Right to Buy’ is a Government scheme that gives people who are renting homes in the public sector (either council housing or via a Housing Association) the ability to buy their home at a discounted price, lower than the prevailing market value. There are also similar schemes in Northern Ireland, Scotland and Wales, although the rules are slightly different.

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Right to Buy mortgage will help you purchase your council house or Housing Association property under the Government’s Right to Buy scheme. While there is no specific ‘Right to Buy mortgage’ product, mortgage advisers will always tailor their advice to suit your situation.

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As someone who is aiming to buy their council house home through the Right to Buy scheme, you will have access to the same range of mortgages as any other borrower, and will be assessed by lenders in exactly the same way as anyone else.

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The amount lenders will be willing to lend and the interest rate you will be charged will depend largely on the size of the deposit you are able to provide as well as other criteria such as your credit history and current income.

 

Recent changes have also made it possible for Housing Association tenants to make the same use of Right to Buy as people renting council housing, under a scheme labelled ‘Right to Acquire’. The qualifying period for Right to Buy has also been reduced – you can now apply to purchase your home if you have been a public sector tenant for three years or more. The maximum Right to Buy discount is now (at time of writing) £84,600 across the whole of England except for London, where it is £112,800, and is set to increase annually in line with the Consumer Price Index (CPI).