The UK government’s Right to Buy scheme has long been a lifeline for tenants dreaming of homeownership. It offers a unique opportunity to purchase your council or housing association property at a discounted price. For many, the biggest hurdle in buying a home is saving for a deposit. However, a Right to Buy mortgage with no deposit might be the solution you’re looking for.
In this article, we’ll explore how Right to Buy works, how to secure a mortgage without a deposit, and the key factors to consider.
The Right to Buy scheme allows eligible council and housing association tenants in England to buy their homes at a significant discount.
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Contact us nowYes, it’s possible to get a Right to Buy mortgage without a deposit. Here’s how it works:
To qualify, you must meet the following criteria:
Submit the form to your landlord to receive an offer notice outlining the sale price and discount.
Not all lenders offer Right to Buy mortgages, especially those that accept the discount as a deposit. Work with a mortgage broker experienced in Right to Buy to identify suitable options.
Even if you don’t need a deposit, lenders will assess your financial situation, including income, expenses, and credit history.
With the help of your broker, submit the necessary paperwork and await approval.
If you’re ready to start your journey, contact a Right to Buy mortgage expert today. They can guide you through the process and help you find the best no-deposit deal for your situation.
Yes, but if you sell within five years, you may need to repay some or all of the discount.
If your landlord rejects your Right to Buy application, you can appeal to the Residential Property Tribunal.
If no-deposit mortgages aren’t an option, consider saving for a small deposit or exploring shared ownership schemes.
