If you’re a council tenant looking to buy your home, you might be searching for a Right to Buy mortgage specialist near me to guide you through the process. The Right to Buy scheme allows eligible tenants to purchase their homes at a discounted price, but finding the right mortgage can be tricky.
Not all lenders offer Right to Buy mortgages, and the application process comes with unique challenges, especially if you’re self-employed, have bad credit, or need a no-deposit option. That’s why working with a local mortgage specialist who understands the scheme can make all the difference.
In this guide, we’ll explain how a Right to Buy mortgage specialist near you can help, what to expect from the process, and how to secure the best mortgage deal for your home. Whether you’re in London, Birmingham, Manchester, or anywhere else in the UK, finding the right expert can save you time, money, and stress. Let’s get started!
The Right to Buy scheme allows eligible council and housing association tenants to purchase their home at a discount. The discount can be substantial, up to £38,000 in England, depending on how long you’ve been a tenant.
A Right to Buy mortgage works similarly to a standard mortgage, but there are key differences:
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Contact us nowUnlike standard mortgages, Right to Buy comes with unique requirements that not all banks or brokers understand. A specialist can:
Working with an experienced Right to Buy mortgage specialist could save you time, money, and stress.
You may be eligible if:
You don’t have serious debts or a history of mortgage issues.
Even if you have bad credit or are self-employed, some lenders will still consider you with the right support.
1. Check Your Eligibility
Use the government’s Right to Buy calculator to see how much discount you qualify for.
2. Get a Right to Buy Application (RTB1 Form)
You need to submit this to your landlord. They have four weeks to respond (eight weeks if they’ve owned the property for less than three years).
3. Find a Right to Buy Mortgage Specialist
A specialist broker can check your finances, find lenders, and improve your chances of approval.
4. Get a Mortgage Offer
Once approved, your lender will give you a mortgage offer. Make sure it covers the discounted purchase price.
5. Complete the Purchase
Your solicitor will handle contracts and legal checks. Once complete, you’ll officially own your home!
Bad Credit?
Some lenders accept applicants with poor credit. A specialist can help you find them.
Low Income?
Lenders may accept benefits or joint applications to boost affordability.
Self-Employed?
You’ll need to provide at least one to two years of accounts to prove income.
Landlord Delays?
If your landlord is slow in processing your Right to Buy application, you can take legal action.
Mortgage rates vary based on your credit score, income, and the lender. Some lenders offer 100% Right to Buy mortgages, meaning you won’t need extra savings.
A Right to Buy mortgage specialist can help you compare deals and find the lowest rates available.
The Right to Buy scheme allows eligible council and housing association tenants in England to purchase their homes at a discounted price. The discount amount depends on factors such as the length of tenancy and the type of property.
To qualify, you must have been a public sector tenant for at least three years, and the property must be your only or main home. Additionally, the property should be self-contained.
No, you have access to the same mortgage products available on the market as everyone else. It’s advisable to shop around and get impartial advice before deciding on the mortgage product that best suits you.
Many lenders consider the Right to Buy discount as a form of deposit. However, it’s essential to discuss this directly with potential lenders to understand their specific requirements.
You can apply to buy your home even if you have rent arrears. However, your landlord is not obligated to complete the sale if you haven’t paid all the rent or any other payments within four weeks from the date you were asked to pay.
After submitting your Right to Buy application (RTB1 form), your landlord has up to four weeks to reply, confirming whether you have the Right to Buy. They then have up to eight weeks to send you an offer notice for a house.
Landlords are required to process Right to Buy applications within specific time limits. If there is a delay, you may be able to get the purchase price reduced. There are procedures in place to address such delays.
Yes, but if you sell within five years, you may have to repay some or all of the discount. Additionally, if you decide to sell within ten years, you must first offer it to either your former landlord or another social landlord in your area.
Once you’ve purchased your home, you are responsible for all maintenance and repairs. If you buy the freehold, this includes both routine and major structural repairs.
Some properties, such as those designated for the elderly or disabled, may be exempt from the Right to Buy scheme. It’s essential to check with your landlord regarding any specific restrictions.
Yes, you can make a joint application with someone who shares your tenancy or with up to three family members who have lived with you for the past 12 months, even if they are not on the tenancy agreement.
You can remortgage your home at any time. However, before doing this, 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.
If you’re self-employed, lenders may require additional documentation, such as at least one to two years of accounts, to assess your income and determine your eligibility for a mortgage.
Having bad credit can make obtaining a mortgage more challenging, but it doesn’t necessarily disqualify you. Some lenders specialise in offering mortgages to individuals with adverse credit histories. It’s advisable to consult with a mortgage specialist to explore your options.
As of November 2024, the UK government announced plans to tighten the Right to Buy scheme to address the shortage of socially rented housing. Proposed changes include reducing the number of people eligible for discounts, extending the qualifying period beyond the current three years, and exempting newly built social homes from the scheme.
A specialist broker can:
If you’re unsure where to start, speaking to a Right to Buy mortgage expert is a smart move.
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