Compare right to buy mortgages
If you have lived in a council property for more than two years (five if you moved in after 2005) you probably have the right to buy your home - possibly with a discount too! The longer you've lived in your home, the higher the discount will be, to a limit of £38,000. You might not even need a deposit, as lenders realise that your right to buy could include a significant discount. This means that lenders will have a degree of protection should they lend you the money. It's the reason why there are so many companies keen to offer you a right to buy mortgages up to 100 per cent - sometimes more - of the value of your home. It's important that when you compare mortgages that you understand the commitment and the difference between buying and renting.
Do I need a good credit score to get a right to buy mortgage?
It's in your own interest to try and keep your credit history as good as possible so that it's not going to get in the way of anything you want to do. Just because you see advertisements offering right to buy mortgages regardless of your credit history doesn’t mean you don’t have to get a bad credit right to buy mortgage. If a lender gives you a low credit score they may consider you a high risk. A right to buy mortgage that's available to customers with a very bad credit history will have a higher interest rate that could cost a lot more over the period of the loan.
Is buying a right to buy property complicate?
There's a right to buy process that you should refer to from your local council authority to make sure you have the most up to date version. However, it's not a complex process and by enquiring you are not committing yourself. Give some thought to you and your family's future and decide if a right to buy mortgage is the way forward for you. Make sure your credit report is in order, then compare mortgages with LowerMyBills to ensure you get lower mortgage bills each and every month.
Experian® - the company behind LowerMyBills - also provides CreditExpert, which gives you access to your credit report and score enabling you to see what lenders see about you when they make a decision about which financial products or services are available to you.
The LowerMyBills.co.uk mortgage service is provided by BeatThatQuote.com Ltd, an appointed representative firm of Best Value Financial Services Ltd which is authorised and regulated by the Financial Services Authority.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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