Diamond Lifestyle, a Cambridgeshire-based sub-prime lender, has launched a new service which will help council tenants with non-standard or defective property to own their council property.
The service, which is available to intermediaries and their clients, is provided in three parts.
Once the client has been introduced to Diamond Lifestyle, they arrange a survey of the property and then a specialist building company will undertake work to bring it up to a standard where a Precast Reinforced Concrete certificate can be issued.
The cost of the building work can then be added into an exclusive mortgage facility arranged by Diamond, which allows borrowing up to 85% of the post works valuation.
Michelle Cathrine, marketing manager of Diamond Lifestyle, says: “We have launched this service because there is a huge group of council tenants renting properties which they would like to buy, but are frustrated by the problems associated with the construction.
“With our service, brokers will be able to show their clients that there is a way of becoming home owners and at the same time overcome the problems associated with the traditional problems of mortgaging a property which had been impossible to mortgage.