Right To Buy Mortgages explained - Apply for a Right to Buy Mortgage

Right to Buy mortgages

Right to Buy Mortgages have been designed by the Government to give council house tenants the chance to buy their home at a reasonable price.

What is a Council Right to Buy Mortgage?

Council Right to Buy mortgages are a Government scheme to enable people to buy their own homes who could otherwise not afford it. It is only available to people who have lived in their council house for a considerable time and the amount of time you have lived as a tenant in your home will determine the size of your discount; however the council home should always be offered at a lower rate than the full market price. Other effecting discount policies will vary from council to council. To find out if you are eligible for a Council right to buy mortgage contact your local authority.

What is a ‘Right to Buy’ price?

A Right to Buy Price is the discounted value of your property taking into account the time you have lived there, this is less than the open market value of the property. Some mortgage lenders will lend you 100% of this value to purchase your property: in effect the discounted price that you receive for your property acts as deposit to the lender.

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Right to Buy Mortgages – who can apply?

This particular scheme is aimed at tenants of local authority housing as well as registered social landlords who hold secure tenancies with the local governing authority. Right to Buy Mortgages are available to tenants whose landlord is known as a ‘Right to Buy Landlord’ or a landlord who is listed under the category of ‘Public Bodies’. If none of these conditions apply, Right to Buy Mortgages are available to individuals who have been public sector tenants for at least 5 years.

In addition, suitable applicants will be tenants who do not have any other home and live in a property which is self-contained. Right to Buy Mortgages are not available to those who are bankrupt or who have a pending bankruptcy petition. You also are disqualified from the right to buy if your home is possessed by a court or you are in debt to creditors. Speak to your local authority for property advice on applicable landlords and organisations.

Property Advice Blog Top Tip!

If you have lived with a member of your family or a tenant for the last 12 months some councils will allow you to buy your home with that family member or tenant. Land such as gardens, plots and garages will also be added to the sale of the home on most occasions.

Right to Buy Mortgages and Lenders

Although there are a number of mortgage providers who will lend money to right to buy borrowers, not every lending organisation will do so. Speak to a specialist Right to Buy Mortgage lender for the most up to date and informative property advice on Right to Buy Mortgages in your area.

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