Right to Buy Mortgages
- Access to competitive rates and some you can't get direct
- Specialist Mortgage Advisers
- Free initial consultation
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Taking that first step onto the property ladder can be difficult, but there is help available in the form of the government right to buy mortgage scheme, which allows council tenants to buy their homes at affordable prices.
It can be a difficult landscape to navigate, however, but with the support of right to buy mortgage broker BR Needham, the process will be more streamlined, more efficient and ultimately more successful.
What is a right to buy mortgage?
The right to buy mortgage scheme allows most council tenants to purchase their council home at a discounted rate, as long as it’s your only or main home, is self-contained and if you’re a secure tenant. You also need to have had a public sector landlord for three years.
The discount will be applied on the market value of the property in question, determined by how long you’ve been a tenant under a public sector landlord (such as a housing association or your local council).
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How does a right to buy mortgage work?
If you’re seriously considering buying your council home, doing so through the right to buy scheme does make financial sense and you could be eligible for a discount worth £10,000s, which would be unavailable anywhere else.
In order to apply to purchase your home under the scheme, you will need to fill in an RTB1 application form and send it to your landlord. Your landlord will need to respond to your application within four weeks, or eight weeks if they’ve been your landlord for under three years. If they decline your request, they should state their reasons why.
If your landlord agrees to sell, you will receive an offer within eight weeks of the agreement to sell for a freehold property or 12 weeks for a leasehold.
Get in touch today
To speak to a right to buy mortgage specialist, get in touch with the BR Needham team today.