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Right To Buy Mortgages

The government's Right to Buy scheme has been running since the 1980s when the then prime minister Margaret Thatcher introduced it. It allows social housing tenants the right to buy their home from the council at a discount to its value on the open market.

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The top discount you can get varies by local authority and the rules are different in Scotland, Wales and Northern Ireland. In England, you're entitled to a maximum discount of up to £80,900, or £108,000 if you live in London. This amount increases every year in April in line with inflation.

Some housing association tenants are also given the right to buy their home, but not all. Whether you qualify will depend on whether the right to buy was preserved in the event that your home was transferred from a local council to the housing association that now owns it.

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The government has said it plans to extend its Right to Buy scheme to all tenants in housing association properties, but as yet this has not happened.

In order to use your right to buy, you'll need to get a mortgage - just as you would when buying a property on the open market. Most lenders have options for borrowers buying using the Right to Buy scheme, but they can look at your application differently. For example, some lenders allow you to use the discount you get on your Right to Buy as a deposit, meaning you don't have to raise extra cash to put in. Others, however, do want to see that you have saved a deposit.

A mortgage broker will be able to take you through the options available to you so you are comfortable that you have the right deal for you and that you will be able to afford the monthly repayments comfortably.

Find Out Current Best Rates

Property Value
£
Mortgage Amount
£
Reason for Mortgage
Mortgage Type
Lender Initial Rate Type For Then APR* ERC* Fee
Clydesdale Bank Intermediary 2 Year Discount £1449 Fee CLY0.99%DiscountAug-20204.95%4.3%2 years £1449
Monmouthshire BS 2 Year Discount £1999 Fee Purchase BMO0.99%Discount2 years 4.99%4.4%2 years £2149
Progressive BS 2 Year Discount No Fee Purchase BPG0.99%Discount2 years 4.75%4.3%2 years £0
Leeds BS 2 Year Tracker £999 Fee BLH1.19%TrackerJun-20205.69%4.8%30-Jun-2020 £999
Nationwide BS RETENTION 2 Year Tracker £999 Fee Existing Borrowers Cashback BNW1.19%Tracker2 years 3.99%3.6% £999
Nationwide BS 2 Year Tracker £999 Fee BNW1.19%Tracker2 years 3.99%3.5% £999
Nationwide BS FTB 2 Year Tracker £999 Fee Cashback BNW1.19%Tracker2 years 3.99%3.6% £999
Nationwide BS RETENTION 2 Year Tracker £999 Fee Existing Borrowers BiR BNW1.19%Tracker2 years 3.99%4% £999
Barclays Bank 2 Year Tracker £1999 Fee Purchase No ERC BWO1.24%Tracker2 years 3.99%3.6% £1999
Platform Intermediary 2 Year Tracker £999 Fee CTS1.24%Tracker2 years 4.74%4.3%2 years £999
Mortgage product availability is subject to status and availability. Although great care is taken to ensure that product details are as accurate as possible no liability can be accepted for errors or omissions.
*APR = Annual Percentage Rate *ERC = Early Repayment Charge
*These figures are only illustrative. An assessment of your needs will be confirmed before a recommendation can be made. A Key Facts Illustration, which is personal to your circumstances, will be provided if a recommendation for a mortgage product is made.
Instant Decisions with No Credit Scoring

In assessing your requirements, we do not use credit scoring and we can provide an accurate estimate of the amount of borrowing and the viability of your requirements, without effecting your credit score.

We avoid credit searches at the initial stages given that numerous credit searches will impact your ability to access cheap credit. It is clear that too many credit applications in a short period of time will impact your score and whilst it is important to shop around, formal applications for a mortgage can trigger rejections, as it gives the impression you may be desperate for credit. It is essential when making enquiries for any financial product, that the Company does not credit score you, until such time as you have agreed to make a formal application.

We can indicate your chances of approval prior to any application being made and where necessary, can obtain decisions in principle from lenders who do not use credit scoring.

 

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