A Right to Buy (RTB) mortgage in short is a mortgage product that allows you to buy your council home using the discount towards in full or in part towards the deposit.
At Mortgage Success our advisers have been advising on Right to Buy mortgages for many years, nearly a decade! We are experienced RTB Mortgage brokers so confident we can help with even the most complex of RTB applications.
As we are classed as Whole of Market, that means we have access to around 80 lenders. Many of those will accept RTB mortgage applications. Those lenders range from High Street (usually the better interest rates) through to Building Societies and then Specialist lenders. The benefit of having so many lenders is that we can look at straight forward RTB applications through to the more complex applications. That may include Bad Credit, self employed or other complications.
How they work however varies, some will accept the discount towards your deposit, some will accept the discount but still need you to put in at least 5% yourself. Others will use the purchase price as the valuation and will not accept the discount as a deposit or a way of reducing the LTV. All 3 have their pros and cons but we can help you to navigate the option.
RTB Mortgages with Bad Credit
As Mortgage brokers who specialise in bad credit I think RTB with bad credit is one of the areas where we definitely come in to our own. As we work closely with some of the bad credit lenders. We get to hear news about their upcoming products in advance. We are hearing that 2022 is going to become a much bigger point of interest for these specialist adverse lenders. Therefore if you do have bad credit and need a broker to help with your RTB application we would like to think we should be your first port of call.
Right to Buy Mortgage Lenders
As mentioned earlier, we have access to around 80 lenders. As we are whole of market which means we have access to a range of lenders. We can use normal high street lenders with the better rates. We also have access to lenders who do not credit score but rather assess your application on its individual merits. As we have access to a wide range of lenders we would like to think we have potential options for many different circumstances. If your situation is not the most straight forward, combined with RTB it does make it much more complex. However that does not mean you should give up.