The Government’s Right to Buy Scheme is designed to help people living in council housing to get onto the property ladder and buy their home, often at a heavily discounted price.
In some cases, you can get a mortgage on the Right to Buy scheme without putting down a deposit.
Getting a Right to Buy mortgage is pretty similar to getting a regular mortgage. You can also apply with another person. Most lenders (but not all) will accept the discount you get on your property as a deposit.
There isn’t a specific ‘Right to Buy’ mortgage product, so you’ll need to pass the same affordability checks as other mortgage applicants. Your income and spending habits will be looked at closely to see if you can afford the mortgage repayments. You’ll also have to pass the lender’s credit check.
If you have an undischarged bankruptcy or IVA, you won’t be able to use the Right to Buy scheme. If you’re self-employed, you might be asked to provide a few years’ worth of accounts. Read more in our bad credit and self-employed mortgage Guides.
If you’re thinking of buying your council or housing association home, you should get advice from a specialist broker before starting a mortgage application. Especially if your situation isn’t straightforward. Our Mortgage Experts know the market and have experience getting mortgages for people just like you.
Make an enquiry to find out your options.