Almost a year on since the launch of the Voluntary Right to Buy scheme pilot in the Midlands, it’s in serious danger of being considered a failure. The Ministry of Housing, Communities and Local Government confirmed that as of June 2019, just 184 sales had been completed and 5% of the allocated £200m pot used.

Over half of the 6,000 ballot winners have dropped out of the process putting the scheme at risk of failure.

It’s been speculated that this dropout rate is because, at the point of entering the ballot, tenants didn’t have to prove their mortgage eligibility.

And with many mainstream lenders continuing to routinely deny mortgage applications from those who qualify for Right to Buy, often because of the property itself or because the applicant has complex personal circumstances – such as imperfect credit or irregular source of income. This is where specialist lending could be the answer.

At a glance:

  • Mortgages from £20,000 to £1m (and more by referral).
  • Fixed rates from 5.6%.
  • Variable rates from 4.85%.
  • Defaults and CCJs accepted.
  • No Early Repayment Charges.
  • Borrow up to 100% of the purchase price after discount.
  • Right to Buy & Shared Ownership applications accepted.

To find out more or discuss a case, call Broker Relations on 0333 305 9766, or contact your local Business Development Manager.