer of an advance will be subject to a valuation and other satisfactory references.

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.

Terms and Conditions

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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