Right to Buy Max LTV of discounted purchase price
Specifies the maximum loan to value (LTV) a lender will consider for Right to Buy applications. For example John has the right to buy his council home which has been given an open market value of £100,000 with a discount of £35,000. The discounted purchase price is therefor £65,000. John does not have a deposit at this time so needs a lender who will lend him 100% of the discounted price. He approaches his lender of choice and is told the maximum loan to value for right to buy properties is 100% and so is able to further discuss his mortgage application with the lender.
What is Criteria Brain?
Criteria Brain is an online research tool for UK based mortgage advisors. Authorized advisors are able to research mortgage lenders criteria in granular detail across many lenders. Without a system like this, the advisors research phase can often take many hours and for complex cases, days, which results in frustrating delays to customers. Criteria Brain fixes this problem by providing a platform which lenders can upload their rules to, in a format that allows advisors to extract the precise information they need in great detail and very quickly. The information contained within Criteria Brain is for advisor use only but by completing the simple form, you could be speaking to an advisor who can answer this question and many more.