Right to Buy Mortgage with Bad Credit

Steven Neale
By Published On: December 2, 2019Last Updated: May 10, 2024

Can I get a Right to Buy mortgage with Bad Credit?

Yes you can! It is possible to get a Right to Buy mortgage if you have had credit issues in the past. I work with many lenders who are happy to consider applications for Right to Buy mortgages from those with bad credit issues such:

However, you will typically struggle to get a Right to Buy mortgage through a high-street lender if you have bad credit.

Which lenders offer Right to Buy mortgages with bad credit?

Quite a few and the list is becoming longer.

Most Right to Buy lenders will only consider applications that come via a broker when bad credit is concerned, and each has specific lending criteria. For these reasons, it is recommended to get advice from a specialist broker before applying directly where adverse credit is considered.

Can you get a 100% Right to Buy mortgage with Bad Credit?

Yes you can borrow 100% of the discounted purchase price to buy your council home with bad credit.

The first thing to do is to download a copy of your credit file from Check My File as they provide data from three credit reference agencies – Equifax, Experian & TransUnion – so it is a good place to start to get an overview of your credit history. It may be that once I have identified a lender, we get copies of your credit file directly from the agency the lender uses to make sure your credit history is OK for that particular lender.

Can you get a Right to Buy mortgage if your partner has bad credit?

If you’re applying for a Right to Buy mortgage with a partner, their credit history will be equally considered on the application. If your partner has bad credit, such as issues with defaults or missed payments, you will likely have to use a specialist lender.

If both you and your partner have bad credit, some lenders can help, depending on the severity of the credit issues, how they came about, and their status. For lesser credit issues like missed payments and defaults, your chances will be greater compared with more serious issues like Bankruptcy or an IVA.

What are the lending criteria for Right to Buy mortgages with bad credit?

Each lender has their own criteria which is why it is so important to talk to me about your credit history. They will look at your credit history, income, occupation, outgoings paying particular attention to the conduct of your bank accounts. If you are struggling to find a mortgage, give me a call or drop me an email and I will see how I can help.

Can you get a Right to Buy mortgage with a default?

Yes you can. I can match you with lenders who will accept applications from those with one or more defaults on their credit files. I will need to understand the details of the defaults, such as when they were registered, the reasons and amounts for them, and their current status. I work with many lenders who will provide a Right to Buy mortgage to people with defaults.

Can you get a Right to Buy mortgage with a CCJ?

Yes you can. A CCJ is a more serious credit issue, however, some lenders will consider applications from those with CCJ’s registered. Most people reading this won’t have more than 1 or 2 CCJs and therefore will have a wider pool of lenders willing to consider their application for a Right to Buy mortgage.

Can I get a Right to Buy Mortgage with a Debt Management Plan?

Yes you can. I work with a few lenders who will consider applications for Right to Buy mortgages from those with a DMP registered on their credit file. As with other credit issues, the details of the DMP will be the deciding factor when it comes to acceptance, with DMPs cleared a few years ago having a greater chance of success.

How can I help you get a Right to Buy mortgage with Bad Credit

Depending on your credit history, you may only a few lenders to choose from. This makes getting the application right the first time vitally important.
A specialist adverse mortgage broker such as myself has a full understanding of lending criteria for those lenders offering Right to Buy mortgages to those with poor credit. I can use this to match you to a lender who I am confident will accept your application for a Right to Buy mortgage.
For more information on Right to Buy mortgages with bad credit, please call me on 01494 526400 or complete my online enquiry form.

FAQs

Can I use the Right to Buy scheme to purchase my council property if I have bad credit?

Yes, you may still be eligible to use the Right to Buy scheme even if you have bad credit. However, obtaining a mortgage with bad credit may be more challenging, and you may need to explore specialist lenders who cater to individuals with adverse credit histories.

Will my bad credit history affect my ability to get a mortgage through the Right to Buy scheme?

Having bad credit may impact your ability to secure a mortgage through the Right to Buy scheme. Lenders will assess your creditworthiness and may offer you less favourable terms or higher interest rates if you have a poor credit history. It’s essential to review your credit report, address any errors, and work on improving your credit score before applying for a mortgage.

Can I improve my chances of getting a mortgage with bad credit through the Right to Buy scheme?

While having bad credit can make it more difficult to secure a mortgage, there are steps you can take to improve your chances. This includes paying off outstanding debts, demonstrating responsible financial behaviour, and saving for a larger deposit. Additionally, seeking advice from a mortgage broker who specialises in bad credit mortgages can help you explore your options.

Are there specialist lenders who offer mortgages for Right to Buy applicants with bad credit?

Yes, there are specialist lenders who offer mortgages specifically designed for individuals with bad credit who are looking to purchase their council property through the Right to Buy scheme. These lenders may be more flexible in their lending criteria and assess applications on a case-by-case basis.

Will I need a deposit if I have bad credit and want to use the Right to Buy scheme?

Having bad credit may mean you’re required to provide a deposit when applying for a mortgage through the Right to Buy scheme, especially if you want a better mortgage rate. However, I work with lenders who can offer 100% Right to Buy mortgages for applicants with bad credit.

Your home may be repossessed if you do not keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

Right to Buy Mortgage with Bad Credit

Steven Neale
By Published On: December 2, 2019Last Updated: May 10, 2024

Can I get a Right to Buy mortgage with Bad Credit?

Yes you can! It is possible to get a Right to Buy mortgage if you have had credit issues in the past. I work with many lenders who are happy to consider applications for Right to Buy mortgages from those with bad credit issues such:

However, you will typically struggle to get a Right to Buy mortgage through a high-street lender if you have bad credit.

Which lenders offer Right to Buy mortgages with bad credit?

Quite a few and the list is becoming longer.

Most Right to Buy lenders will only consider applications that come via a broker when bad credit is concerned, and each has specific lending criteria. For these reasons, it is recommended to get advice from a specialist broker before applying directly where adverse credit is considered.

Can you get a 100% Right to Buy mortgage with Bad Credit?

Yes you can borrow 100% of the discounted purchase price to buy your council home with bad credit.

The first thing to do is to download a copy of your credit file from Check My File as they provide data from three credit reference agencies – Equifax, Experian & TransUnion – so it is a good place to start to get an overview of your credit history. It may be that once I have identified a lender, we get copies of your credit file directly from the agency the lender uses to make sure your credit history is OK for that particular lender.

Can you get a Right to Buy mortgage if your partner has bad credit?

If you’re applying for a Right to Buy mortgage with a partner, their credit history will be equally considered on the application. If your partner has bad credit, such as issues with defaults or missed payments, you will likely have to use a specialist lender.

If both you and your partner have bad credit, some lenders can help, depending on the severity of the credit issues, how they came about, and their status. For lesser credit issues like missed payments and defaults, your chances will be greater compared with more serious issues like Bankruptcy or an IVA.

What are the lending criteria for Right to Buy mortgages with bad credit?

Each lender has their own criteria which is why it is so important to talk to me about your credit history. They will look at your credit history, income, occupation, outgoings paying particular attention to the conduct of your bank accounts. If you are struggling to find a mortgage, give me a call or drop me an email and I will see how I can help.

Can you get a Right to Buy mortgage with a default?

Yes you can. I can match you with lenders who will accept applications from those with one or more defaults on their credit files. I will need to understand the details of the defaults, such as when they were registered, the reasons and amounts for them, and their current status. I work with many lenders who will provide a Right to Buy mortgage to people with defaults.

Can you get a Right to Buy mortgage with a CCJ?

Yes you can. A CCJ is a more serious credit issue, however, some lenders will consider applications from those with CCJ’s registered. Most people reading this won’t have more than 1 or 2 CCJs and therefore will have a wider pool of lenders willing to consider their application for a Right to Buy mortgage.

Can I get a Right to Buy Mortgage with a Debt Management Plan?

Yes you can. I work with a few lenders who will consider applications for Right to Buy mortgages from those with a DMP registered on their credit file. As with other credit issues, the details of the DMP will be the deciding factor when it comes to acceptance, with DMPs cleared a few years ago having a greater chance of success.

How can I help you get a Right to Buy mortgage with Bad Credit

Depending on your credit history, you may only a few lenders to choose from. This makes getting the application right the first time vitally important.
A specialist adverse mortgage broker such as myself has a full understanding of lending criteria for those lenders offering Right to Buy mortgages to those with poor credit. I can use this to match you to a lender who I am confident will accept your application for a Right to Buy mortgage.
For more information on Right to Buy mortgages with bad credit, please call me on 01494 526400 or complete my online enquiry form.

FAQs

Can I use the Right to Buy scheme to purchase my council property if I have bad credit?

Yes, you may still be eligible to use the Right to Buy scheme even if you have bad credit. However, obtaining a mortgage with bad credit may be more challenging, and you may need to explore specialist lenders who cater to individuals with adverse credit histories.

Will my bad credit history affect my ability to get a mortgage through the Right to Buy scheme?

Having bad credit may impact your ability to secure a mortgage through the Right to Buy scheme. Lenders will assess your creditworthiness and may offer you less favourable terms or higher interest rates if you have a poor credit history. It’s essential to review your credit report, address any errors, and work on improving your credit score before applying for a mortgage.

Can I improve my chances of getting a mortgage with bad credit through the Right to Buy scheme?

While having bad credit can make it more difficult to secure a mortgage, there are steps you can take to improve your chances. This includes paying off outstanding debts, demonstrating responsible financial behaviour, and saving for a larger deposit. Additionally, seeking advice from a mortgage broker who specialises in bad credit mortgages can help you explore your options.

Are there specialist lenders who offer mortgages for Right to Buy applicants with bad credit?

Yes, there are specialist lenders who offer mortgages specifically designed for individuals with bad credit who are looking to purchase their council property through the Right to Buy scheme. These lenders may be more flexible in their lending criteria and assess applications on a case-by-case basis.

Will I need a deposit if I have bad credit and want to use the Right to Buy scheme?

Having bad credit may mean you’re required to provide a deposit when applying for a mortgage through the Right to Buy scheme, especially if you want a better mortgage rate. However, I work with lenders who can offer 100% Right to Buy mortgages for applicants with bad credit.

Your home may be repossessed if you do not keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

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Hopson & Johnson – 3rd June 2024

Steve & Sue were professional throughout the whole proceed. Would have no hesitation in recommending their company.

Hentschel – 29th May 2024

We experienced difficulty in finding our original mortgage and Steve and Sue were instrumental in helping us purchase our first home. Likewise, when it came to remortgaging 2 years later they were pivotal in finding us a suitable mortgage rate with a new provider.

Henschel – 27th March 2024

Thank you to both Steve and Sue for all the hard work and patience

Anon – 22nd March 2024

Fantastic service as always.

Anon – 4th March 2024

Steven and Sue have been absolutely wonderful throughout the whole mortgage application process. Even when we were unsuccessful with our first application which left us panicking, Steven remained calm and professional, informed us there were plenty of other options and worked quickly on a new application suited to our needs. Steven would answer his phone efficiently and if he missed us, he would call back immediately, something which can be quite rare these days. We would recommend Steven and Sue to anyone that maybe struggling with the whole mortgage process, especially the self employed, they took all the stress from us and deserved every single penny we payed them. We will absolutely be returning to Steven and Sue in the future and only wish we had found them sooner. We found them to be invaluable and an absolute pleasure to deal with, they are the reason we can finally sleep well at night! Thank you both again.

Oldham – 22nd February 2024

Helpful and helped us in finding mortgage with suitable interest rates given our adverse credit at the time

Kunda – 15th February 2024

I have used Steve twice now and both times he has been professional and has always listened to me, which was very reassuring when I was considering not buying anymore and giving up on the process.

Anonymous – 6th February 2024

Steve and Sue have been fantastic, they worked hard to get our application pushed through before Christmas and were on hand and very responsive to any questions that we had regarding our mortgage application. I would highly recommend.

Martin – 2nd January 2024

I have felt very well looked after throughout this process, and advocated for, to meet my individual financial needs. The communication between Steven, Sue and I has been of the highest standard, and I could not have asked for more. I was treated without prejudice, and with understanding, and I am so happy that I have been able to buy a home which my daughter and I can now settle into, and start a new chapter. Thank you so much Steven and Sue!

Hentschell – 21 November 2023

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