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This is your quick go-to guide for everything you need to know about the Right to Buy application process.
Speak to a Mortgage Advisor.
We can guide you through the process one step at a time - We specialise in helping our clients arrange their Right to Buy mortgages and can assist in the whole application process.
Step 1: Check eligibility, work out the costs and get advice.
Once you’ve checked your eligibility (shown in steps 3 and 4), it’s a good idea to look into the costs of home ownership as early as possible, so you have an idea of what it might cost and what you can afford before you get too far into the process.
Step 2: Get your Right to Buy mortgage approved.
The best time to get your mortgage approved is at the start of your Right to Buy application, not the end. There is no point going through the weeks of time it takes to get your Right to Buy application approved, only to find out there is a problem getting your mortgage.
Step 3: Fill in an application form.
Ask your landlord for an application form (RTB1) or download one from here.
Fill it in and send it to your landlord. (See the guide to completing your application form for the information you will need to have to hand before you fill in your application form.)
Step 4: Confirm eligibility.
Your landlord has up to 4 weeks to reply confirming whether you have the Right to Buy (this is 8 weeks if you have been with your current landlord for less than 3 years).
Step 5: Receive an offer.
Your landlord then has up to 8 weeks to send you an offer notice for a house or up to 12 weeks for a flat. This offer notice, which is known as a S125 notice, sets out:
- Their valuation of your property (if you’re not happy with the valuation you can appeal), your discount, the price you’ll pay
- Any structural problems they know about.
- Any terms and conditions
- For leasehold properties only, the S125 offer notice will also include an estimate of the service charges that you will need to pay over the next 5 years (see service charges).
Step 6: Over to you – mortgage, survey and get advice.
You have up to 12 weeks to accept your landlord’s offer. It’s during this time that you’ll need to arrange a mortgage or loan, get a survey and hire a solicitor for conveyancing, etc.
Get independent financial and legal advice (if you haven’t already) and check you understand all the costs before you sign anything.
Step 7: Complete the purchase.
Once you’re happy with your landlord’s terms and have arranged how you will pay for your home, carry on and complete your purchase. It’s usually during this time that you pay your stamp duty, etc, finalise the paperwork and sign the contract.
You are now a homeowner!
Different Right to Buy Mortgage Lenders offer different maximum loan amounts. Here's how you should do your research.
Speak to a Mortgage Advisor.
Find out how much you can borrow in 2-mins - Our technology give us access to 15k+ mortgage rates that allows us to find your perfect mortgage in a minutes. We specialise in arranging Right to Buy mortgages for our clients and can guide you through the application process.
5 x joint income is the maximum any Right to Buy mortgage provider will lend.
Although this is a very rough calculation, it is a good starting point when calculating what your potential maximum mortgage might be.
There are many factors that could lower the maximum amount. These can be; credit card debt, personal loan payments, car finance, dependants, pension payments, student loan repayments, etc. One or many of these commitments can dramatically reduce the amount of mortgage that a lender is prepared to offer you.
Do some research - try different mortgage lenders.
All the Right to Buy mortgage lenders have online affordability calculators, that will give you an accurate [maximum] mortgage amount you are able to borrow. You simply enter your income and your outgoings and the calculator does the rest - most take no longer than 2 minutes to complete. Try a few and see who is prepared to lend you the mortgage you need.
Poor Credit - We have options.
We specialise in helping people with poor credit arrange their Right to Buy mortgages. The rate you pay and the maximum mortgage amount available to you depends on the severity of your credit.
The worse your credit history, the higher the rate you will pay and the smaller the maximum mortgage amount will be.
Getting your documents together at the start of your mortgage application will really speed things up for you. Here's a handy list.
Speak to a Mortgage Advisor.
Let us go through your mortgage documents - we understand what the lenders are looking for when going through your documents and can spot any potential problems, well before they get put in front of an underwriter.
Proof of Identity:
Passport
Driving License
Proof of Address:
A gas or electricity bill dated no later than 3 months
Last 3 months bank statements
Proof of Income
[employed] Last 3 months payslips
[self-employed] Last 3 years Tax Computations (SA302) & Tax Year Overviews
[both] Last 3 months bank statements showing salary credits
Yes you can. When applying for a Right to Buy mortgage (with a poor credit history) the rule of thumb is - nothing within the last 3 months. Anything outside of that and you have options.
County Court Judgements (CCJ)
Defaults
Missed/Late Payments
Pay Day Loans
Bankruptcy (discharged)
IVA (Individual Voluntary Arrangement)
DMP (Debt Management Plan)
If you have had any or all of the above and have the opportunity to buy your council house under the Governments Right to Buy scheme, give us a call to help you arrange your mortgage.
Under the Governments Right to Buy scheme, you can buy your local authority council house at a price lower than the full market value. The discount available to you depends on the length of time you have been a council tenant.
The maximum discount is £82,800 across England, except London, where it’s £110,500.
The discount is based on:
How long you have been a tenant with a public sector landlord
The type of property you are buying i.e. a council flat or a house
The value of your council home
You are required to keep your property for a minimum period of 5 years. If you sell within this time you may have to repay some or all of the Right to Buy discount.
If you live in a local authority property and are a tenant of a Right to Buy landlord, you probably have the Right to Buy. A Right to Buy landlord is one of the following:
A district council
A county council or county borough council
A London borough council
If your answer is ‘yes’ to all of the following, you should be eligible for the Right to Buy:
Is the property your only or main home?
Have you been a tenant for more than 3 years?
You can confirm that you do not live in sheltered or other housing suitable for the elderly or disabled?
You can confirm you don’t have any legal problems with debt?
You cannot buy your house if you are an un-discharged bankrupt, have a bankruptcy petition pending against you, entered into an Individual Voluntary Arrangement (when you would have made arrangements with people that you owe money to and still owe them money) or have obtained a debt relief order.
You can confirm you do not have any outstanding possession orders against you?
Complete the Right to Buy application form (RTB1 notice).
Send it to your landlord.
Your landlord must get back to you within 4 weeks of getting your application (8 weeks if they have been your landlord for less than 3 years).
If your landlord agrees to sell, they’ll send you an offer. They must do this within 8 weeks of saying yes (12 weeks if you are buying a leasehold property).
You have 12 weeks, from receipt of your landlords offer, to accept the Right to Buy.
You’ll have to pay back all of the discount you got if you sell within the first year. After that, the total amount you pay back reduces to:
80% - Year 2
60% - Year 3
40% - Year 4
20% - Year 5
If you sell your home within 10 years of buying it through the Right to Buy, you must first offer it to either:
Your old landlord.
Another social landlord in the area.
The property must be sold at full market price. You can sell your home to anyone if the landlord does not agree to buy it within 8 weeks.
Important: The amount you pay back is as a percentage of your home’s value when you sell it, not when you bought it.
You may not have to pay back the discount if you transfer ownership of your home to a member of your family.
Up to 3 family members, who’ve lived with you for the past 12-months (even if they do not share your tenancy), can apply for Right to Buy.
You request an independent valuation if you think the landlords is too high.
You can get a further reduction in the purchase price of your council home if your landlord does not respond within the set time limits detailed above.
Right to Buy Application Form - https://www.gov.uk/right-to-buy-buying-your-council-home/applying
Right to Buy Eligibility Checker - https://righttobuy.gov.uk/am-i-eligible/eligibility-quiz/
Right to Buy Discount Calculator - https://righttobuy.gov.uk/can-i-afford-it/
Dealing with Delays - https://righttobuy.gov.uk/apply/delays/
Right to Buy: Summary Booklet - https://www.gov.uk/government/publications/your-right-to-buy-your-home-summary--2/right-to-buy-summary-booklet
Right to Buy: A Guide - https://www.gov.uk/government/publications/your-right-to-buy-your-home-a-guide--2
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