Money Outlet

A Right to Buy mortgage is a scheme designed to offer qualified council tenants the right to purchase their home from the council at a discounted cost. In addition, tenants of housing associations may also qualify for this programme.

To find out if you qualify, simply fill in your requirements in the form above and you’ll receive a free, no obligation quote from a certified mortgage broker to help you find the best mortgage according to your needs. Apply Now.

One of the first things to think about when pursuing your Right to Buy mortgage is to ensure you are eligible. According to direct.gov.uk there are a few details to determine eligibility.

You are eligible for a Right to Buy mortgage if:

• You have been living in your council home for at least 2 years and have made timely rental payments.
• If you became a council tenant after the 18th of January 2005, you may be eligible after 5 years.
• If you have been a ‘secure’ tenant of a local authority and the property you live in was later transferred to a housing association, you may qualify for what’s known as a Preserved Right to Buy. However, to be eligible for this scheme, you must have lived in the same home before and after the transfer to the housing association.

Once you determine you are eligible, you may apply for a Right to Buy mortgage. However, if you are ineligible, find out in further detail from your council what is needed on your part. Below you’ll find information on what is not considered qualified to buy your council home.

You are not eligible for a Right to Buy mortgage if:

• Your tenancy is ‘assured’ with a registered social landlord and, in addition, you must be eligible for a Preserved Right to Buy scheme.
• You rent your home based upon your employment situation.
• You are ordered to leave your home by the courts.
• You are currently in the process of bankruptcy.
• The home you rent is provided for older people, which may or may not include housing for the disabled.

If you are eligible, discounts may be available off the current market value of the home depending on how long you have lived in your home. The longer you have been a tenant in the same home, the greater the discount on the purchase price. After you buy your council home, it is recommended to not sell quickly as you could be ordered to repay any discount you receive upon purchase.
If you feel you are eligible and would like to find out more information on mortgages available to you, especially as a first time buyer, the MoneyOutlet makes it easy for you to apply.

Here at the MoneyOutlet we work with a vast network of UK mortgage brokers with special access to banks, building societies, and specialty mortgage lenders. Even if you suffer from bad credit, CCJ’s, mortgage arrears or filed for bankruptcy or an IVA? We can help!

Why not see how we can help you today? Use www.moneyoutlet.co.uk to search and compare online and help find you the best available mortgage loans in today’s market no matter your credit status.

You’ll find more information on Council Right to Buy mortgages at the www.direct.gov.uk website