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Author: Carl Shave-Director
Updated on April 19th, 2024

Right to Buy Mortgage Experts

The Government’s Right to Buy scheme has helped millions of people who lived in public sector rented accommodation to achieve the dream of owning their own homes. If you live in council housing or a Housing Association property, then you have the right to join them and start putting equity into your home by taking out a mortgage and steadily paying off the lender rather than giving money to a landlord.

This begs the questions: which lenders offer mortgages on Right to Buy properties, which will be the right one for your circumstances, and how do you approach them? In this page, we aim to help you understand a few more of the details around mortgage lenders under the Right to Buy scheme.

Get in touch for a free initial, no-obligation discussion about your mortgage situation.

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Fill out our quick and easy Right to Buy calculator below. We only require a few details to see how much you may be able to borrow.


Which lenders offer Right to Buy mortgages?

You can find few mainstream Right to Buy mortgage lenders who are willing to offer mortgages on properties being bought under the Right to Buy scheme. Some will advertise specific products tailored for this scenario, while others will simply consider each standard mortgage application on a case-by-case basis, applying their own affordability criteria to your circumstances before coming to a judgement on whether to lend and how much. If you meet their criteria, then they’ll grant you the mortgage.

If you think you might need or want to undertake improvements on your home (for example, a new kitchen or bathroom), it’s worth noting that some mortgage lenders will be willing to lend more than the discounted purchase price. The amount of additional funds available is likely to depend on the difference between the valuation of the property and the price you are paying for it.

Remember that if you approach lenders directly, although their advice will be qualified and specialist, they are only able to discuss the mortgage products contained in their own range or portfolio, and not the whole market. While it’s entirely possible that you could find the right lender for your situation, without a complete picture you won’t know if there might be a more suitable product, or more favourable terms, with another provider.

Will I need a deposit to buy my council house?

An interesting aspect of Right to Buy is that you may not need a deposit, but this will depend entirely on individual lenders’ policies. There are several (but not all) who will accept the Right to Buy discount in lieu of a deposit, as it will mean there is equity already stored in the property in the difference between the purchase price and the official valuation.

While this can ease the financial burden somewhat, you will still need to budget for a range of other costs associated with buying a property. Bear in mind expenses for a survey, solicitor’s fees and (depending on the purchase price) Stamp Duty.

Am I likely to be accepted for a Right to Buy mortgage?

When Right to Buy mortgage lenders go over your application, there are a number of factors around your finances they consider, including your household income, expenditures and any other commitments like loans or credit cards, as well as your current credit records. This is to make a proper assessment of what you will be able to afford for a mortgage, and how likely it will be that you will be able to meet the monthly repayments without any problems.

To be sure that your application is presented in the most favourable way to a mortgage lender, and to be confident that you are getting the most suitable product for your circumstances, and the most favourable terms available, you should always talk over your situation with an experienced mortgage broker.

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Can I get mortgage incentives with a Right to Buy Mortgage?

Just as with any standard mortgage, lenders do package up various incentives with some mortgage products in order to attract more business and greater market share. These can take the form of cashback payments or they might cover your fees for your survey or valuation, solicitor’s fees, or perhaps even the Stamp Duty.

These kinds of perks can make many deals seem very attractive, and if your aims and circumstances align with the outcomes from such a deal then they are definitely worth considering. However, it is always worth taking a look at the long-term effects of every aspect of the mortgage deal – you might find that a product with a £1,000 cashback carries an interest rate that will actually cost you more in the long run, or that a particularly favourable interest rate will not last for long, or that you will be subject to high admin fees if you chose to switch providers after the introductory period. We often find that a saving in one area of a deal is often paid back in some other way.

Right to Buy Mortgage Advice

Trying to research all your options for mortgages online can give you a good idea of what’s on offer, but can take a huge amount of time and effort, and you’ll never know for sure if you’ve seen the whole picture. You can be confronted with a maze of information with no clear indication of the best way forward in your individual circumstances.

At The Mortgage Centres, you’ll find we are happy to explain how we look into the right mortgages for you, and work hard to secure you the best possible deal on your mortgage. With access to a number of specialist providers who you won’t find on the high street or online, you know we’ll leave no stone unturned.

Get in touch, our initial consultations is no obligation and free of charge.

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