Right To Buy & Right to acquire mortgages

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 allows most council tenants to buy their council home at a discount.

There are different rules for Wales, Scotland and Northern Ireland.

You can apply to buy your council home if:

  • It’s your only or main home
  • It’s self-contained
  • You’re a secure tenant
  • You’ve had a public sector landlord (for example, a council, housing association or NHS trust) for 3 years – it does not have to be 3 years in a row

Right to Buy Discounts

You can get a discount on the market value of your home when you buy it if you qualify for Right to Buy. The maximum discount is £84,600 across England, except in London boroughs where it is £112,800. It will increase each year in April in line with the consumer price index (CPI). The discount is based on:
  • How long you’ve been a tenant with a public sector landlord
  • The type of property you’re buying – a flat or house
  • The value of your home
  • If you’re buying with someone else, you count the years of whoever’s been a public sector tenant the longest.

You’ll usually have to repay some or all your discount if you sell your home within 5 years.
You might get a smaller discount if you’ve used Right to Buy in the past.

Steps to take when applying for your right to buy

  1. Fill in the Right to Buy application form (RTB1 notice).
  2. Send it to your landlord.
  3. 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.
  4. 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.

Mortgages for right to buy customers with bad credit maybe difficult, but using our specialist right to buy independent mortgage brokers may save you time, effort and money. Here at IMB we thrive on making your dreams of home ownership a reality. We have over 12,000 mortgage products offered by over 90 different lenders. Some high street, some more specialist should you have bad credit. We deal nationally and are always happy to offer any advice for free should you require help with your bad credit right to buy mortgage.

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

  1. Fill in the Right to Acquire application form
  2. Send it to your landlord.
  3. 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.
  4. 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.

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