Right to Buy Mortgages
Ready to own the home you live in? Let’s make it happen.
The Right to Buy scheme gives eligible council and housing association tenants the chance to buy their home at a discounted price. It’s a great way to move from renting to owning often with a lower deposit and more affordable monthly payments.
We’ll guide you through the process, help you understand your eligibility, and find the right mortgage to make your purchase possible.
Who Can Apply?
- You’ve been a public sector tenant for at least 3 years
- Your home is self-contained and your main residence
- You’re a secure tenant with no legal issues like bankruptcy
- You’re not living in sheltered or specialist housing
You can also apply jointly with up to 3 family members who’ve lived with you for the past 12 months even if they’re not on the tenancy agreement.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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What is the Right to Buy scheme?
Right to Buy allows eligible council or housing association tenants to purchase their home at a discounted price. The discount is based on how long you've lived in the property.
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Am I eligible for Right to Buy?
You must have lived in public sector housing (e.g. council, housing association, NHS) for at least 3 years. You cannot own another property or have bankruptcy or creditor agreements.
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Do I need a deposit for a Right to Buy mortgage?
Many lenders do not require a deposit if you're buying at the discounted price. However, some may ask for up to 5%, especially if your credit history is poor.
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Can I let out a Right to Buy property?
No, the scheme is intended for home ownership. Letting the property within the first 5 years may breach the terms and result in repayment of the discount.
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Can I sell the property after buying it?
Yes, but if you sell within 10 years, you must first offer it back to the local authority. If sold within 5 years, you may need to repay part of the discount.
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Can I borrow more than the discounted price?
Some lenders allow borrowing above the discounted price, up to 90% of the market value, but this must be approved by the local authority and used for home improvements.
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Will poor credit affect my chances?
Not necessarily. Some lenders offer Right to Buy mortgages to applicants with CCJs, defaults, or past financial issues.
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Can I get a Right to Buy mortgage if I’m self-employed?
Yes, as long as you have at least one year of tax returns and can demonstrate stable income