The product is available to Norton’s intermediaries with immediate effect.
McDonnell’s initial Right to Buy plans were widely criticised by the industry.
Secure Trust Bank Mortgages has launched a range of mortgages for tenants using the Right to Buy scheme to purchase their existing home.
This scheme, entitled Help to Own, would mean that for every £1 a tenant invested to buy the property they rent they would receive a total of £3 for their deposit. For an average property worth £228,000, they would be putting in just over £7,000 and getting £22,800 back.
Much of the property flavour of Wednesday’s Budget is likely to be regurgitated announcements that they hope will continue to grab a headline or two despite being old news.
The products start at 5.39% for a 2-year fix and 5.59% for a 5-year fix to 75% loan-to-value, while valuation fees are refunded up to £630.
Like any government policy, the RTB scheme is tangled with a long list of T&Cs, exemptions and jargon not always understood by most.
The lender has identified a number of hotspot regions based on council and housing association stock. These include London, Bristol, Birmingham, Liverpool, Manchester, Newcastle and Sheffield.
Precise have launched a range of Right to Buy mortgages.
Right to Buy abolished in Anglesey