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Bad Credit Right To Buy

Looking For a Right To Buy Mortgage With Bad Credit? We Can Help You

NEW Right To Buy Criteria

In 2015 a number of changes were made to the right to buy scheme making it a more appealing choice to potential borrowers. With more specialist lenders also joining the market, securing the right financing to buy your home – be it a council or housing association property – is now more possible than ever, even with bad credit.

Here at Amber Mortgage Solutions we consider everyone. So if you’re wondering if you can still buy your house with a history of bad credit, our team of experienced mortgage brokers will find you the best bad credit right to buy mortgage to suit your personal circumstances.

For more information

Speak to our specialist advisers today.

01702 619 221

What Is The Right To Buy Mortgage Scheme?

The government right to buy scheme, first introduced in 1980, was created to give council tenants in England the opportunity to buy the home they rent with a significant discount. Better still, some lenders will allow this discount to be applied towards a property’s purchase deposit, allowing many borrowers eligible for the scheme to buy their property with no deposit at all.

Whilst there used to be a restriction on the amount of discount a tenant could receive, recent changes have seen discounts increase significantly, with London boroughs having the top discount available of up to £75,000 to £100,000. The discount available to a tenant depends on the valuation and location of the property at the time that the application is made, with discount amounts decided centrally, not locally.

Here’s what our client’s have to say!

Am I Eligible For The Right To Buy?

To qualify for the right to buy scheme you need to have been a public sector tenant – meaning that you have lived in any local council or housing association – for five or more years. This time does not have to have been spent in the same property or on a continuous basis.

Whereas in previous year’s borrowers seeking the right to buy may have been turned down due to bad credit, affordability or self-employment, the recent changes in lending criteria and the introduction of new lenders into the market mean that more tenants can now benefit from the scheme.

As of October 2016, it is still possible to gain a right to buy with bad credit if you have the following:

Unsure if you would qualify for the right to buy scheme? Then contact us today for expert advice from our dedicated team of professional mortgage advisors.

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How Do I Know If I Have A Bad Credit Rating?

It is now easier than ever to obtain your own credit report and see for yourself how you might fare in getting a bad credit mortgage for right to buy.

Credit events that can affect your credit report may include missed or late payments, outstanding debts, CCJ’s, defaults or even bankruptcy.

When you submit a mortgage application, the lender will access your credit file information to assess your suitability for a loan. So, if you’re concerned that you may have adverse credit on your file, we would encourage you to take action sooner rather than later and obtain a copy of your credit report. This can be done for free, from a wide range of trusted online providers.

Need help accessing your credit report? Contact us today and speak with a member of our friendly team for advice.

I Have Bad Credit, What Should I Do?

If you are looking for a right to buy but have bad credit, the best thing that you can do going forward is demonstrate to lenders that you are not a risk. Be sure to pay your monthly credit commitments on time and look at improving your overall finances.

Regardless of what your credit issues may be, our friendly advisors can assist you in getting back on track and help to give you the best possible chance of successfully securing a right to buy mortgage.

Will I Still Be Accepted For a Right To Buy Mortgage With Bad Credit?

When considering your application, lenders will weigh up the risk of whether or not you will be able to pay them back. To do this they will be looking at a wide range of criteria, including your credit history and the severity of any past credit problems you may have. The more severe types of credit problems such as bankruptcy, defaults and CCJs, will stay on your credit record for six years. But the older these become, the less problematic they will seem to lenders.

Fortunately, whilst some high street lenders might turn you down, there are now many lenders out there specialising in providing bad credit mortgages to applicants.

Finding Right to Buy Mortgage Lenders for Bad Credit

We understand that when you’re looking to get a right to buy mortgage with a bad credit history, the process can still feel very daunting. However, with so many specialist right to buy lenders on the market and with the recent changes made to the right to buy scheme, securing a competitive mortgage deal is possible for you.

Our team of bad credit mortgage brokers strive to gain a full understanding of each applicant’s situation, making it possible to place them with lenders who are the right fit. It also means that we will work with you to not only secure you a mortgage, but also provide you with professional advice to help you improve your financial situation for the long term.

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01702 619 221

Open: Monday - Friday 8:30am - 5:30pm

How Do I Know if I Have a Bad Credit Rating?

For some, they may have no real idea they have bad credit until they are declined a mortgage by a high street lender for the first time.

However, for others it may come as less of a surprise to learn that their credit history is far from perfect. You may be receiving letters from credit card companies, are aware of missed payments or are being visited by debt collectors.

The only way to know for sure what condition your credit history is in, is to secure a copy of your credit report.


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How to Access Your Credit Report

It is now easier than ever to obtain your own credit report and see for yourself how you might fare in getting a mortgage.

Once a mortgage application is submitted, the lender will access your credit file information to assess your suitability for a loan. So, if you’re concerned about having adverse or bad credit, we would encourage you to take action sooner rather than later, and obtain a copy of your credit report. This can be done for free, from a wide range of trusted online providers.

Need help getting your credit report? Contact us today and speak with a member of our friendly team for advice.

I Have a Bad Credit Rating – How Much Can I Borrow?

When looking at how much a person can borrow, the first thing many lenders will examine is your ability to afford the loan. This means they will need to look at your income – or income(s) if it’s a joint application – as well as your regular outgoings and other credit commitments.

In addition to looking at affordability, a lot of lenders will also consider your maximum income multiple. For example, 4x or 5x your income(s), depending on the lender.

With lenders now using such diverse methods to assess the extent to which you can afford a potential loan, the best way to prepare would be to discuss your situation with one of our professional advisors.

Having experience of working with bad credit lenders, we can guide you on your next steps to getting the mortgage you need.

Quick FAQs

Have a question about right to buy bad credit mortgages?

Take a look at our extensive FAQ section for the answers to some of our most commonly asked questions, below.

Whilst having bad credit can make a difference to your right to buy application, it will not necessarily prevent you from buying your property through right to buy altogether.

To not qualify for the scheme you would need to have specific legal problems, for example, an outstanding possession order or problems with debt.

However most forms of adverse credit should not disqualify you and there are now lenders who specialise in lending to those with a bad credit history.

This varies from lender to lender. The majority of lenders will treat your right to buy discount as a deposit, however, this isn’t the case for all lenders and some will still ask for a deposit against the purchase of the property.

It is worth noting that if you do decide to put a deposit down, this can help to reduce your monthly mortgage repayments in the long term.

There is no upper age limit on the right to buy scheme. However, some lenders do have an upper age limit for mortgage applications as a way to guarantee that borrowers can still make their repayments for the agreed term, including after retirement.

If you are making your application jointly with a spouse, civil partner or a family member with whom you have lived for at least the past twelve months, some lenders may be more flexible with their age requirements in applications where a younger borrower is named on the application.

When you buy a property through the buy to let scheme, this does not prohibit you from letting the property out. However, this is dependent on the lender you use and the type of mortgage you take out.

If you haven’t decided whether or not you would like to rent the property out in future, the best action would be to take out a standard residential mortgage and then apply for approval to let out the property at a later date. Although changing your mortgage in this way may incur fees.

If you planned on letting out the property immediately and on a long term basis, you would need to get a buy-to-let mortgage. This can depend entirely on the lender you apply with; it can also be more difficult securing this type of mortgage for a right to buy purchase.

Contact us today! Our friendly bad credit mortgage advisors will be happy to talk you through the next steps available to you and help you on your way to obtaining the mortgage you need.

We’re here to help you, not judge you, so call us on 01702 619 221.