Right to Buy Mortgages in Bedfordshire, Hertfordshire & Buckinghamshire: First Time Buyer Advice
Right To Buy Mortgages
A right-to-buy mortgage is a mortgage that allows people who have been renting a council or housing association property for at least three years to buy their home at a discount.
The amount of the discount you can get depends on how long you have been a tenant. After three years, you can get a minimum discount of 35% of the full market value of your home. The maximum discount is £84,200 in England and £112,300 in London.
To be eligible for a right-to-buy mortgage, you must:
The amount of the discount you can get depends on how long you have been a tenant. After three years, you can get a minimum discount of 35% of the full market value of your home. The maximum discount is £84,200 in England and £112,300 in London.
To be eligible for a right-to-buy mortgage, you must:
- Have been a tenant for at least three years
- Have a good credit score
- Be able to afford the mortgage payments
Once you have been approved for a right-to-buy mortgage, you can start the process of buying your home. This involves applying to your local authority for the right-to-buy discount.
If you are approved for the discount, you will need to arrange a mortgage with a lender that is approved for right-to-buy mortgages. You can use the right-to-buy discount as your deposit, but some lenders may require you to have a small deposit as well.
If you are approved for the discount, you will need to arrange a mortgage with a lender that is approved for right-to-buy mortgages. You can use the right-to-buy discount as your deposit, but some lenders may require you to have a small deposit as well.
You can also borrow more than the discount purchase price if you need to do home improvements. However, not all lenders allow this, so you will need to check with your lender first.
If you are thinking about buying your council or housing association home, it is important to speak to a mortgage advisor to find out more about right-to-buy mortgages and the eligibility criteria.
Here are some additional things to keep in mind:
If you are thinking about buying your council or housing association home, it is important to speak to a mortgage advisor to find out more about right-to-buy mortgages and the eligibility criteria.
Here are some additional things to keep in mind:
- You cannot sell your home within the first five years without having to pay back a proportion of the discount.
- You will need to pay stamp duty on the full market value of your home, not just the discounted price.
- You may be liable for ground rent and service charges.
If you are considering a right-to-buy mortgage, it is important to do your research and understand all the implications before you make a decision.