Eligibility for Right to Buy

Fri, 25 Jul 2014

Eligibility for Right to Buy
The Department for Communities and Local Government have clarified that Right to Buy properties do not need to be financed by the individual who would become the owner.

Legal ownership can, however, only go to the people who have been renting the property out, and are eligible candidates for the scheme.

The Right to Buy scheme can help people to acquire the property they rent cheaply, and some lenders may even offer up to 100% of the discounted price, Dale Jannels, a spokesman for Atom, reportedly claimed.

Others however, will demand a deposit from the buyer. This can still be very low however.

Kathy Bowes, business development manager of The Cambridge Building Society said that her lender would be willing to lend 100% to suitable borrowers, as long as they have rented the property for long enough to get at least a 20% discount.

This shows that there are schemes available that can be just as good as Help to Buy, but in the media storm surrounding George Osborne's main scheme, they can get forgotten.

"When considering the level of borrowing suitable for applicants we utilise an income and expenditure formula to ensure affordability" Ms. Bowes said.

"Our underwriters will expect [applicants'] outgoings to be a fair and true reflection of the costs associated with running a home and maintaining a reasonable lifestyle," she added to enforce that they aim to be fair and don't expect borrowers to have inhuman saving rates.
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