Right to Buy Mortgage with Bad Credit
Buying the property you already live in could be an important next step. But if you have missed payments or other credit problems, you may be unsure whether a mortgage is possible.
We help you explore a Right to Buy mortgage with bad credit, looking at your credit history, finances and purchase details before you apply.
- Free initial consultation
- Advice tailored to your credit history
- Help understanding your discount and borrowing options
Turn Your Right to Buy Offer into a Mortgage Plan with BMFC
Bring us your landlord’s offer and the details of your finances. We consider the purchase price, discount, deposit position and credit history together, then compare suitable mortgage options from a range of lenders.
We explain which requirements relate to the scheme and which come from the lender, so you know what needs checking. Our team helps prepare the application and liaises with the lender; if more preparation is needed, we explain what may need attention first.
A Few More Things to Consider
Explore the details that matter to your decision. If you would like to discuss your own circumstances, our advisers are here to help.
How Will Credit History and Ownership Costs Affect Me?
The type, age and severity of credit issues can affect which lenders may consider you. They also assess your income, spending and existing commitments.
Budget for legal fees, surveys, maintenance and any leasehold service charges alongside your mortgage payments. As an owner, you will take on costs that may previously have been your landlord’s responsibility.
If you sell within five years, you will usually need to repay some or all of your Right to Buy discount.
Am I Eligible for Right to Buy?
In England, you can generally apply if you are a secure council tenant, the property is your only or main property, it is self-contained and you have had a public sector landlord for at least three years. Those years do not need to be consecutive.
Some housing association tenants have Preserved Right to Buy. Ask your landlord to confirm your eligibility and the discount available.
Qualifying for the scheme is separate from qualifying for a mortgage.
Can My Discount Help with the Deposit?
Some lenders may accept your Right to Buy discount instead of requiring a separate cash deposit. Others may require you to contribute savings, depending on their criteria and your circumstances.
Bad credit can limit these options, so check the position before assuming the discount will cover the lender’s deposit requirements.
Could Right to Buy Work for You?
Whether you are checking your options or already have an offer from your landlord, speak to our team about Right to Buy with bad credit.
Start with a free initial consultation to understand what may be possible and what to prepare next.
Your property may be repossessed if you do not keep up repayments on your mortgage.
01733 331 603
01223 987422