The scheme is for tenants of local authorities and those assured tenants of Registered Social Landlords who previously held secure tenancies with local authorities. If your secure tenancy was in existence before 18 January 2005, or you were a public sector tenant before 18 January 2005 (and you have been a public sector tenant continuously since that time), you do not have the Right to Buy until you have spent at least 2 years as a public sector tenant. A public sector tenant is a tenant whose landlord is either a 'Right to Buy landlord'; or one of the public bodies listed under 'Other public bodies'. For anyone else, you do not have the Right to Buy until you have spent at least 5 years as a public sector tenant.
You will only be able to purchase under the scheme if your house or flat is your only home and is self-contained. You cannot buy your home if a court makes a possession order which says that you must leave your home. Neither can you buy your home if you are an undischarged bankrupt, have a bankruptcy petition pending against you, or have made an arrangement with creditors (people you owe money to) and you still owe them money.
Never before has it been so easy to compare a range of providers and mortgage deals. Because of the internet, it is now very easy to obtain professional advice and guidance about buying the right mortgage. Everyone has the right to buy a mortgage and compare financial products online.
There are some things you may wish to consider in order to find the right mortgage, such as the method of repayment and type of interest rate deal. In a right to buy mortgage, your choice of lenders may be limited, but you may wish to take a look at our detailed mortgage comparison tables to compare a range of providers and mortgage deals
You could save between £16,000 and £38,000 on your flat or house if you are eligible to participate in the ‘right to buy mortgage’ scheme by your local authority. There are two terms that are referred to in a right to buy mortgage and these are:
If you are considering taking out a right to buy mortgage loan, you should speak to a representative at your local authority or one of our specialist mortgage advisors. You may also wish to explore the internet as it is a great resource for those who seek advice and guidance about mortgages.