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The Best Mortgage Deals on Right to Buy

Looking for amazing Right to Buy mortgage deals to purchase your rental property without paying over the odds? The Revolution guide to Right to Buy mortgage deals will ensure you can confidently move forward.

The Best Mortgage Deals on Right to Buy

With many different lenders offering Right to Buy mortgages, it can be challenging to know which rates are the most competitive, and which mortgage product presents the best deal.

Here we'll explain how to compare Right to Buy mortgages, and what to look out for in your offer to lend.

For tailored advice or recommendations about where to apply, contact Revolution Brokers on 0330 304 3040, or drop us a message to [email protected].

Which UK Lenders Offer the Best Right to Buy Rates?

Right to Buy is a specialist type of lending, and there are a variety of lenders offering specific types of product.

Many clients contact us as their bank does not offer Right to Buy, and they need guidance to work out which lenders can help.

The best way to find competitive Right to Buy lending is to work with a whole-of-market broker who isn't tied into any specific bank or lender and can offer an independent assessment of the best deals currently available on the market.

Often, the most attractive offers are not available directly to the public, so we can almost always find you a far better deal than you'd be able to negotiate directly.

How Do I Know if I am Eligible for Right to Buy?

It's essential to know your eligibility before you start looking at mortgage options. Lenders will each have different criteria, relating to factors such as:

  • Your age.
  • Your credit history.
  • Whether you have a deposit available.
  • How much you earn a year.

You'll also need to meet the Right to Buy criteria, which are:

  • To have been a council property tenant for at least three years.
  • You wish to buy alone, or with up to three family members who have lived with you as co-tenants for at least one year.
  • You do not have any pending possession orders or legal debt proceedings.

The rates you will be offered depend very much on the value of the property, whether you have a deposit, and what sort of discount you are eligible for.

Generally, interest rates are low, and as long as you apply to a lender who considers the Right to Buy discount in lieu of a deposit, you may need to borrow as little as 65% Loan to Value ratio, which offers competitive rates compared to a higher LTV.

How Important is my Credit Rating in a Right to Buy Mortgage Application?

If you have adverse credit issues, it doesn't mean you won't be able to find a Right to Buy mortgage but can mean that the interest rates you are offered are higher.

Even with bad credit and no deposit, you can apply for up to a 100% Right to Buy mortgage with a specialist lender.

How Can I Make Sure I Get the Best Right to Buy Mortgage Offer?

There are two things you need to do:

  • Work with a broker to ensure you apply to lenders whose eligibility criteria you meet.
  • Seek professional advice from a whole-of-market expert, who can recommend any product from any bank or lender.

How Can I Compare Right to Buy Offers Like-for-Like?

Mortgage advisors often hears from clients who have two offers, but which are not directly comparable.

Give us a call on 0330 304 3040, and we will advise on comparable products, establishing which is more cost-effective overall.

First, you'll need to know which lenders are willing to use the Right to Buy discount as a deposit.

Illustration:

  • You want to buy your council property, which is worth £200,000.
  • You've lived there for three years, and are offered a 35% discount.
  • The purchase price is, therefore, £130,000.
  • The mortgage you need is a 65% LTV, as a proportion of how much you need to borrow, against the value of the property.

Expert Advice on Right to Buy Mortgage Rates

To find the best Right to Buy deals, you need an independent broker who can recommend any product from across the UK lending market.

Give us a call on 0330 304 3040, or message at [email protected], and we'll get to work!

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As specialist mortgage brokers for a huge variety of applicants, the whole-of-market consultants at Revolution provide access to an exceptional range of lenders, products and mortgage deals. That means you get the advantage of professional negotiation and broker-exclusives through an established lending network to ensure we always find you the most competitive mortgage available.

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