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Right To Buy Mortgages


Can I Buy My Council House Through The Right To Buy Scheme?

The Right to Buy scheme in the United Kingdom, is a Government initiative that helps social tenants in England with buying their council house at a discount of up to £75,000.

To buy your council house through the Right to Buy Scheme you must have been a council or public sector tenant for at least five years. These five years don't need to be consecutive (in a row) but there are a few conditions which must be met. If you live / lived in properties provided by a housing association, the armed forces or a public body like an NHS trust, you are classed as a public sector tenant still!

If you wish to make a joint applications to buy your council house through the Right to Buy scheme the person must share the tenancy with you or be a member of your family. They must also have lived with you for the past 12 months for this to be allowed by the Right to Buy Scheme.

You can NOT buy through the Right to Buy Scheme if...

  • the property isn't your main home
  • the property isn't self-contained (shares a kitchen or bathroom)
  • there is a court order stating that you must leave your home
  • you are an 'undischarged bankrupt'
  • you are being declared bankrupt
  • you owe money to creditors

Some properties can not be sold using the Right to Buy scheme, for example: homes suitable for housing the elderly are not included in the Right To Buy Scheme.

What is the New Right to Buy Discount

From 2nd April 2012, the Right to Buy discount has increased - the new maximum Right To Buy Discount is 75,000! This means you could need to borrow £75,000 less on your Right To Buy Mortgage

If youre eligible for the right to buy scheme, you can get a Right To Buy Discount on the market value of your home when you buy it. Your home's market value is the price it would be if it was sold. From the 2 April 2012, the right to buy discount has increased. Previously, the maximum discount ranged from 16,000 to 38,000, depending on where in the UK you lived. Now, the maximum Right to Buy Discount is 75,000 for anywhere in the UK. Making now the perfect time to buy your council house!

The Right To Buy Discount available is based on:

  • how long you have rented your council house,
  • where you live
  • the type of property you are buying

If you have had a discount to help you buy a council property in the past this may be taken from the right to buy discount

The Right to Buy Scheme Application Explained

If you are planning on buying your council house through the Right to Buy Scheme, first you will need to get the 'right to buy application form (RTB1), you can get it from your landlord or request one via the contact form below.

When you have completed the form, photocopy it and send it to your landlord (recorded delivery). For more information about the Right to Buy scheme contact us using the form at the bottom of this page or call our expert Right To Buy Mortgage Advisor on 0800 652 1646.

 

 
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KPM Financial Services is authorised and regulated by the Financial Conduct Authority, Registration number 474912, in respect of mortgage and insurance mediation activities only. Details of which can be found by visiting www.fca.org.uk.

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