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The Mortgage Lady - assisting you with Right to Buy

is pleased to explain

Right to Buy benefits and problems.

Right to Buy - understanding the implications improves the chances

Simple, friendly and professional advice for anyone considering Right to Buy in South Oxfordshire or Berkshire, from

Janet Hall - assisting you with Right to Buy
Janet Hall - 115 The Street, Crowmarsh Gifford, Wallingford, Oxon OX10 8EF   Tel: 0330 999 1955
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Janet Hall - The Mortgage Lady
It certainly can’t be all bad when you have the opportunity to gain up to 75,000 of equity virtually free of charge as a result of the revised Right to Buy regulations.
 
BUT, there are restrictions, implications and liabilities that go with home ownership and the Right to Buy scheme - this is almost certainly the largest, most complicated and important contract you have ever entered into. 
If you chose to instruct me to advise you on your home acquisition through the Right to Buy scheme I will be discussing these with you in as much detail as you wish during the process, but at this stage - before you make any decisions - you should be aware of:

PROs:

You will, subject to using an appropriate lender, be in the rare circumstance for a first buyer of having a sizeable deposit (by virtue of the discount) - and therefore qualify for more attractive lending rates.
 
You will be familiar with the property and its state of repair (so hopefully less surprises to happen).
 
Reduced purchase/moving costs - including Stamp Duty only on the discounted value.

CONs:

Obviously you have a very limited choice of properties to purchase - either your current property or one you can arrange to transfer to under the appropriate ‘swap arrangements’.
 
You will be restricted on your future sale of the property - with a requirement to ‘pay back’ some of the discount, calculated on a sliding scale, should you subsequently need to sell in (for a period of between 5 and 10 years after your purchase).
 
You must not underestimate the increased costs (both planned and unplanned) that come with home ownership - if something unexpected goes wrong there is limited help available to you in comparison with a tenancy.
THERE MAY BE A FEE FOR MORTGAGE ADVICE - TYPICALLY 250 FOR A REMORTGAGE AND 350 FOR A PURCHASE
RIGHT TO BUY MORTGAGES - The overall rate for comparison is 4.5%. The actual rate will depend on your circumstances.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENT ON YOUR MORTGAGE
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Janet Hall is an appointed representative of TenetLime Ltd which is authorised and regulated by the Financial Conduct Authority.
TenetLime Ltd is entered on the FCA register (www.fca.gov.uk/pages/register) under reference 311266
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