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Advantage accepts Right to Buy

Advantage, a Morgan Stanley Group company is accepting Right to Buy applications on its ADV sub-prime range.

This follows the lender’s update of the range’s underwriting criteria at the beginning of November, which resulted in ADV becoming even more accessible to borrowers, with improved affordability and some of the best terms available on the market.

With a choice of fixed and discounted rate options starting at 4.29%, key Right to Buy features offered across the entire ADV sub-prime range include no loading applied for Right to Buy business, up to 90% LTV available for purchase and re-mortgage (85% LTV medium, 80% LTV heavy and 75% LTV unlimited).

Fixed rates are from 5.39%, re-mortgage in pre-emption allowed, ex-local authority leasehold flats and maisonettes are considered if loan amount is £100,000 or above and LTV is 85% or less.

There is no maximum age, no early repayment charge overhang on two and three year products, no higher lending charge, CCJs by number not amount, loans based on affordability rather than income multiples and all are available on Mortgage Brain, Trigold, M2000 and eMoneyfacts.

In addition, applications for the ADV sub-prime range qualify for free valuations, as well as free legals and the new Rapidremo option for selected faster re-mortgages.

Keith Dearling, managing director of Advantage, says: “The high uptake of right-to-buy over the years has proved how effective it is in giving British households help in accessing home ownership.

“We are delighted to be able to play a part in helping families onto the property ladder with our ADV sub-prime range.

“This move demonstrates our commitment to truly serve the whole of the sub-prime market and our ability to meet answer the needs of customers, whatever their circumstances.”

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