Right to Buy Mortgages

A deposit isn’t always required, but it very much depends on which lender you go with. Each provider has different qualifying criteria and conditions, so it’s important to look over these carefully.

Some lenders are happy to count the discount you’ve received as your deposit. However, this isn’t the case with every lender, therefore some may still require you to put a personal deposit down on the property.

Loan sizes are unique to each individual, as they can be influenced by factors such as:

• Property price
• Income
• Credit history
• Age

We will always make sure the product is affordable for you. Always make sure you are happy too, as if you miss your repayments your property could be at risk.

Yes, it is possible that your application could get rejected if you don’t meet your lender’s qualifying criteria.

However, there are many specialist mortgage brokers, like us, who can help in these situations. Therefore, if you’ve been declined by the high street, we may be able to help you.

As a broker, we have a range of different lenders on our panel, so we will always place you with a provider who is likely to accept your application.

If you meet the eligibility criteria, you’re in with a good chance of getting one of these products.

Basic eligibility criteria is:

• Must have been a council tenant for a minimum of three years. It’s important to note that it can be three years at any given point, it doesn’t need to be in a row.
• The house must be your main residence

Some lenders may have extra criteria you need to fulfill in order to be eligible with them, so it’s always worth looking into this before you apply.

It’s important to note we do not have any high street lenders on our panel, so you should apply there first. If you have tried and were rejected, our experts are here to help you.

The purpose of this scheme is to help tenants buy their council property to live in. This means that when you acquire the property, you are doing so on the basis that it will continue to be your main residence.

However, if letting of the property is allowed under your particular buying scheme, you may be able to rent your property out from the mortgage lenders perspective. This option isn’t available with every lender, and it usually isn’t possible straight after buying the property. Therefore, it’s always important to assess your options carefully before to make sure you have a good understanding of the product.

Not all lenders offer these products, which is why it can be useful to seek help from a broker.

With brokers they have access to a range of different lenders, so they can help you find a provider who has some good deals available that suit your plans. 

Remortgaging your property is not an issue, you can easily do this at any point throughout the term. However, you may need to consult your council before you start making any arrangements.

If you remortgage early, your lender also may charge you an early repayment fee.

The government introduced a number of different schemes to help people get on the property ladder, which means there are alternative options open to you if this scheme isn’t suitable.

These other schemes are:

• Shared ownership
• Lifetime ISAs
• Help to buy ISAs (these are now closed to new applicants)

Yes you can apply with your partner, but they must also be living at the property.

Lenders are used to dealing with joint mortgage applications, so it shouldn’t cause any problems.

Being self-employed shouldn’t limit your mortgage options, provided you can prove how much income you earn.

Self-employment is a lot more popular nowadays, and so brokers and lenders have become experts at managing these types of cases.

Therefore, even if you’re self-employed and are wanting to use this scheme, there are solutions available to help you.

Selling your property isn’t an issue when using this scheme, in fact you can put it up for sale anytime you wish.

However, it’s important to be aware that if you decide to sell within the first five years you will be required to repay the discount you received on the property.

The amount you have to repay depends on when you are selling. For example, if it’s the first year you will need to repay it all, but if it’s the fifth year you will only need to pay part of it back.

Many of our lenders take a much more flexible approach when assessing cases, which means that you might still have a good chance of being accepted even if you have some negative marks on your credit record.

However, options may be more limited and interest rates may be higher to lower the risk to the lender.

No, you can’t buy a council property with this scheme if your name is on another mortgage. One of the main eligibility factors of this scheme is that the house will be your main residence, therefore you can’t already have a mortgage.