If you’re a council tenant in Leeds, you might be thinking about buying your home through the Right to Buy scheme. Getting a Right to Buy mortgage can seem complicated, but it doesn’t have to be. This guide explains clearly and simply how to get a Right to Buy mortgage in Leeds, what you need to know, and how to start the process.
Right to Buy mortgages help council tenants in Leeds purchase the council home they currently rent. The UK government introduced the Right to Buy scheme to encourage homeownership by offering tenants discounts on the purchase price of their council house or flat.
You are eligible for Right to Buy if:
Leeds City Council can confirm your eligibility. Contact them directly to check if you qualify.
Book a free consultation with our mortgage experts and get the answers you need.
Contact us nowOne of the main benefits of the Right to Buy scheme is the discount you receive on your home. As of 2024, you can get a maximum discount of up to £24,000 off the market value in Leeds.
Getting a Right to Buy mortgage in Leeds involves a few straightforward steps:
Contact Leeds City Council or your housing association to confirm your Right to Buy eligibility. They’ll guide you through the application and confirm your potential discount.
Complete and submit your Right to Buy application form (RTB1 form). Your landlord then has a maximum of four weeks to reply and confirm whether you can buy your property.
Once your Right to Buy application is approved, start looking for a mortgage. It’s sensible to first get a mortgage agreement in principle from a bank or building society. This shows sellers you’re a serious buyer and helps you understand how much you can borrow.
Your landlord will provide a formal valuation of the property and confirm the discount you’re entitled to. You can then apply formally for a Right to Buy mortgage. Your chosen lender will assess your income, spending habits, and credit score before making you a mortgage offer.
Once your mortgage is approved, instruct a solicitor to handle the legal aspects of buying your home. This usually takes between 8 and 12 weeks. After signing the final contracts, you officially become a homeowner.
Leeds has many mortgage lenders and brokers offering specialised Right to Buy mortgage products. Some popular providers include:
Speak with a mortgage adviser to compare rates, mortgage types, and the terms available specifically for Right to Buy customers.
Buying your council home through Right to Buy can change your financial situation significantly. Getting independent mortgage advice ensures you’re making informed decisions and choosing the right mortgage.
In Leeds, you can find mortgage advisers and brokers who specialise in Right to Buy mortgages. They’ll guide you through every step, answer your questions clearly, and help you make the best financial decisions for your circumstances.
To be eligible, you must have been a council tenant for at least three years, and the property must be your main residence. It’s advisable to contact Leeds City Council to confirm your eligibility.
Yes, you can apply, but your landlord is not obligated to complete the sale if you have not paid all the rent or any other payments within four weeks from the date you were asked to pay. Additionally, if your landlord has obtained a suspended possession order against your property due to rent arrears, and you breach it, you may lose your secure tenancy and the Right to Buy. GOV.UK
No, you have access to the same mortgage products available on the market as everyone else. It’s essential to shop around and get impartial advice before deciding on the mortgage product that best suits your needs.
In many cases, lenders accept the Right to Buy discount as a deposit. However, some lenders might require you to contribute additional funds. It’s advisable to consult with a mortgage advisor to understand the specific requirements of different lenders.
Landlords are required to process Right to Buy applications within certain time limits. If there’s a delay because your landlord hasn’t sent you the correct form or notice on time, you may be entitled to a reduction in the purchase price. There are procedures in place to address such delays.
Yes, if you sell your Right to Buy property within five years of purchasing it, you’ll need to repay a portion of the discount. The amount decreases each year. Additionally, if you wish to let the property, you may need to obtain permission from your mortgage lender and, in some cases, from the council.
Yes, once you’ve purchased your home, you have the freedom to make improvements. However, if you have a mortgage, it’s advisable to inform your lender about significant renovations. Also, ensure that any major work complies with local planning regulations and building standards.
You can remortgage your home at any time. However, before doing so, you should talk to your mortgage provider and obtain professional advice, as this may incur a penalty charge, especially if you are considering borrowing extra money.
It’s beneficial to consult with mortgage advisors who have experience with the Right to Buy scheme in Leeds. They can provide tailored advice and guide you through the application process. Additionally, Leeds City Council‘s Right to Buy team can offer information specific to your situation.
Right to buy: Can I buy my council house?
Do You Need a Mortgage for Right to Buy?
Buy to let mortgage with bad credit
Can you get a mortgage on your own?
How much deposit do I need to for a first-time buyer mortgage in London?
Advisers for self-employed London
Mortgage on a leasehold property
What is different about a Right to Buy mortgage?
How to find the best Right to Buy mortgage deals
What is a first charge mortgage? Explained
What are the potential risks and drawbacks of obtaining a bad credit mortgage?
What happens when my fixed-rate mortgage ends?
How to find the best fixed-rate remortgage deals
Single brick construction mortgage
Do I need a mortgage adviser in the UK?
