Announcement of em-homeloans Right to Buy mortgages made
www.moneynews.co.uk > Mortgages > Announcement of em-homeloans Right to Buy mortgages made
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Money News |
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Announcement of em-homeloans Right to Buy mortgages made
Wed 15th Feb 2006
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The Right to Buy (RTB) products have been classified into four sections; all of them have a loan to value up to 85 per cent except for the heavy option, which is available up to 80 per cent.
The very light offer is not available to anyone with county court judgements (CCJs) or arrears; it has a two-year fixed rate of 5.85 per cent for status customers and a three-year stepped discount of 5.2 per cent.
Customers with £1,000 of CCJs or one instance of arrears in 12 months can take up the light plus deal, which has a two-year rate of 6.24 per cent and a discount of 5.5 per cent.
A fixed-rate of 6.34 per cent over two years is set on the light package which allows £3,000 of CCJs or two arrears in the last year and a discount of 5.6 per cent.
The final heavy mortgage is open to borrowers with unlimited CCJs and six arrears in the last 12 months, offers a discount of 6.1 per cent and has a two-year fixed rate of 6.9 per cent for status customers.
Self-certified customers on any of the em-homeloans Right to Buy mortgages will have higher interest rates of 6.09, 6.49, 6.84 and 7.34 per cent respectively.
Operations director for the company Simon Mouncher said: "The Right to Buy market is a key sector for our broker community and we are pleased to be able to offer these four attractive products to them."
Right to Buy mortgages are aimed at people renting their property from a council or housing association who want to purchase their home themselves.
Related News : Mortgages |
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