How does the Right to Buy Scheme work?
Right to Buy is a Government Scheme which gives Council Tenants the chance to buy their homes. It is only available for Council Tenants living in England.
You might find the scheme useful if you’ve struggled to save up a deposit for a house in the past. This is because you will be offered your home at a heavily discounted price and this discount can then be used as the deposit or part of the deposit.
The amount of discount you will receive on your property depends on where you live, how long you’ve lived there and the type of property you live in. For example, you will get more of a discount in London and you will get more if you live in a flat.
You can then apply for a mortgage in order to fund the rest of the house purchase. We can help you understand what you can afford to borrow and how much your monthly repayments are likely to be.
Not all lenders allow for Right to Buy applications. And some expect you to provide some deposit on top of the discount. We will let you know which lenders work for your situation. We have access to specialist lenders, exclusive deals and lenders that aren’t available to you directly.
Speak to us today for expert Right to Buy Mortgage Advice and see whether we can make your dreams to own your home a reality.
How do I apply for the Right to Buy Scheme?
In order to apply for the Right to Buy Scheme, you have to meet certain eligibility criteria.
You can apply to buy your council home if:
- It must be your only or main home
- The property must be self-contained
- You have a “secure tenancy”
- You must have had a public sector landlord for at least 3 years
The first step to applying is to complete a Right to Buy application form and to send it to your landlord. Your landlord then has 8 weeks to send you an offer for your property.
If you are applying for a mortgage, you will also need to meet your lender’s affordability criteria. We can help you understand how much you can afford and talk you through the whole application process.
Get in touch today for expert Right to Buy Mortgage Advice.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Meet the team
Our small, friendly team is based in the heart of Salisbury, Wiltshire. But we can help you no matter where you live in the UK. Sometimes it’s nice to put a name to a face. So if you want to find out more about Your Mortgage Expert, visit our Meet the Team page.
Our team has:
- Over 80 years of experience in the mortgage and protection industry
- All members of our customer facing team have mortgage qualifications
- We have over 100 five-star reviews on Google
- Have helped hundreds of First Time Buyers get the home of their dreams
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Email DanDan Harris - Mortgage Adviser
Dan Harris first started working in mortgages in 2004. Since then, he has helped lots of First Time Buyers. Dan has great attention to detail and will work hard to ensure you get the best recommendation. -
Email AdamAdam Nanson - Mortgage Adviser
Adam Nanson has worked in the Mortgage Industry for over 20 years. His friendly approach will mean you'll understand the complicated bits. He'll cut through the jargon and get the home of your dreams.