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Right to Buy Mortgage Calculator

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Calculate Your Chance of Getting a Right to Buy Mortgage

Unless you’re in a position to make a cash purchase, when buying your council accommodation or Housing Association property through the Government’s Right to Buy scheme, you will need to obtain a mortgage to fund the purchase.

The good news is that people purchasing their home through Right to Buy have access to the same mortgages as any other kind of homebuyer, and in fact some lenders have products tailored specifically for people using Right to Buy. But, as ever, applicants will need to pass a lender’s individual borrowing criteria and affordability assessments, which will examine the potential borrower’s income, outgoings, size of deposit, credit history and other commitments.

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By using our Right to Buy Mortgage Calculator, you’ll get a fairly good idea of how much a mortgage for your home will cost. Simply select the number of applicants and the form will automatically take you through the information it needs. Once complete, you’ll get an estimated price for your Right to Buy mortgage.

Calculation results should not be considered as a quote. Make sure you read the separate Key Facts Illustration (KFI) or European Standard Information Sheet (ESIS) before making a decision.

Right to Buy Mortgage Calculator Information

Right to Buy Mortgage Calculator

Using our Right to Buy Mortgage Calculator will give you a close estimate of the cost of taking out a mortgage on your council house/flat or Housing Association property. The calculator takes several factors into consideration, including your income, any deposit you are able to make, the discounted Right to Buy price and the number of dependants you have.

Please note that figures provided by this calculator are for illustration purposes only, and that a full assessment will be necessary to get an exact figure. Lenders will also have their own criteria and calculation methods, and may place more weight on certain factors than others, as well as your income, credit history and individual circumstances in order to provide an accurate quote. If you’re interested to learn more about Right to Buy and what lenders might be able to offer, please do get in touch with one of our team of expert mortgage advisers today.

Right to Buy: What you need to know

The principle of being able to buy your council house or flat has been around since the 1970s, but it was in 1980 that this was formalised under the scheme known as Right to Buy. The plan gives secure tenants of council accommodation – and more recently some Housing Association properties – the right to purchase their homes at a heavily discounted rate below the market valuation.

Over the decades, successive Governments have made changes to Right to Buy and the criteria you need to meet to qualify, but after significant amendments in 2012 and 2015, it has become more easy for tenants in England to purchase the homes they currently rent and get a start in the property market. The discount available will depend on how long you have lived in the property up to 70% of its market value or a maximum of £84,200 (rising to £112,300 in the London boroughs), whichever is lower.

Right to Buy was terminated in Scotland in 2016, but similar schemes still exist in Wales (where the discount is limited to £8,000 and the Welsh Assembly voted to end Right to Buy by May 2021) and Northern Ireland (where there is a £24,000 cap on the discount).

Right to Buy qualifying criteria

In order to be eligible for Right to Buy, both you and your property need to fulfil a few key criteria. As the tenant, you need to confirm the following:

  • You are a secure tenant.
  • You have been a public sector tenant (i.e. renting from a council, Housing Association, NHS trust or the armed forces) for 3 years or more – but that doesn’t have to have been 3 years in a row.
  • You do not have any legal problems with debt.
  • You do not have any possession orders outstanding against you.

The property must also:

  • Be your only or main place of residence.
  • Be self-contained.
  • Not be housing specially built for elderly or disabled tenants.
  • Not be scheduled for demolition.

If you and your home meet all the above basic criteria, then you can start the application process and get on your way to owning your own home. You may also have something called ‘Preserved Right to Buy’ if your house or flat was sold by a council to a private landlord (such as a Housing Association) while you were a tenant.

You are able to apply for Right to Buy on a sole basis if you are the named tenant, or jointly with people who are named as joint tenants (such as your partner, spouse or close friend) or with up to three family members who are living with you in the property (even if they are not named in the tenancy agreement).

Right to Buy Advice

Talking to one of our expert advisers about your home purchase under the Right to Buy scheme will make you aware of the most suitable options for your circumstances. They’ll also be able to offer guidance for the way forward, and help with your application to give it the best chance of success.

Our team at The Mortgage Centres have access to the huge spectrum of lenders across the UK mortgage market, from specialist lenders catering for applicants in niche circumstances to the conventional banks and building societies on the high street. We’re in a position to identify exactly the right mortgage deal for your circumstances and obtain products and exclusive rates that you will not find advertised on the high street. Call us today to find out how we can help you!

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