Council Tennant? You have the right to buy your council house.

Mortgages for a Right to Buy

The Process of buying your council home

Find out whether you qualify?.

You will need to contact the council/housing association to confirm that you are eligible to apply to buy your home from them.

Find out how much discount you will receive?
If the council confirms that you are eligible for the 'Right to Buy' they will then send you the RTB1 application form to be completed. The questions on the form will be used to calculate the discount you will receive from the value of your Property. The maximum discount you can receive will probably be 32% if your property is a house or 44% if your property is a flat/maisonette.
Arrange a valuation?.
The next stage will be for the council to send you a RTB2 form; this will confirm whether or not your application has been approved. This should be sent to yourselves within 4 weeks of the council receiving your RTB1 form (this may take slightly longer if you have lived at different addresses during the last 2 years). The council/housing association will then arrange for a valuation to be carried out on your property. The council/housing association pays this for.
Receive your Offer ?.
The council/housing association should send you their offer, known as the Section 125 notice, within approximately 8 weeks of the RTB2 form being sent to yourselves. The section 125 offer notice will include the property valuation, the discount you will receive along with the purchase price to yourselves.
What if I have purchased before?
If you have purchased under the Right to Buy scheme before, the amount of discount you got then will usually be deducted from your discount when you buy again.
Can I sell my purchased council house?
If you wish to resell your home within 10 years of purchasing it from the local authority, you will be required to offer it either to your former landlord or to another social landlord in your area at the full market value. If your offer has not been accepted within eight weeks, you will be free to sell the property on the open market.
Exceptions to the Right to Buy
What the law says:
You do not have the Right to Buy if your home:
  • is particularly suitable for occupation by elderly persons, taking into account its location, size, design, heating system and other features;
  • was let to you or the previous tenant for occupation by a person aged 60 or over, whether they were the tenant or not; and
  • was first let (to you or someone else) before 1 January 1990.
When considering if your home is 'particularly suitable', your landlord must ignore features that you have provided (for example, a central heating system).
Can I get a mortgage to buy my council house?
We are UK market leaders in arranging mortgages for buying your council house; we aim to find the most suitable mortgage available to you from our panel of specialist lenders.
We are authorised and regulated by the Financial Services Authority.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE The overall cost for comparison is 7.0% APR. The actual rate payable will depend on your circumstances. Please ask us for a personalised illustration. A fee is chargeable only on completion, typically 2% of the loan amount depending on your circumstances (subject to a minimum of (£1,995 and maximum of (£2.995). For a mortgage of (£100,000 the fee would be (£2,000. Early repayment charges may apply and will vary depending on the mortgage. Adding existing debt to your mortgage will increase both the repayment term and the overall cost.
Authorised and regulated by the Financial Conduct Authority.
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