Right to Buy with Deck Access
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Right to Buy with Deck AccessJames Bull explains how Right to Buy mortgages work for properties with deck access.
What does deck access mean and what is shared deck access?
Shared deck access is where there’s a continuous balcony at the front entrance of a whole floor in a block of flats. You use this balcony to gain access to the property’s front door.
Can I get a Right to Buy mortgage on a property or ex-council flat with deck access?
Yes, absolutely, although the main thing to note is that not all lenders accept deck access within their criteria.
As mortgage brokers, we know which lenders do and don’t accept this, so we will recommend the most suitable lender as part of our normal process.
Why can getting a Right to Buy mortgage on a property with deck access be difficult?
It’s because some lenders don’t lend on properties with deck access, so obviously that makes it a bit more difficult.
Do many lenders offer Right to Buy mortgages on properties with deck access?
Lenders change their criteria all the time, so I couldn’t put an exact number on it. But what I would say is that a lot of lenders do accept it – that includes high street lenders, as well.
As a mortgage broker, we would still expect to be able to secure you a mortgage at a competitive interest rate with a high street lender.
What are the lending criteria for a Right to Buy mortgage on a property with deck access?
There are hundreds of points of criteria on a mortgage, so you don’t just have to meet the deck access part. You have to meet all lenders’ criteria as well.
Specifically regarding the deck access, a mortgage provider will do a valuation on the property as part of the application. It’ll be the valuer who confirms if the property is suitable security for the mortgage.
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Everyone’s different. You might be self-employed. You might have some credit history issues – whatever your situation, we will find the most suitable product available to you from across the whole market.
Can you get a Right to Buy mortgage on a property with deck access if you have bad credit?
A number of lenders out there will accept properties with deck access if you have bad credit. The first step, really, is to see a mortgage broker.
We would ask clients for a copy of their credit report, and we’ll look at that in detail and drill down to exactly what the credit issue is. Once we’ve identified that, we’ll be able to make recommendations for the mortgage.
How does remortgaging a Right to Buy mortgage on a property with deck access work?
The remortgage process is exactly the same as any other property. The lender just verifies whether they are happy to lend on that property when the valuation is done. At our end, we make sure we recommend the right lender.
Can you get a Buy to Let Right to Buy mortgage on a property with deck access?
This is a bit more awkward. You can’t usually get a Buy to Let mortgage on a Right to Buy property until your five year pre-emption period is finished. Once that time is up, then you can get a Buy to Let mortgage.
How do I apply for a Right to Buy mortgage on a property with deck access? How can a mortgage broker help?
As mortgage brokers, we work with lenders across the whole market. We take details of the client’s circumstances and details about the specific property.
We then recommend a mortgage that you’ve got the best chance of being accepted for, at the most competitive interest rate. So we take care of the full process as your broker.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up with your mortgage repayments.
You may have to pay an early repayment charge to your existing lender if you remortgage.
The Financial Conduct Authority does not regulate most Buy to Let Mortgages.