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Right To Buy Mortgages

The Right to Buy scheme helps social tenants in England and Wales buy their council home at a discount.

You can apply for Right to Buy if you’ve been a council or public sector tenant for five years (not necessarily five years in a row). You’re a public sector tenant if you have lived in properties provided by a housing association, the armed forces or a public body like an NHS trust.

Council Right To Buy Mortgage

The basic criteria for applying is that a tenant has been living in their home for a minimum of two years. A tenant who is considered a ‘long standing tenant’ might be given a higher discount from the local authority. This discount can range anywhere from £15,000 to £40,000.

The property will be valued

Probably by both the authority and the lender. The discounted price is then applied so that the borrower can calculate the deposit required to secure the mortgage. Most lenders who offer mortgages for right to buy schemes will lend up to 90 – 95% of the price you’re being charged for the property. For example, if the council valued your Council House at £100,000 and under the right to buy scheme would sell it to you for £60,000 then you would need to find anywhere between £3,000 and £6,000 deposit from your own funds. In some cases, depending on the client’s credit status, there may be the opportunity to borrow additional funds for home improvements but it would all depend on the clients own particular circumstances.

Applying for a Council Right to Buy Mortgage

May be slightly longer than normal mortgage applications as the process involves valuations and decisions from the Housing Association or Local Authority but typically takes about 6 weeks.

We deal with a number of High Street banks and building societies that offer council right to buy mortgages and once we have details of your circumstances we’ll work to find you a good, reputable High Street lender at the best possible terms.

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Mortgage Advice Line

Whatever your circumstances, we can help you secure the right mortgage.

Call us: 01704 808286

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