Right to Buy Mortgages
Right to Buy Mortgages: ‘Right to Buy’ is a government backed home purchase scheme in England for council house tenants to purchase the home they currently rent. The Right to Buy discount is generous and can allow council (and some housing association) tenants to purchase their rental property at a discounted price. Since 1980, thousands of families have used the scheme to purchase their home.
First Select Mortgage Brokers are experts in supporting Right to Buy purchases. Not all mortgage lenders support Right to Buy, so its important to use an expert like us to fine the best lender for your situation. We work with major banks, and also specialist lenders. They can consider all situations, low-credit, benefit income, zero hours contracts and child maintenance payments. We can find the right lender for you.
How much discount can you get?
The maximum discounts on Right to Buy changed in November 2024 following the new Labour government coming to power. Overall all the discounts have been reduced.
For a full breakdown of discounts can be found here: Right to Buy Discounts
Do I need to save for a deposit?
In some cases you do NOT need to save for a deposit. Many mortgage lenders will use your discount as your deposit, this means you do not need to save for a deposit. However this does depend on the value of your home, and for higher value homes, you may need to put some cash in to meet the minimum deposit
Not every lender will offer Right to Buy Mortgages, so speak to us, as an independent broker, we have access to a wide selection of lenders.
Applying for Right to Buy
To start the process of buying your rental property you need to complete the RTB1 form, you can find a link to this form at the bottom of this page. Once this is completed and submitted, your landlord will contact you to confirm you have the Right to Buy.
Your landlord or housing association will carry out a valuation of your home to confirm its value. They will then calculate the discount you qualify for. The discounted purchase price is the price you pay. Your landlord will provide you with an S125 form, which will confirm all the above.
Now is the time to speak to a mortgage adviser, and here at First Select Mortgage Brokers, we have access to the widest selection of mortgage lenders who offer Right to Buy mortgages. We will need a copy of your S125 form to confirm you have the right to buy and your mortgage lender will also need to see this.
Our Services
Our team of friendly experts will explain the process of applying for a mortgage and guide you along the journey. We can explain the entire process and provide FCA regulated advice and recommendation on the best financial solutions for your circumstances, based on your preferences.
- A dedicated Mortgage Adviser you can call or message anytime
- Direct access via phone, email and messenger at every stage
- Full UK coverage, we can support clients all across the UK.
- Mortgage Decision in Principle (DIP) certificate
- Insurance & Protection to shelter you from unexpected events
Read our Free Information guide for Right to Buy Mortgages.
We have published a Free Information Guide for First Time Buyers. It is a short 5 minute read and can be accessed: here
Contact us
Ready to start the process! Complete our short form below and a member of our team will contact you same day, and usually within the hour, to arrange a time for a short call to discuss your situation and explain how we can help.
About us
First Select Mortgage Brokers are friendly and professional mortgage brokers. We can access mortgages from the whole of the UK mortgage market, meaning we can get the best possible deal for our clients circumstances. Based in Manchester, we are a family business with decades of experience in financial services. Our goal is to be the most trusted regional mortgage advisory business in the northwest of England.
Our team of experts are ready and waiting to help. Contact the team below:
Phone: 0161 393 1575 // 07780 446 937
Email: hello@firstselectfs.co.uk
Visit our Contact Us page to make a formal enquiry
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References & Disclosure:
https://www.gov.uk/right-to-buy-buying-your-council-home/discounts
https://www.ownyourhome.gov.uk/scheme/right-to-buy/applying/rtb1-application-form/