Specialist lender, Bluestone Mortgages, has today announced the launch of its Right to Buy product range. The product will be available via limited distribution through Bluestone’s selected Sapphire Partners.
Loans are available up to 100% of the discounted purchase price, and up to 75% LTV open market valuation. Loans will be available on a five-year fixed rate, starting at 3.9% and will be accessible across all of Bluestone’s credit tiers.
The scheme will help eligible council and housing association tenants in England to buy the homes that they have been living in, offering a maximum discount of £84,200 across most of England except in London boroughs, where it is £112,300 and increases each year in April, in line with the consumer price index (CPI).
“Understanding there is a growing demand for Right to Buy from our brokers, we’re delighted to be able to offer this product as part of our phased product expansion. For too long, a large cohort of customers have been excluded by mainstream lenders. We believe it’s our moral duty to help those who are traditionally underserved to climb onto the property ladder, giving them the opportunity to achieve their homeownership dreams.”
Reece Beddall, Sales and Marketing Director, Bluestone Mortgages