Secure Trust Bank Mortgages has launched a range of mortgages for tenants using the Right to Buy scheme to purchase their existing home.
Loans are available up to 100 per cent of the discounted purchase price and Secure Trust Bank will also be able to lend up to £10,000 or one year’s discount, whichever is lower, beyond the purchase price to fund home improvements.
Rates start at 3.24 per cent for a two-year fixed rate or 4.29 per cent for a five-year fixed rate, with a £999 product fee. There is also an option with zero product fee and a free or subsidised valuation, with rates from 3.84 per cent for a two-year fixed rate and 4.54 per cent for a five-year fixed rate.
The maximum loan size for Right to Buy is £500,000 and the range has the same lending criteria and approach to underwriting as Secure Trust Bank’s core products.
Secure Trust Bank Mortgages sales and marketing director Tony Hall (pictured) says: “Right to Buy provides an excellent opportunity for tenants to purchase their existing home and we are pleased to be able to take Secure Trust Bank’s flexible approach to underwriting and appetite to deliver solutions on strong cases to this important market.
“Our Right to Buy range doesn’t stop at enabling tenants to buy their home but can also help them to carry out improvements and we are able to lend up to £10,000 or one year’s discounted price on top of the discounted purchase price.”