Founded four years ago, Oracle Legal Ltd together with its Manchester-based sister company Oracle Insurance Services Ltd has developed a right to buy loan and Insurance product aimed at council tenants. In the UK, over three million council homes qualify for the discount offered through the government's right to buy scheme.
Oracle said it was apparent that although tenants could easily afford a mortgage at the discounted value, many were wary of
the upfront costs and potential losses they may incur should the sale fall through.
Oracle has created a combined loan and insurance product which guarantees no repayment if the purchase fails. Although the company expected a big take-up of the scheme, the
directors said they have been overwhelmed with the response and decided they wanted to put something back into the community.
Darren Beech, director of Oracle, said: "Although we actively fund and are very much involved in the Tipton Academy under 19's football team, we have been looking for a local charity to support for some time. It is well known I am a big Wolves fan and saw the link to Promise Dreams on Steve Bull's website."
The company has pledged £10 to the charity for every right to buy mortgage completed and hopes to raise more than £2,000 every month.
