We are the Right to Buy Mortgage Experts

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!

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.

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