What are Right to Buy mortgages?

The Right to Buy was introduced by the Housing Act 1980 and gives local authority tenants in England the Right to Buy their homes at significantly discounted prices. There are different rules for Wales, Scotland and Northern Ireland.

You are eligible to participate in the Right to Buy scheme if the home you are renting is your main residence, it forms a self-contained dwelling unit, and you have been a public sector tenant (of the council, a housing association, or an NHS trust) for three years.

In a posting dated the 6th of May 2020, the Money Saving Expert also explained the government’s decision to trial rolling out the scheme to housing association tenants, too. It pointed out that there are approximately 2.5million housing association tenants in England, 1.3million of who have lived in those homes for at least three years and who may now qualify for the Right to Buy.

What is a Right to Buy mortgage, and how does it work? …
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Financing the build of your dream home

Who doesn’t have a vivid picture of their dream home in mind? It’s your dream and yours alone. So, you’ll want to maintain complete control over the building work and make it all a self-build project.

Although it’s a self-build project, that doesn’t mean it’s likely to come any the cheaper. Love Property magazine, for instance, revealed that the average cost of a self-built property – including the land, fees and building costs – is close to half a million pounds.

Your £500,000 or so investment is likely to be a sound decision, of course. But that doesn’t much help to find the half-million pounds in the first place – even if you have sold your existing home to build your dream home.

The solution may lie in a specialist self-build mortgage.

What is a self-build mortgage?

Just as the name suggests, a self-build mortgage is specifically designed to provide the finance you need for the building work on the dream home you have set your …

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Can I get a mortgage to buy a holiday home?

It matters to a mortgage lender how you intend to use the property you are buying.

If the property is to be your main home, for instance, the lender will line up a residential mortgage for you as the owner-occupier and assess the affordability of the loan in terms of your income, job, outgoings, credit history, and so on.

If you are buying a property to let to paying guests, on the other hand, it is an entirely different ballgame as far as the mortgage lender is concerned. The lender is now interested in the business proposition of your buy to let plans, principally based on the rental income the property is likely to generate.

A holiday let mortgage appears to be a hybrid between these two. For part of the year, your holiday home might be used by you and your family as the owners of the property; at other times, it may be let to short-term tenants and holidaymakers.

According to figures released by the Ministry of Housing, Communitie…

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