Are you dreaming of purchasing your council home at a fraction of the market price? Look no further – this guide is your key to understanding the Right to Buy scheme. This program offers eligible council home and housing association tenants the opportunity to become homeowners at significantly reduced rates. As the scheme continues to evolve and expand, more renters are becoming eligible, and you could be one of them!
Act Now - Don't Miss Out!
It's essential to grasp that the Right to Buy mortgage scheme isn't guaranteed forever. Changes in government policy, especially after a general election, can alter or even terminate the program. For instance, in Scotland, the right to buy scheme for council and housing association tenants ended in July 2016, and in Wales, it concluded on January 26, 2019. Don't leave your homeownership dreams to chance – apply today!
At Yes Financial, we have facilitated over £171 million in Right to Buy Mortgages. Contact us to learn more.
Who Qualifies for Right to Buy?
The Right to Buy scheme extends to most council home tenants in England, with certain housing association tenants also eligible for substantial discounts. However, it's crucial to note that this scheme is not available in Scotland and Wales but remains an option in Northern Ireland.
In England, you are eligible to purchase your council home if you meet these criteria:
- The property is your primary or sole residence.
- You hold a secure tenancy with a legally binding contract from your landlord.
- You've been under the tenancy of a public sector landlord for at least three years (non-consecutive years count).
- The property is self-contained, with no shared rooms outside your household.
- You have no ongoing debt-related issues, such as bankruptcy or an IVA.
Can I Apply for Right to Buy if I Live in an Ex-Council Home?
If you currently reside in an ex-council home that was transferred to another public sector entity while you lived there, you may still be eligible for the Right to Buy mortgage scheme under the Preserved Right to Buy. This may also apply if you later moved into another property owned by the same new landlord (not applicable if you moved to a different landlord). Reach out to your landlord to explore your eligibility for purchasing your property under the Preserved Right to Buy.
What is Right to Acquire?
If you don't qualify for Right to Buy or Preserved Right to Buy, you may still have the chance to buy your home at a discount through the Right to Acquire scheme. While this scheme offers discounts, they are not as generous as Right to Buy, with a cap set at £16,000. You can be eligible if:
- The property is your primary or sole residence.
- You've been under the tenancy of a public sector landlord for at least three years (non-consecutive years count).
- Your property was either built or acquired by a housing association after March 31st, 1997.
- Your property was transferred from a local council to a housing association after March 31st, 1997.
How to Apply for Right to Buy
Purchasing your council home through Right to Buy involves a few steps:
- Begin with Us: Call us on 01268 206226.
- Submit Your Application: Once you've completed the online application form, sign it, and send it to your landlord.
- Await a Response: Your landlord must respond within four weeks of your application, or eight weeks if they've been your landlord for less than three years. If the response is negative, they should provide reasons for their decision.
- You can appeal a negative decision if it's based on the property being suitable for elderly people. This requires appealing to a tribunal.
- Receive an Offer: If your landlord agrees to sell, they must send you an offer within eight weeks for freehold properties or 12 weeks for leasehold purchases. The offer should include details like the discount amount, purchase price, property description, service charge estimates for the first five years, and any known structural defects. You'll have 12 weeks to decide whether to buy. If you don't respond within this time, your landlord may drop your application.
- Call us on 01268 206226 when you receive your offer, and we can help you explore mortgage options from the entire market. Remember, you can withdraw from the sale at any time without disruption.
"Your home may be repossessed if you do not keep up repayments on your mortgage."
What If I Disagree with the Landlord's Offer?
If you believe your landlord has overvalued the property, you have three months after receiving the offer to request an independent valuation. An HMRC district valuer will assess the property's worth. You'll then have 12 weeks to accept this valuation or withdraw from the sale.
What to Do If the Landlord Delays
If your landlord fails to respond within the specified timeframes, you may be eligible for a further reduction in the property's sale price. Fill out an Initial Notice of Delay form (RTB6) and send it to your landlord. They must either expedite the process within a month or issue a counter notice, explaining the delay or stating that they've already responded.
If you still don't receive a reply one month after sending
FAQs
Frequently asked questions
- Amount you wish to borrow
- Size of your deposit
- Employment status and income
- Credit rating
- Outgoings
- Existing debt
- Your age
- Length of the mortgage term
- Your credit status
- If you are applying solely or jointly
- Check that you are on the electoral roll
- Always pay your bills on time and in full
- Close any credit accounts you have for stores or catalogues and no longer use
- Consider applying for a credit builder credit card, to help show lenders that you can manage money responsibly
- Guarantor loans can also improve your credit score, if you keep on top of your repayments
- Regularly check your credit report to make sure that all the information is correct. If any of the details are incorrect, contact the relevant lender and ask for these to be amended.
01 What is a mortgage?
A mortgage is a loan from a bank or building society that enables you to purchase property. The loan is repaid with interest over a number of years, with the term for doing this dependent on your personal financial circumstances.
A mortgage can be held by an individual or jointly between one or more people, but if you do not keep up your repayments, your home could be repossessed by the lender.
02 Will I be accepted for a mortgage?
All mortgage lenders have their own criteria. The following factors all play a part in determining their mortgage offer and how much they are willing to lend to you:
In order to be accepted, you need to convince lenders that you are able to repay your mortgage. To do this, lenders typically use your credit report to check your repayment history. Your credit file will contain current and existing records on items such as credit cards, loans, overdrafts, mortgages, mobile phone/s, some utility payments and all accounts opened in the past six years. If you have had arrears, defaults, CCJs, debt management plans or previously been made bankrupt, there are mortgage options available which we can help you with.
03 How does the mortgage application process work?
To get a mortgage, you will need to save a deposit of at least 5%. However, the more you can save, the better your rate will usually be. If you already own your own home, you can use the equity in your property for this. Our expert mortgage advisors can talk you through the benefits and the difference in your monthly payments by increasing your deposit.
Once you have found the property you want to buy, our mortgage advisors will assess your personal needs and circumstances and recommend a mortgage product that is right for you. They will compare hundreds of mortgage quotes, including a number of exclusive products that cannot be found on the high street or comparison sites, and ensure that you get the right deal at a great price.
If you are happy with the mortgage product your advisor recommends, you will pay an upfront fee to receive your Agreement in Principle (AIP). This will give you an approximate sum of how much the lender is willing to let you borrow, and enable you to put an offer in on your dream home.
If your offer is accepted, you will need to appoint a solicitor to handle searches, surveys and contracts, which we can arrange for you. We handle the entire mortgage application process through to completion, liaising with your solicitor and lender to ensure that your application is a success.
If you are looking to remortgage, then we recommend looking for a new mortgage deal around 3 months before your current deal expires. Starting early will give you plenty of time to compare all the available mortgage products and submit your application. If your mortgage is approved early there's no need to panic, as we will ensure that the completion date corresponds with your current deal's end date.
04 How much can I afford to borrow?
Most mortgage lenders will lend you up to five times your salary. However, this is dependent on a number of factors including your age, number of dependants and current financial commitments. Lenders generally work out how much they will lend you based on what you can realistically afford each month after you have paid your bills, credit cards, loans etc.
Our mortgage advisors can help you understand how much you can realistically borrow before an application or credit search is completed, by assessing your individual needs and circumstances. If you choose to proceed with an application, then our advisors will know which mortgage lenders to approach to ensure you get the required loan amount.
05 How much deposit will I need?
To buy a home with a mortgage, you will need to save a deposit of at least 5%. The more you can save, the better your mortgage rate will be.
If you already own a home, you can use the equity from your property for the deposit
Our professional mortgage advisors are experts on all the various mortgage deals available and can help you decide which mortgage deal best fits your needs.
06 How much does a mortgage cost?
The amount you pay each month is dependent on the total cost of your property and the type of mortgage you have. The costs you may need to pay vary but typically include:
Interest: Accrues across the lifetime of the mortgage and is charged as a percentage rate on the amount you owe.
Mortgage fees: A product fee which is charged for taking out the mortgage.
Application fees: Charged on application, regardless of whether you take out the mortgage.
Valuation fees: Can be charged by lenders for calculating how much your home is worth.
Higher lending charges: Can be applied to mortgages that have a small deposit.
**Telegraphic transfer fees: **Charged by the bank for arranging to transfer the money they are lending you (usually to your solicitor).
**Broker fees: **Often charged if you use a broker to arrange your mortgage.
**Early repayment charges: **Can be charged if you repay your mortgage before the end of the agreed term.
**Exit fees: **Lenders can charge these if you move to a new lender.
**Missed payments: **These can be charged by your lender if you fail to keep up your repayments, which can increase the total amount you owe.
07 Can I get a mortgage with bad credit?
If you have a history of bad credit including; arrears, defaults, county court judgements (CCJs), debt management plans or bankruptcy, there are still mortgage options available. Your choice of mortgage lender and type of mortgage will however be limited, and the rate of interest will be higher than someone who has a good credit rating. Our expert mortgage advisors are in regular contact with adverse mortgage lenders and are well placed to advise you on all your available options.
08 How long does it take to get a mortgage?
Getting a mortgage application approved is dependant on you, your mortgage advisor, solicitor and lender. At Yes, we handle the entire process for you through to completion, communicating with your solicitor and lender to remove the stress and hassle from you and ensure that your application is a success. Having all the relevant mortgage documentation to hand ready for your mortgage advisor, will also help speed up the process.
09 How can i improve my poor credit rating?
To improve your bad credit rating, there are a few things you can do to possibly increase your chances of being approved for a bad credit mortgage:
Making these changes should help improve your credit score, but it will not happen overnight, especially if you have a history of bad credit or have missed multiple payments.
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