Changes to lending criteria for right-to-buy mortgages could benefit potential homeowners.
Recent changes in lending criteria for the Government’s right-to-buy scheme means that it’s now possible for council and housing association tenants with a less than perfect credit profile are able to obtain a right-to-buy mortgage in the following circumstances:
Right to buy with bad credit:
- Issues in the last 12 months
- Low credit score
- Late payments
- Recent Defaults
- Recent County Court Judgments (CCJs)
- Debt management plans
Right to buy if self-employed:
- New business (trading 12 months)
- Use latest years figures
- Use retained profits
- Use dividends & salary
- Contractors considered on day rate
- Many other scenarios
- There’s no catch involved - it simply allows creditworthy tenants the chance to buy their property, sometimes with massive discounts and without a deposit.
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