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Right to Buy Mortgages FAQ
What is a Right to Buy mortgage?
The Right to Buy scheme allows council and housing association tenants to buy their homes at a discounted price. Right to Buy mortgages are mortgages which are aimed at these buyers.
Do all lenders offer Right to Buy mortgages?
Not all lenders have branded Right to Buy mortgages. However, you do not need a specific Right to Buy mortgage to buy your property.
How is Right to Buy different from Help to Buy?
Right to Buy allows current council and housing association tenants to buy the property they currently rent at a discount. Help to Buy allows would-be buyers to get onto or move up the housing ladder by offering either an equity loan to the buyer or a government backed guarantee to the mortgage lender.
Is a Right to Buy mortgage right for me?
If you currently rent a council or housing association property and you can afford to take out a mortgage and meet the repayments then yes, a Right to Buy mortgage could be right for you.
What do I need to do to get a Right to Buy mortgage?
To access a Right to Buy mortgage you'll need to meet your lender's lending criteria including having a good credit score and being within its age limit. Many lenders will accept the government discount on the property as a 'deposit' although some won't, so it's worth checking before choosing a lender. To access the Right to Buy scheme you must have been a council or housing association tenant for three years.
What are the benefits of Right to Buy?
Right to Buy gives tenants the chance to own their own home at a discounted price without having to move from the house they currently live in.
Are there any downsides to Right to Buy?
The biggest downside of a Right to Buy mortgage is if you sell the property within five years, you'll have to pay back some of the discount you received. If you sell within ten years you must give your housing association or social landlord the option to buy it back at market price first - even if you could get a better price on the open market.
Finally, of course, you have to buy the property you're living in so you don't have the choice of a regular buyer.
How can I compare Right to Buy mortgages?
You can compare Right to Buy mortgages using Know Your Money's comprehensive comparison tables which allow you to sort products by rate, fees and overall cost, giving you the best overview of the mortgages available.