Right to Buy Mortgages Leeds
Right to Buy Mortgages: ‘Right to Buy’ is a home purchase scheme in England for Leeds council house tenants to purchase their home . 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, many families have used the scheme to purchase their home.
Leeds is an economic powerhouse being the biggest City in Yorkshire and punches above its weight with jobs and prosperity. Leeds is home to the only Bank of England office outside London and offers excellent employment prospects with a range of regional and global businesses based there. The city centre continues to be improved and modernised with investment. Granary Wharf, Trinity Shopping Centre and Leeds Dock are just some exciting areas to explore. Leeds is a wonderful base for young professionals and families alike.
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 First Select Mortgage Brokers, we have access to a wide selection of mortgage lenders who offer Right to Buy mortgages. We will need your S125 form to confirm your right to buy terms and your mortgage lender will also need to see this.
Our Services
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 contact anytime
- Full UK coverage, we can support clients all across the UK.
- Secure client portal to upload documents and share information
- Mortgage Decision in Principle (DIP)
- Whole of market mortgage advice and recommendation
- Clear communication and regular updates
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
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.
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/
https://www.ownyourhome.gov.uk/scheme/right-to-buy/applying/rtb1-application-form/