Different Types of Mortgages

If you are a local authority tenant and want to buy the property you’re living in through the Right to Buy/ Right to Acquire scheme, we can help you find the best mortgage deal.

We can compare all the RTB/RTA mortgages you might be eligible for and support you through the application process from start to finish. Our experts will be on hand throughout to provide you with any advice you might need.

Right to Buy is a Government-backed scheme, which is designed to help local authority tenants buy the property they live in at a discounted price. The scheme has been running for over 40 years, and is currently only applicable for council home tenants (and some housing association tenants) in England and Northern Ireland, as it’s been abolished in Scotland and Wales.

To be eligible for a Right to Buy mortgage, you’ll need to have been a public sector tenant for at least three years. The longer you’ve been a tenant, the bigger the discount you could be entitled to. This type of scheme can be a great path to home ownership if you want to buy but don’t want to move from the home you currently live in. However, you should bear in mind that if you plan to sell your property within the first five years of buying it, you’ll have to pay back the discount. Depending on when you sell, this could either be the full discount amount, or just a portion of it.

Right to Buy is very similar to a Right to Acquire mortgage – the main difference is that Right to Buy is mostly for council tenants, whilst Right to Acquire is for housing association

tenants. If you’re interested in either scheme, you should first check with your landlord which one you’re eligible for and then feel free to get in touch.