| Property | Three-bedroom ex-council house |
|---|---|
| Location | Kings Heath, Birmingham |
| Client | Council tenant of 15 years, employed |
| Product | Shared ownership & RTB |
The challenge
The client was eligible to buy his council home at a discount but had no cash deposit. Some lenders are cautious with Right to Buy cases and certain ex-local authority construction types.
What we did
We found lenders that use the Right to Buy discount in place of a cash deposit. We checked the property's construction type and the council's offer notice before applying. We explained that some or all of the discount may need to be repaid if he sells within five years.
The outcome
The purchase completed with the discount acting as his deposit.
Shared ownership and Right to Buy mortgagesMortgages for shared ownership, Right to Buy and other affordable home ownership schemes.
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