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Council Right to Buy Mortgages

Are you a tenant?
Do you want to buy your home?  
Right to Buy gives you the right to buy your home at a discounted price below its true market value.

Are you Eligible?

If you have been a secure tenant for a least two years (or five years if you became a tenant after 18 January 2005) you are likely to have the Right to Buy your council home at a discount.

If you were a secure tenant of a local authority and the ownership of your property was transferred to a housing association you may be eligible for a Preserved Right to Buy (PRTB) for your property. This will only apply if you are still the tenant of the same property before and after the transfer.

You do not have the Right to Buy if:

• You are an assured tenant of a registered social landlord (RSL) and do not possess a PRTB.
• Your home is rented in relation to your employment
• The courts have issued a possession order for you to leave your home
• You are undergoing bankruptcy proceedings
• You live in housing specially provided for older people and (in certain cases) disabled people

Discounts available

The amount of discount depends on how long you have been a tenant. For example if you have lived in a house for five years the discount is 35% of the market value of your house. If you have lived in a house for 20 years the discount is 50%

However, the discount is limited to the maximum amount available for your area. The maximum discount ranges from £16,000 to £38,000 for both flats and houses depending on where you live. To find out about the discount available contact your landlord.

If you sell the property within the five years of buying it, you may have to pay back the discount.

Read the booklet 'Your right to buy your home', available from the link below, before applying for the Right to Buy scheme. It gives more details about other rules that apply to the scheme.

Buying you home

Buying your home is a major financial commitment which will involve immediate one-off costs such as legal fees and Stamp Duty Land Tax as well as new ongoing costs such as paying the mortgage, repairs and service charges.

Some councils offer a cash incentive scheme to tenants who move to smaller or private accommodation.

We are qualified independent mortgage advisors that can be trusted to give you that independent impartial advice.

Why right to buy Mortgages from Homesavers Mortgages?

• Access to right to buy mortgages throughout the UK
• Plus exclusive deals through the many mortgage clubs we subscribe to

Every month we help people, just like you, find their perfect mortgage. Find out why so many people put their trust in Homesavers Mortgages.

Your home is at risk if you do not keep up with payments on your mortgage or other loans secured on it.
Depending on your circumstances, a fee of £95 or 1% of the mortgage amount may be charged upon completion