Making Home Ownership A Reality
If you have been given the opportunity to purchase your council property or housing association home, then you have found the right mortgage brokers to assist you in turning your home ownership dreams into a reality. Having the right to buy or the right to acquire allows most not all councils and housing association tenants the opportunity to buy their home at a discounted price. As you read on more information will be provided as to the levels of discounts you may be entitled to. It is astonishing that you could potentially realise your home ownership dreams by following a few simple steps, and of course making the right call on choosing the right independent mortgage brokers for you. There is specific criteria that you must meet before you can even apply to buy your council or housing association home but we at Independent Mortgage Brokers are happy to help you purchase your very own home. Follow these steps to find out more, and how we can help you find the perfect mortgage even if you have bad credit. We have helped many customers purchase their home, even with adverse credit.
What is Right to Buy?
Right to Buy is a scheme in England that lets many council tenants purchase their home at a discount. It does not apply in Scotland (ended 2016) or Wales (ended 2019), and in Northern Ireland there is a different “House Sales Scheme.”
Who qualifies in England?
You may be eligible if:
- The property is your only or main home and is self-contained.
- You are a secure tenant (with a council or public landlord).
- You have been a public sector tenant for at least 3 years (they don’t have to be consecutive years).
Some homes are excluded from Right to Buy (for example, homes that are due to be demolished, or specially exempt properties).
How is the discount worked out?
The discount you can get depends on three things:
- How long you’ve been a public-sector tenant.
- Whether the home is a house or flat.
- The maximum discount set for your area.
Steps to take when applying for your right to buy
From 21 November 2024 onwards
For new applications made on or after 21 November 2024, the government reduced the maximum discounts across England to pre-2012 levels, regionally set. The caps now range from £16,000 to £38,000, depending on where the property is.
- Most of London: max discount £16,000
- Exception: Barking & Dagenham and Havering boroughs: £38,000
- Outside London – for example, Yorkshire & the Humber: £24,000
These caps apply only to applications made on or after 21 November 2024. If your RTB1 notice was submitted before that date, you may still qualify under the older, higher caps.
Regardless of cap, your discount cannot exceed 70% of the property’s value (house or flat) and may be reduced by “cost floor” rules (if your landlord has spent a lot on the property).
Why use us?
Finding a mortgage under the Right to Buy scheme can sometimes be more challenging if you’ve had past credit issues.
At Independent Mortgage Brokers, we have access to a wide range of lenders — including both high-street and specialist providers — who may consider applications that fall outside standard lending criteria.
Our role is to compare suitable options for your circumstances, explain how each works, and help you understand the costs and implications before you decide to proceed. We provide friendly, no-obligation advice nationwide, so you can explore your Right to Buy options with confidence.
We Are Here To Help You Find The Best Deals For Your Circumstances.
Right to Acquire Mortgages
Right to Acquire allows most housing association tenants to buy their home at a discount. You apply using the Right to Acquire application form.
You can apply to buy your housing association home if you’ve had a public sector landlord for 3 years. These landlords include:
- Housing associations
- Councils
- The armed services
- NHS trusts and foundation trusts
Who does not qualify for a right to acquire mortgage?
You can’t use Right to Acquire if:
- You’re being made bankrupt
- A court has ordered you to leave your home
- You’re a council tenant – you may be able to use Right to Buy instead
- You have ‘Preserved Right to Buy’
Right to Acquire Discounts
You can get a discount of between £9,000 and £16,000 on the price of your property.
The amount of discount you’ll get depends on where you live in the UK.
Your landlord will tell you what discount you’ll get when you apply to buy your home.
Your discount might be reduced if you’ve used Right to Acquire or Right to Buy in the past.
When applying for your right to acquire
- Fill in the Right to Acquire application form
- Send it to your landlord.
- Your landlord must say yes or no within 4 weeks of getting your application (8 weeks if they’ve been your landlord for less than 3 years). If your landlord says no, they must say why. You can’t appeal against the landlord’s decision.
- If your landlord agrees to sell, they’ll send you an offer. They must do this within 8 weeks of saying yes if you’re buying a freehold property, or 12 weeks if you’re buying a leasehold property.
Your landlord might offer you the choice of buying your home, or another empty one that they own. You don’t have to accept the other property and your landlord doesn’t have to offer you one. When applying for your right to acquire again just like the right to buy it would be useful for you to obtain the help and assistance of Independent Mortgage Brokers. We specialise in obtaining mortgages for people using the right to acquire scheme that may have experienced bad credit in the past. We search the market for you to find the right mortgage deal that suits your individual needs and circumstances. All of the advice you will receive is completely free. There may be a charge for our services details of which will be confirmed when we know your individual circumstances.
