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Right to Buy Mortgages

Can You Buy Your Home With A Substantial Discount?

Right to Buy Mortgages enable you to buy your home with a substantial discount. Learn more about this scheme, including who is eligible and how it can help make getting onto the property ladder more affordable in our guides.

Posted On: August 31, 2021
Updated On: August 9, 2022

What Is A Right To Buy Mortgage Scheme?

Are you currently living in a council house? Did you know you can own your current home at a discounted price? Find out more in our guide on Right to Buy mortgages and what they are.

Right to Buy mortgages were set up to give those living in council houses the Right to Buy their home. Find out how a Right to Buy mortgage could help get you on the property ladder.

It’s a government scheme which allows you to buy your council house at a discount and opens up the opportunity of owning property where otherwise you might not be able to afford it. If you are a housing association tenant, you can apply for a Right to Acquire mortgage, which works on the same principle as a Right to Buy but with some slight differences.

There are limitations with this mortgage scheme, the biggest one being that you can only buy the property that you are living in.

How much of a discount you will receive will largely depend on whether you are living in a flat or a house. With a flat you can get a 50% discount, whereas with a house you can get a 35% discount.

Who Qualifies for a Right to Buy Mortgage?

As with any type of mortgage, there are some specific eligibility guidelines.

You will need to have had a public sector landlord for at least three years and the scheme only applies in England, so those living in Scotland and Wales are not eligible.

To protect from giving a mortgage to tenants who would be unlikely to pay the loan back, there are some financial criteria that lenders will look for, including if you have a history of debt.

Speak to one of our specialist Right to Buy mortgage advisors at Agentis today to get your property buying journey started. We are expert mortgage brokers located in Peterborough with ‘Whole of Market’ advice who can help you find the right mortgage deal for you. Contact us today for your free initial consultation.