I have had Missed payments, defaults and a CCJ can I still get a Right to Buy Mortgage credit problems in the past.
Being given the chance to purchase your council home at a discount under the Right to Buy Scheme can come out of the blue – often it’s an opportunity too good to turn down – but Right to Buy Mortgage to support the purchase when you have had bad credit can be difficult so I though I would write about cases when the client want to get a Right to Buy Mortgage with credit problems.
Niche Advice has expert knowledge on all lenders in the market including those that permit bad credit. Unlike other brokers we do NOT work from a restrictive mortgage lender panel so it allows us to bring all solutions in consideration.
In short there’s not many Right to Buy clients with bad credit we can’t find a home for but greater problems will attract a higher interest rate. In the broader picture you may need to see beyond the monthly repayment in preference to owning your own home – which sometimes at is at a massive discount. For many, it’s a once in a lifetime opportunity to be a homeowner and also own a future a legacy.
Right to Buy Mortgage credit problems
Here are some of the types of bad credit we may be able to place with a Mortgage Lender:
- Multiple county court judgements, more commonly referred to as ccjs
- Multiple defaults
- Discharged bankrupts
- Settled IVAs
- Debt orders
- Missed payments on catalogues and mail orders
- Missed payments on store cards and credit cards
- Mobile phone missed payments
- Utility bill missed payments
- Personal loan missed payments
- Historic repossessions
We cannot however generally help with:
- Serious rent arrears in the last 12 months
- Flats and maisonettes (although minor credit issues may be possible)
- Scotland and Northern Ireland
- Applicants over 60 years due to affordability (unless their income is very good)
Niche Advice offers appropriate advice to Right to Buy Mortgage credit problems. Furthermore we offer a free no obligation mortgage quotation service. To find out if you qualify email your credit report to info@nicheadvice.co.uk with “Bad Credit Right to Buy enquiry” in the subject bar.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.
