Finding The Best Right To Buy Mortgage Deal For Your Circumstances
If you’re looking to purchase your local authority home, Right to Buy can allow you to do so at a discounted price. Whether you’re only just beginning your search for a Right to Buy mortgage and need some help, or have been declined by your lender and don’t know what to do next, our team can help. When the Bank Says No specialises in affordable housing mortgages, and we understand the intricacies of the UK mortgage market. With our help, you can set yourself up for property owning success and make your public sector home yours forever.
What is Right to Buy?
Right to Buy is a government scheme designed to allow those living in public sector housing to buy their homes at a discounted price. Public sector housing refers to any property owned by a housing association, local council, or government department. The size of the discount available through Right to Buy depends upon various factors including the length of time you’ve lived at the property in question, the type of property involved (e.g., flat or house) and its value. If you want help figuring out if you qualify for Right to Buy or guidance about how to get started, call a member of our expert team today!
Who qualifies for Right to Buy?
To qualify for Right to Buy you simply need to have been a public sector tenant for at least 3 years. It is important to note that you don’t need to have been living in the same property throughout this time, and nor does the period have to be continuous. As long as you have accrued 3 years in public sector housing during your life, you will be eligible for the discount. If you haven’t already, why not speak with your landlord to find out if you’re eligible?
Maximise your chance of approval with specialist advice from an expert in Mortgage for Right To Buy
Do I need a deposit for Right to Buy?
The good news about Right to Buy is that you don’t necessarily need to save up a deposit. Instead, you can use your Right to Buy discount, although not all lenders will be happy to accept this. If you’re struggling to amass a large amount of cash for a deposit, our expert advisors can help direct you to those lenders who will accept your application without one. Just get in touch with our team and we can talk everything through!
What discount is available through Right to Buy?
The discount you receive through Right to Buy varies depending on a range of factors. If you live in a council house (rather than a flat) and have done for 3-5 years, you’ll get a 35% discount. This discount will rise by 1% each year until the maximum discount is reached. In London, this stands at £116,200, and £87,200 for the rest of the country. If you live in a flat, you can get a 50% discount if you’ve lived there for 3-5 years, and this discount will increase by 2% for each additional year.
Right to Buy mortgages FAQs.
Mortgage for Right To Buy Calculator
Specialist guidance for Right to Buy scheme.
When the Bank Says No has helped public sector tenants all over the UK understand the possibilities with Right to Buy. If your landlord has agreed to Right to Buy, we can help you start the mortgage search. Whole of market brokers and totally independent, we provide accurate and honest advice you can trust. Dedicated to making homeownership possible and taking fear out of the mortgage process, you can count on our team to support your every step.
Supporting your Right to Buy.
If you’re purchasing your home through Right to Buy, it may be the first time you’ve gone through the mortgage process. Moving from the rental market and onto the property ladder is undoubtably an exciting time – but it can also be a stressful one! Don’t fret about your mortgage search – it’s easier than you think! Our friendly team are here for you, ready to scour the market for the most suitable Right to Buy mortgage.
