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What is a right to buy mortgage?

Since 1980, right to buy mortgages have helped council and housing association tenants to buy their own home. Without the scheme, the dream of owning their own property was out of reach due to the inability to save a large enough deposit to buy a property.  Right to Buy has changed all this by offering tenants the opportunity to buy their current property at a discounted price. This means a cash deposit is not required to purchase a property under Right to Buy. If you are considering buying your own home through the right to buy scheme, get in touch with the Simple Fast Mortgage team. We offer advice on specialist mortgages, including right to buy mortgages and will guide you through the process.

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How does a right to buy mortgage work?

The government’s Right to Buy Scheme enables council tenants to buy their own property at a discounted rate. The size of the discount depends on how long you have been a tenant. Effectively, the longer the tenancy, the bigger the discount. The discount can then form the deposit for the mortgage. Any tenant wishing to buy needs to complete a Right to Buy application form for their landlord known as RTB1. If the landlord agrees that you have the Right to Buy they’ll send you a section 125 notice confirming this. The section 125 notice confirms how much you have to pay for the property so you can then approach a mortgage lender to secure the necessary financing. The lender assesses the applicant’s financial situation, including income, credit history, and affordability, to determine their eligibility for a mortgage. Once approved, the lender releases the funds so that the tenant can buy the property. 

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Who is a right to buy mortgage suitable for?

A right to buy mortgage is suitable for council house or housing association tenants who have been renting for at least three years and are looking to transition from renting to owning. They offer a lifeline for those on a low income who, without a large discount, would struggle to save enough deposit to buy their own home. It’s also an option for groups such as pensioners who are long-term renters and want to own their own home. By owning their own property, pensioners can enjoy an increased sense of security and financial stability. Once the mortgage is repaid they’ll also have more disposable income.

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What is the criteria for a right to buy mortgage?

To qualify for a right to buy mortgage, your property will need to be your main home, must be self-contained and you need to be a secure tenant. Applicants must also need to meet a minimum tenancy period (usually between 3-5 years), pass a credit check and have consistent income. Our team can guide you through the specific eligibility requirements when you apply and help you navigate the process. Get in touch to find out more.

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The benefits of choosing a right to buy mortgage

Opting for a right to buy mortgage brings several advantages –

 

  • It can make buying a property more affordable as often a deposit is not required

 

  • Increased security and stability as borrowers no longer have to worry about eviction or changes in rental agreements.

 

  • Enjoy greater independence and freedom since you no longer need to get permission from the landlord to make changes. You’ll also have greater options when it comes to customising your house to make it a home.

 

  • There can be an instant capital gain as you are buying the property below market value

 

  • It offers greater security in retirement, eliminating the need for rental payments and potentially freeing up more disposable income (particularly once the mortgage has been settled).

 

  • You can improve your creditworthiness

 

  • It can instil a sense of pride and accomplishment, as borrowers have a place they can truly call their own.

 

  • You’ll have a valuable asset to pass on to loved ones, providing them with a lasting legacy.

Why choose Simple Fast Mortgage to help you secure a right to buy mortgage

Simple Fast Mortgage specialises in helping tenants secure a right to buy mortgage. With our extensive experience and expertise, we understand the requirements of councils and housing associations and can help guide applicants through the entire process. Our streamlined application process and personalised service make us the ideal choice for individuals seeking a smooth and efficient path to homeownership.

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