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Secure Trust Bank enters Right to Buy with renovation top-up

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  • 16/11/2018
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Secure Trust Bank enters Right to Buy with renovation top-up
Secure Trust Bank (STB) has launched a range of mortgages for tenants using the Right to Buy scheme to purchase their existing home for the full discounted amount.

 

Loans are available up to 100% of the discounted purchase price.

The lender will also allow purchasers to borrow up to £10,000 or one year’s discount more than the discounted purchase price for renovations, whichever is lower.

Rates start at 3.24% for a two-year fixed rate or 4.29% for a five-year fixed rate, with a £999 product fee.

There is also a zero 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.

A maximum loan size of £500,000 will apply and the range has the same lending criteria and underwriting as the lender’s core products.

 

Falling sales

In the 2017-18 financial year official statistics show 11,833 sales were completed using the scheme, down 1,594 or 12% from the 13,427 total in 2016-17.

This trend continued between April and June this year when 2,452 dwellings were sold, down 13% on the 2,814 sold in the same three months of 2017. It was also the lowest total since Q1 2013-14.

Secure Trust Bank Mortgages sales and marketing director Tony Hall said the lender was pleased to be entering 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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