Which lenders offer Right to Buy mortgages?
You can find few mainstream Right to Buy mortgage lenders who are willing to offer mortgages on properties being bought under the Right to Buy scheme. Some will advertise specific products tailored for this scenario, while others will simply consider each standard mortgage application on a case-by-case basis, applying their own affordability criteria to your circumstances before coming to a judgement on whether to lend and how much. If you meet their criteria, then they’ll grant you the mortgage.
If you think you might need or want to undertake improvements on your home (for example, a new kitchen or bathroom), it’s worth noting that some mortgage lenders will be willing to lend more than the discounted purchase price. The amount of additional funds available is likely to depend on the difference between the valuation of the property and the price you are paying for it.
Remember that if you approach lenders directly, although their advice will be qualified and specialist, they are only able to discuss the mortgage products contained in their own range or portfolio, and not the whole market. While it’s entirely possible that you could find the right lender for your situation, without a complete picture you won’t know if there might be a more suitable product, or more favourable terms, with another provider.