If you’re a tenant looking to purchase your council or housing association home, the Right to Buy scheme could make homeownership more affordable. This government-backed initiative allows eligible tenants to buy their rented property at a discounted price, making it easier to get onto the property ladder. At Teesside Money, we specialise in Right to Buy mortgages, helping buyers in Teesside, Stockton-on-Tees, and the Northeast find the best mortgage options to suit their needs.
With a Right to Buy mortgage, lenders consider the discount as part of your deposit, meaning you may not need additional savings to secure a mortgage. The amount of discount you receive depends on the length of time you’ve been a tenant and the type of property you live in.
To get started, you will need to check your eligibility with your landlord and receive your official Right to Buy offer notice. Once you have this, we can guide you through the mortgage process, ensuring you find the best deal available from Right to Buy mortgage lenders.
To qualify for the Right to Buy scheme, you must:
The discount amount depends on factors such as property type and location. The longer you’ve been a tenant, the higher the potential discount, which can make purchasing your home significantly more affordable.
Applying for a mortgage can be overwhelming, but our team is here to support you at every step. We provide expert advice and access to competitive rates, ensuring a smooth and stress-free process. Whether you’re searching for a mortgage broker for Right to Buy or need assistance navigating the Right to Buy scheme, we’re here to help.
How do I buy a council house under the Right to Buy scheme?
To buy your council house, you must first check your eligibility and apply for the Right to Buy scheme through your landlord. If approved, you will receive a Right to Buy offer notice, detailing the purchase price and any discount applied. You can then apply for a Right to Buy mortgage to finance the purchase. Our mortgage advisors can help you find the best lenders for your situation.
How much discount can I get on my Right to Buy home?
The discount depends on how long you have been a tenant. For council houses, the maximum discount can be up to 70% of the market value, with a capped limit that varies by region. For flats, the discount may be higher. Our experts can guide you on how much you may be eligible for.
Can I get a Right to Buy mortgage with no deposit?
Yes, many Right to Buy mortgage lenders accept the Right to Buy discount as your deposit, meaning you may not need to provide additional savings. However, lenders will still assess your credit history, income, and affordability before approving the loan.
Can I use a Right to Buy mortgage for home improvements?
Some lenders allow you to borrow extra funds for home improvements as part of your mortgage. This can be useful for upgrading or renovating your property after purchase. We can help you find suitable lenders that offer this option.
How long does the Right to Buy mortgage process take?
The process typically takes 8 to 12 weeks, depending on how quickly your landlord processes your application and the time required for mortgage approval. Having all required documents ready can speed up the process.
The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK
Think carefully before securing debt against your home. Your home may be repossessed if you do not keep up payments on your mortgage or any other loans secured on it.
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