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What Is The Right To Buy Mortgage Scheme?

How to get a Right To Buy Mortgage even with bad or low credit

The government right to buy scheme, first introduced in 1980, was created to give council tenants in England the opportunity to buy the home they rent with a significant discount. Better still, some lenders will allow this discount to be applied towards a property’s purchase deposit, allowing many borrowers eligible for the scheme to buy their property with no deposit at all.

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Whilst there used to be a restriction on the amount of discount a tenant could receive, recent changes have seen discounts increase significantly, with London boroughs having the top discount available of up to £75,000 to £100,000. The discount available to a tenant depends on the valuation and location of the property at the time that the application is made, with discount amounts decided centrally, not locally.

Amber Mortgage Solutions offer independent advice on the best options for you, following an in-depth consultation to ensure we fully understand your mortgage needs.

Call us on 01702 619 221 and we will put you in touch with one of our locally based mortgage advisers who will guide you from the initial fact finding questionnaire through to completion answering any questions you have along the way.

How We Work

  • To start with please either call us or complete the above application form.
  • One of our mortgage consultants will be in touch with you to discuss your application.
  • After we have your details, we will search the market for the best schemes to suit you.
  • We will then talk you through the details of your mortgage.
  • 100% Secure, Confidential and hassle free.

Am I Eligible For The Right To Buy?

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To qualify for the right to buy scheme you need to have been a public sector tenant – meaning that you have lived in any local council or housing association – for five or more years. This time does not have to have been spent in the same property or on a continuous basis.

Public sector here refers to any housing association, local council or other government department.

Selling a Right to Buy Property

You are allowed to sell the property bought through right to buy at any point, however you should be aware of the below:

  • Selling within 5  – you will most likely have to pay back some or all of the discount you enjoyed at the start.
  • Selling within 10 years –  you’re obliged to offer the property back to your original landlord and only if they decline the offer can you freely put it on the open market.

Will I Still Be Accepted For a Right To Buy Mortgage With Bad Credit?

When considering your application, lenders will weigh up the risk of whether or not you will be able to pay them back. To do this they will be looking at a wide range of criteria, including your credit history and the severity of any past credit problems you may have. The more severe types of credit problems such as bankruptcydefaults and CCJs, will stay on your credit record for six years. But the older these become, the less problematic they will seem to lenders.

Fortunately, whilst some high street lenders might turn you down, there are now many lenders out there specialising in providing bad credit mortgages to applicants.

Whereas in previous year’s borrowers seeking the right to buy may have been turned down due to bad credit, affordability or self-employment, the recent changes in lending criteria and the introduction of new lenders into the market mean that more tenants can now benefit from the scheme.

As of October 2016, it is still possible to gain a right to buy with bad credit if you have the following:

Unsure if you would qualify for the right to buy scheme? Then contact us today for expert advice from our dedicated team of professional mortgage advisors.

You may also be interested in:-

Bad Credit Right To Buy Mortgages

Looking for a Right To Buy Mortgage with Bad Credit?

Worried about how your credit score may impact your chances of getting a Right To Buy Mortgage

We understand that a history of Bad Credit can make finding a lender willing to provide a mortgage tricky.

However at Amber Mortgage Solutions we consider everyone. So regardless of your Bad Credit score, our specialist mortgage advisors can help you to find the best deals on the market and access an affordable Bad Credit mortgage to suit your personal circumstances.

We have created the below frequently asked questions to answer those tricky questions.

For more information on securing a mortgage with bad credit.

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Quick FAQs

Have a question about getting a Mortgage With CCJs

Take a look at our extensive FAQ section for the answers to some of our most commonly asked questions, below.

 
Whilst having bad credit can make a difference to your right to buy application, it will not necessarily prevent you from buying your property through right to buy altogether.To not qualify for the scheme you would need to have specific legal problems, for example, an outstanding possession order or problems with debt.However most forms of adverse credit should not disqualify you and there are now lenders who specialise in lending to those with a bad credit history.
This varies from lender to lender. The majority of lenders will treat your right to buy discount as a deposit, however, this isn’t the case for all lenders and some will still ask for a deposit against the purchase of the property.It is worth noting that if you do decide to put a deposit down, this can help to reduce your monthly mortgage repayments in the long term.
There is no upper age limit on the right to buy scheme. However, some lenders do have an upper age limit for mortgage applications as a way to guarantee that borrowers can still make their repayments for the agreed term, including after retirement.If you are making your application jointly with a spouse, civil partner or a family member with whom you have lived for at least the past twelve months, some lenders may be more flexible with their age requirements in applications where a younger borrower is named on the application.
When you buy a property through the buy to let scheme, this does not prohibit you from letting the property out. However, this is dependent on the lender you use and the type of mortgage you take out.If you haven’t decided whether or not you would like to rent the property out in future, the best action would be to take out a standard residential mortgage and then apply for approval to let out the property at a later date. Although changing your mortgage in this way may incur fees.If you planned on letting out the property immediately and on a long term basis, you would need to get a buy-to-let mortgage. This can depend entirely on the lender you apply with; it can also be more difficult securing this type of mortgage for a right to buy purchase.
Contact us today! Our friendly bad credit mortgage advisors will be happy to talk you through the next steps available to you and help you on your way to obtaining the mortgage you need.We’re here to help you, not judge you, so call us on 01702 619 221.