Right to Buy Mortgages Openshaw
Right to Buy Mortgages: ‘Right to Buy’ is a government backed home purchase scheme in England for Openshaw 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.
Based in Manchester we can help with Right to Buy mortgages in Openshaw and surrounding areas of Gorton, Beswick, Clayton, Droylsden, Audenshaw and Abbey Hey. Openshaw is in M11 post code and home to around 10,000 people. It was excellent road links to Manchester and the M60 and has a range of retail and industrial outlets.
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 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
Our team of friendly experts will explain the process of applying for a mortgage and guide you along the journey.
- A dedicated Mortgage Adviser
- Direct access via phone, email and messenger at every stage
- Full UK coverage, we can support clients all across the UK.
- Secure client portal to upload documents and share information
- Whole of market mortgage advice and recommendation
- Insurance & Protection to shelter you from unexpected events
- 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. Based in Manchester, we are a family business with decades of experience in financial services.
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/