RIGHT TO BUY MORTGAGE - LET ME SAVE YOU TIME AND MONEY

A Right to Buy mortgage is a loan specifically designed for tenants of council houses or housing association properties in the UK to purchase their homes at a discounted price under the Right to Buy scheme.

Tenants of council houses or housing association properties in England who have been living in their homes for at least three years are generally eligible for the Right to Buy scheme.

The discount varies depending on how long you've been a tenant. In England, the maximum discount is currently £87,200, or £116,200 in London boroughs, but it's calculated based on the number of years you have been a tenant and whether the property is a house or a flat.

Yes, there are lenders who offer Right to Buy mortgages to individuals with poor credit, though you may face higher interest rates or additional criteria.

Often, the discount you receive can be used as a deposit, meaning some lenders may offer a Right to Buy mortgage without requiring an additional cash deposit.

Start by applying for the Right to Buy scheme with your local council or housing association. Once accepted, aim to get a mortgage in principle from a lender offering Right to Buy mortgages and complete the mortgage application process.

Fees can include mortgage arrangement fees, valuation fees, legal fees for conveyancing, and possibly any fees specific to Right to Buy mortgages charged by the lender.

Yes, you can remortgage your property after purchasing it, just like with any other property. It might be beneficial to explore remortgaging when your initial mortgage deal ends to find potentially better rates.

Yes, if you sell your home within five years of purchasing it under the Right to Buy scheme, you'll have to repay some or all of the discount you received. There's a sliding scale for how much you must repay based on how long you have owned the property.

Yes, in many cases housing association tenants can buy their property under the Right to Buy scheme or a similar scheme called 'Right to Acquire', depending on the circumstances of their tenancy.

If your application is denied, you will receive a notice from your landlord explaining the reasons. You can ask for a review of the decision or get advice on next steps from a legal advisor or housing consultant.

Yes, some lenders allow for guarantors if they meet certain criteria, which can help if you're unable to meet affordability criteria on your own.

While timelines can vary, the process typically takes between three to six months from the point of application to completion, assuming no significant delays or complications.

Yes, once you own the property, you can make improvements and renovations. However, it's important to check if certain work requires planning permission or building regulations approval.

You can get advice from mortgage brokers, financial advisors, legal advisors, or organizations such as Citizens Advice or the official Right to Buy Agent service.