Right To Buy Mortgage

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Income Multiples Explained: If you are an employee, the majority of mortgage lenders will calculate the maximum size of a mortgage loan based on your salary.
What Happens During The Mortgage Application Process?: The mortgage application process, once underway, does not take very long. Once you have decided to go with a certain lender and signed a purchase contract, the lender will run a full credit check verifying your income, liabilities and your ability to repay the loan.
What Happens If I Have No Proof Of Income?: If you are self-employed and cannot provide any proof of income – you will have to self-certify your income. In most cases you will need to provide an accountant’s certificate as proof of income.
What Happens If I Am Refused A Mortgage?: If you are refused a mortgage it will be because you have a poor credit rating and/or a bad credit history.
What Are Redemption Penalties?: Redemption penalties are your lender’s way of getting extra money out of you when you decide to cancel your mortgage agreement early.

What is ‘Right to Buy’?

If you have been a council tenant for two or more years you may have the opportunity to buy your council property, often at a discount proportional to the length of occupancy. The monthly payments of a mortgage to buy your council property may well be less than your monthly rent payments – so it’s well worth considering – and at the end of the term the property will belong to you.

Under ‘right to buy’ legislation, properties are not offered at a discounted rate, and not at the open market value. If you decide to resell the property within a three-year period, you may have to pay back some or all of the discount to your local authority.

You can use the opportunity when obtaining a mortgage for a ‘right to buy’ property to get additional capital for home improvements or debt consolidation.

What is a Fixed Rate Mortgage?

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