Right to buy mortgages

A right to buy mortgage is a government scheme that enables council tenants to buy their homes in the UK. Sometimes, these homes are offered at a significant discount and may not even require a deposit as it would be the case with other types of mortgages. Most lenders allow the borrowers to put the discount down as part of the purchase price.

As it is with other mortgages, the right to buy mortgage is also subjected to affordability checks. The discount an individual receives on the house depends on factors such as the type of property, location, and value at the time of application.

You can apply for a right to buy mortgage if:

    • The property is your only residence
    • The house is self-contained
    • There is a legal document binding you, the tenant, to the landlord at the time of application
    • You have had a public sector landlord for at least 3 years
    • You are based in England

It is also essential that you prove you can finance the mortgage. Therefore, your finances and credit score will also be assessed to determine whether you qualify for the mortgage facility. When found eligible, you are offered the mortgage up to six times your salary.

You may require to seek the services of a special lender if:

    • You have bad credit – you will need to find a lender with mortgage products for people with bad credit. Your application approval will depend on the severity and age of your credit issues
    • You are a retiree – 75 is the age limit most lenders have for applicants. Some lenders have the age limit at 85 while a minority will lend to borrowers of any age group.
    • The property you wish to buy is of a non-standard construction like having a thatched roof or timber frames. You may be able to get a favourable rate from a specialist lender.
    • You are a self-employed individual – a special lender may be able to customize a mortgage deal for you that takes into account your line of work, commissions and bonuses.

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