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You are here: Home / Mortgages / Right to Buy mortgage / Voluntary Right to Buy Mortgage

by Payam Azadi

Voluntary Right to Buy Mortgage

Information on the Midlands Voluntary Right to Buy mortgage 

If you are based in the Midlands you may be entitled to the Voluntary Right to Buy (VRTB) pilot scheme for housing association tenants – and if so maybe you’re looking for a Voluntary Right to Buy mortgage to finance the purchase?

Voluntary Right to Buy is an extension to existing Right to Buy rules. It provides assured tenants of Housing Associations with the ability to purchase their property at a discount.

Ultimately it is the choice of the Housing Associations as to whether they choose to sell their properties but they have an incentive to do so as the Government will pay the full market value on

the understanding the money is reinvested to build a replacement property.

The tenant will then be offered the ability to purchase the property off the Government at a reduced rate, otherwise known as a ‘discounted purchase price’.

Not all Mortgage Lenders offer Right to Buy Mortgages, and even fewer Voluntary Right to Buy Mortgages so if you are looking for one it is sensible to contact a professional mortgage firm, such as Niche Advice.

How much can you borrow?

As a guideline the mortgage borrowing will typically limited to 4 to 4.5 times your income. For example, if you wanted a 100% mortgage based on the discount purchase price of £200,000, the mortgage applicants combined income must total £50,000 (4x) or £44,444 (4.5x).

What if you have had credit issues?

At the moment your credit rating will need to be good to qualify for competitive Voluntary Right to Buy Mortgage rates.

There is an option for applicants with bad credit but the rate is very high so will only suit certain VRTB customers. The good news is Mortgage Lenders are currently hungry to lend so are undoubtedly working on solutions to accommodate Voluntary Right to Buy mortgages which should drive the prices down – so if you have bad credit why not contact us anyway so we advise on the current position and can keep you informed on developments.

See below example of a Voluntary Right to Buy Scheme product 

Right to Buy Mortgage product

Niche Advice can help all types of Right to Buy Mortgage customers including those wishing to purchase under the midlands pilot Voluntary Right to Buy Mortgages scheme. 

Let us help you
For more information please complete the Contact Form on this website or call T: 020 7993 2044.
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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.

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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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