Right to Buy Mortgages in Oxford

Though it was a government scheme that was introduced back in the 1980s, the UK Right to Buy Mortgage Scheme is still very much relevant in the mortgage world, available to tenants in Oxford who are eligible to purchase their local authority home at a discounted price.

The scheme has had various changes over its tenure, yet it still remains a completely valid option for potential first time buyers in Oxford. Thousands of tenants over the years have made use of a Right to Buy in Oxford, on the way to becoming homeowners.

Before you can look at applying for a Right to Buy in Oxford, you will first need to know whether or not you qualify for that particular mortgage scheme. You can do this by requesting an application form from your local authority.

Once that local authority has received your application form, they will respond back accordingly with confirmation of your eligibility, as well as the level of discount you are set to benefit from and what the overall property price is when you apply.

During your free initial Right to Buy mortgage appointment, a member of our dedicated team of mortgage advisors in Oxford will work alongside you to make sure that not only are you eligible, but you are aware of all the potential mortgage costs involved, and that they find you the best mortgage deal for what you’re looking to do.

Across the duration of your home buying journey in Oxford, we will make sure we are always on hand to help, by advising on solicitors and property surveys when we are needed to do so.

As a general rule of thumb, most mortgage lenders are happy to accept a Right to Buy discount as your deposit, though others may still prefer it if you put down a deposit of your own, or make it a combination of deposit and discount.

You must always make sure that you remember that there will still be other fees that are involved in the mortgage process, so it’s still always recommended to have savings kept for this, even if a discount alone will be accepted.

Any family member is able to purchase your council home, though they will have also had to have been on the tenancy for at least one year. If you are married or have a civil partner, so long as they are already living with you at the time, you are able to transfer the tenancy to their name.

Once you have done that, they would be the ones eligible for the Right to Buy in Oxford, though you would not.

Being on any type of benefits does not change that any legal Right to Buy eligibility you have. That being said, from the point of view of a mortgage lender, they will need to know that you are able to afford maintaining your monthly mortgage payments.

One element that could be affected, is whether you can access any benefits that are exclusive to being a tenant, such as Housing Benefit, which you no longer become eligible for once you are a homeowner.

A fast & friendly mortgage broker in Oxford like us has the ability to search through 1000s of deals for your Right to Buy in Oxford, helping you to find the most suitable mortgage deal for what you are looking to achieve. Book yourself in for a free mortgage appointment today and speak to an expert mortgage advisor in Oxford.