Right To Buy Mortgage

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Watch out for dirty tricks by unscrupulous lenders

Most firms that provide right to buy mortgage schemes for council tenants are perfectly reputable, but the Office of Fair Trading has taken action against some firms who have tried to scare people into applying for a mortgage. If in doubt, talk to your nearest Citizens Advice Bureau.

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A right to buy mortgage can be very handy, because it enables council tenants to buy their home at a big discount, and in many cases the repayments are considerably less than the rent. However, unscrupulous lenders have been rapped by watchdogs after trying to scare tenants into signing up.

With a right to buy mortgage you can own your council home, and if you've lived there for several years you could qualify for a big discount. However, a handful of unscrupulous operators have attempted to drum up business by telling lies, and the Office of Fair Trading isn't happy.

The scam is simple: leaflets warn tenants that the right to buy scheme is about to be scrapped, and the only way to beat the government is to sign up for a right to buy mortgage right now. It's complete nonsense the government says it's "committed to the right to buy scheme" but that hasn't stopped some firms from signing up new customers under false pretences.

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