If you are a local authority tenant you may be eligible for a Right to Buy mortgage. The purchase is price is calculated by applying a discount from the open market value. The percentage discount you receive is determined by how long you have been a tenant for.Get Started
Some lenders allow you to apply for extra money for home improvements when you take out a Right to Buy mortgage. You may need to provide estimates for the works required. It can be more difficult to obtain a Right to Buy mortgage with bad credit but it’s not impossible. It's worth speaking to a mortgage broker to help find you a suitable mortgage, solicitors and survey as and when required. Book your free mortgage appointment online today to speak to a mortgage advisor.Apply Now
Does the Right to Buy Scheme still exist?
Originally being introduced back in the 80’s the UK Right to Buy Scheme is still very much alive and well for tenants who wish to buy their council home at a discount. The scheme has undergone changes since then, with schemes existing in various local authority areas across the nation that may allow tenants to use Right to Buy with housing associations too. Thousands of tenants over the years have taken advantage of Right to Buy to become homeowners.
How does council Right to Buy work?
The Right to Buy Scheme allows tenants to buy their property from their local council for a discounted price. The amount of discount that you receive depends on how long you’ve lived there. You must have been a public sector (council, housing association or NHS Trust) tenant for at least three years and the longer you have been a tenant the more discount you will get.
Do you need a deposit for Right to Buy?
No, lenders will accept the right to buy discount as your deposit. It is still worth remembering that you may need to have some of your own money saved for any fees that are incurred.
Can my children buy my council home for me?
Any family member is able to buy your council home, providing they have been signed onto the tenancy for at least 1 year. If you are married or have a civil partner, providing they already live with you, they can also have tenancy transferred to them. At that point, they would be eligible for the Right to Buy scheme in that home, however it would be in their name, not yours.
Can you buy your council house if you’re on benefits?
Being on any form of benefits will not change your legal Right to Buy eligibility, however any lender will need to make sure you are able to afford your monthly mortgage repayments. One thing that may be affected is your ability to receive certain benefits, such as Housing Benefit, which cannot be received if you are a homeowner.
Why use a mortgage broker to help me get a right to buy mortgage?
A mortgage broker like us can search 1000's of deals to find you the most suitable mortgage for your circumstances. Book your free mortgage appointment online to speak to a mortgage advisor today.
We have the flexibility to work around your personal life, with appointments at times that are best suited to you.
There are no hidden fees, nor fees up front. We are only paid upon successfully helping you.
You will have consistency throughout your service, dealing with the same friendly members of our team.
It can be understandably daunting when using the right to buy scheme, transitioning from home renter to homeowner. We'll be here to guide you through the process.
An advisor will recommend the most suitable insurance products to make sure you can stay in your home, should you become seriously ill or unable to work.
Your mortgage advisor will look for the cheapest, most suitable deal for you and your aspirations!
We have worked hard over the years to help thousands of customers in a similar situation. It's likely we will have come across a circumstance like yours!
We can help recommend property surveys and conveyancing solicitors. We will make sure you supported all throughout your mortgage journey, right until the end.
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