Council Right to Buy Mortgage Explained

Council Right to buy mortgage schemes are ideal for you if you have lived in your council house for some time. You must have at least 5 years registered as living in a council property to be able to apply for the right to buy

If you have then you may be able to buy the property from the council at a discount.

You will need to contact your local authority you currently rent from to get the applications forms required to apply for the right to buy

Are you eligible for the Right to Buy scheme?

The right to buy scheme enables local authority secure tenants with a minimum of five years tenancy to buy their current home at a discount price. It is targeted at long standing public tenants, with the right to buy discount increasing in proportion to the years that rent has been paid.

If you are eligible you can buy your home by paying the full discounted purchase price at once with a maximum discount ranging from £16,000 to £38,000 for both flats and houses, depending on your local authority

Which Mortgage Lenders will Lend on Right to Buy Properties

Not all lenders provide right to buy mortgages, but there are a number of lenders that will lend on their normal terms for right to buy mortgages. As well as this there are a number of right to buy mortgage scheme especially designed for right to buy properties where there may be other issues. If you have bad credit or can not prove all of your income there are still lenders available.

For more details on right to buy mortgages available please contact us to speak to our specialist right to buy mortgage advisors for all the latest mortgage deals, rates and requirements.