Secure Trust Bank Mortgages (STB) has launched into the Right to Buy market with a range of mortgages for tenants looking to purchase their existing home.
The specialist bank has made loans available up to 100% of the discounted purchase price and will also lend up to £10,000 or one year’s discount – whichever is lower – beyond the purchase price to fund home improvements.
The maximum loan size is £500,000, while rates start at 3.24% for a two-year fixed rate or 4.29% for a five-year fixed rate.
These will include a £999 product fee and the range has the same lending criteria as STB’s core products.
STB is also offering a no product fee option, including a free or subsidised valuation, with rates from 3.84% for a two-year fixed rate and 4.54% for a five-year fixed rate.
Tony Hall, sales and marketing director at Secure Trust Bank Mortgages (pictured above), said: “Right to Buy provides an excellent opportunity for tenants to purchase their existing home and we are pleased to be able to take Secure Trust Bank’s flexible approach to underwriting and appetite to deliver solutions on strong cases to this important market.
“Our Right to Buy range doesn’t stop at enabling tenants to buy their home, but can also help them to carry out improvements and we are able to lend up to £10,000 or one year’s discounted price on top of the discounted purchase price.”
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