Right To Buy Council House Mortgages
You have the right to buy if your house is:
- a district council house
- a London Borough Council House
- a non-charitable housing association or other registered social landlord
- a Housing Action Trustt
The right to buy was introduced in 1980. It means that secure tenants can buy their home at a discount off the full market value. The discount is based on the number of years you have spent as a public sector tenant.
Can Anyone Exercise the Right to Buy
Right to buy schemes operate purely for council tenants who have been tenants in the council property for at least 2 years. Once you met the minimum length of time, which is currently set at 2 years in a council property for tenancies that began before 18 January 2005, you are able to purchase the property at a price that is lower than market value. If the tenancy began on or after 18 January 2005 (or after 12 October 2004 in Northern Ireland) then the minimum length of time is 5 years.
In order to exercise the right to buy, you must be renting your property from: a local authority, a housing action trust, a non-charitable housing association or, if you are in Northern Ireland, the Northern Ireland Housing Executive.
How much can I borrow
Loans of 100% and above the discounted purchase price are available for home improvements or debt consolidation. This means borrowing up to 100% of the council’s valuation of your property not the discounted purchase price.
Apply for Right To Buy
It normally takes around 3 months to receive valuation of your property from the council/housing association. When you have received your valuation, and in most cases even before, we can look at your circumstances and advise, on which mortgage product would be best for you. For a free no obligation consultation regarding your right to buy mortgage requirements, please call us today or complete our simple call back form.
Right to Buy – The overall cost for comparison is 8.7% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.