Even with the best mortgage deals the new right to buy scheme may fail.

Will the best mortgage deals be available for the right-to-buy scheme recently relaunched by the Prime Minister?

The government have suggested that millions of council property tenants could buy their first homes under the relaunched scheme. The government is increasing the maximum discount to £75,000 for potential buyers but many council tenants could struggle to get a mortgage to buy their home. Many will not be able to get a mortgage because they are not employed full time.

Banks have recently tightened up their lending criteria and many of the best mortgage deals would simply be out of the reach of council tenants. The FSA's review of the mortgage market at the end of last year suggested right-to-buy customers get into arrears with payments more often than others and this can make banks reluctant to lend to them.

The right to buy scheme was widely criticised for reducing the amount of available social housing when it was launched by Margaret Thatcher in the 1980s. Around two million council homes have been purchased by tenants but last year there were only around four thousand sales which was most likely due to the small discounts offered.

Whilst the new discounts may bring houses within the price range of council tenants in some areas, securing a mortgage could still be a difficult task. If you have the chance to buy your council home under the right to buy scheme call us at Deal Direct for advice.

The best mortgage deals are constantly updating, at Deal Direct we know the lending criteria for a wide range of products in the market so we are well placed to find a deal to help you buy your home.