Right To Buy Mortgages

If you have been living in your council property for at least two years, it’s likely that you will have the opportunity to purchase your home at a discounted price. The Right to Buy scheme helps eligible council and housing association tenants in England to buy their home with a discount of up to £112,800 in London or up to £84,600 outside London. If you’re interested in the scheme, you will need to contact your landlord to find out if you qualify.

Please note this scheme ended in Scotland on 31st July 2016, however applications are still welcome for council tenants in England, Wales, and Northern Ireland.

For many, this is a better long-term option than renting, and as there is a discount applied to the purchase price, this means no deposit is required to purchase your own home! Right To Buy mortgage lenders will allow the local authority discount to be used in lieu of your own deposit. Therefore, if the discount is for example £75,000 you will only have to take a mortgage for the balance between that and the open market value.

What is a Right To Buy mortgage?

Right To Buy lending is available for up to 100% of the discounted purchase price of your council property – this means you do not necessarily have to have a deposit saved up.
Most mortgage lenders that offer Right To Buy mortgages will lend up to 75% of the property value including for the purpose of home improvements, subject to you, the borrower, obtaining a letter/deed of postponement from the landlord confirming ranking agreement.

Our advisors are experts in Right to Buy mortgages and will provide you with tailored advice from the widest possible choice of top lenders on and off the High Street.

Even better news is that Apex Financial Consultants will complete all the paperwork for you, dealing with the lenders at every stage of the process to ensure everything goes smoothly from start to finish. And it won’t cost you a penny!