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Right to Buy allows some council and housing association tenants to purchase their homes at a discounted price.
While the scheme remains available in parts of the UK, it was abolished in Wales in 2019.
This means tenants in Wales no longer have the option to buy their homes through Right to Buy, regardless of how long they have lived there.
Although Right to Buy is no longer available in Wales, there are still other ways to work towards homeownership.
The best approach will depend on your financial situation, future plans, and eligibility for different schemes.
Saving for a deposit is one of the biggest challenges for many buyers, particularly first-time buyers. Some lenders offer mortgages that require only a 5% deposit, which can make homeownership more accessible.
Low deposit mortgages can be an option for those who are struggling to save a larger deposit, but they may come with higher interest rates and stricter affordability checks.
Lenders will assess factors such as income, credit history, and existing financial commitments to determine whether a mortgage is affordable.
If family members are in a position to help, a gifted deposit could make a significant difference. This is when a relative provides money towards your deposit without expecting it to be repaid.
Many lenders accept gifted deposits, but they will require a formal declaration confirming that the money is a gift rather than a loan.
A larger deposit can make it easier to secure a mortgage, as it reduces the loan-to-value ratio and can lead to better mortgage rates.
Shared Ownership is an option for buyers who may not be in a position to purchase a home outright.
This scheme allows you to buy a percentage of a property, typically between 25% and 75%, while paying rent on the remaining share.
Over time, you may have the opportunity to increase your share until you eventually own the property in full.
The deposit required is based only on the share being purchased, making it a more affordable way to buy compared to traditional homeownership.
Eligibility criteria apply, and availability will depend on location and income.
Help to Buy – Wales is a government-backed scheme designed to help first-time buyers and home movers purchase a newly built property.
The scheme provides an equity loan of up to 20% of the property’s value, which can be used alongside a 5% deposit and a standard mortgage.
The loan is interest-free for the first five years, making it a more affordable way to buy with a lower initial deposit.
As the scheme has been extended multiple times, it is important to check the government website for the latest updates on availability and deadlines.
For those serving in the armed forces, Forces Help to Buy provides financial support towards homeownership.
This scheme offers an interest-free loan of up to £25,000, which can be used towards a deposit or other home-buying costs.
The loan is repaid over ten years and is designed to make it easier for service personnel to get on the property ladder. If you are eligible, this could be a useful option to consider.
A Lifetime ISA (LISA) is a savings account designed to help first-time buyers save towards a home.
If you are aged between 18 and 39, you can contribute up to £4,000 per year, and the government will add a 25% bonus to your savings.
This means that for every £4,000 saved, the government contributes an additional £1,000. The funds can be used towards the purchase of a first home, provided the property price does not exceed £450,000.
For those who are planning to buy in the future, a LISA can be a useful way to boost savings over time.
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With Right to Buy no longer available in Wales, there are still several ways to move towards homeownership.
Whether you are looking for a low deposit mortgage, family-assisted funding, or a government-backed scheme, there may be an option that suits your situation.
A mortgage advisor in Wales here at UK Moneyman can help you explore the choices available and find a mortgage that works for you.
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Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© UK Moneyman Limited 2025.
UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© UK Moneyman Limited 2025.
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