Right to Buy Mortgages London
Right to Buy Mortgages: ‘Right to Buy’ is a home purchase scheme in England for London council house tenants to purchase their home . The Right to Buy discount and allows council tenants to purchase their rental property at a discounted price.
Over the last four decades, thousands of families have used the scheme to purchase their home. If your home was rented from the council, and now a Housing Association, you should still also have the Right to Buy.
London is our capital city and one of the globes truly international city. There was a huge boom in house building by councils in London following WW2 to rebuild homes following the war. From rows of semi-detached houses to high-rise flats, there is a large number of homes that qualify for Right to Buy.
We can help find a mortgage in a wide range of situations. So if you live in a high-rise flat, a home of non-standard construction, or a flat without a lift or balcony/deck access, we can still help. We also help in a wide range of personal situations. So if you work a zero-hours contract, rely on benefit income, are self-employed or have a low-credit score, we can still help
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, there is a link to this form at the bottom of this page. Once 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 agree its value. From this they will calculate the discounted purchase price – which is the price you pay. Your landlord will provide you with an S125 form, which confirms everything – not its time to get your mortgage.
Here at First Select Mortgage Brokers, we have access to a wide selection of mortgage lenders who offer Right to Buy mortgages.
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/