GUIDES
Right To Buy
Leaving renting behind. Right to buy: Your key to homeownership
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Specialist Mortgages - Right to Buy mortgage
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The homeowner often uses the proceeds from the sale of their existing property to pay off or reduce the mortgage on the new one. Homemover mortgages come in various forms, including fixed-rate and variable-rate mortgages, and they offer different terms and conditions. The choice of mortgage will depend on the homeowner’s financial situation and preferences. These mortgages are commonly sought when someone is relocating, upsizing, or downsizing to a different property.
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Why many tenants choose the Right to Buy scheme
The Right to Buy scheme offers council and housing association tenants a unique opportunity to step onto the property ladder, often at a significantly reduced cost. For many, the appeal lies in the generous government-backed discounts, which can make owning a home far more achievable compared to buying on the open market. With a potentially lower mortgage amount, monthly repayments can become more manageable, helping tenants transition into homeownership with greater financial confidence.
Additionally, owning your home provides long-term security and stability. Instead of paying rent that contributes to a landlord’s asset, your monthly payments go toward building equity in your own property. For tenants who plan to remain in the area or want more control over their living space, the Right to Buy scheme can be a powerful pathway toward financial independence and long-term wealth building.
Key considerations before applying for a Right to Buy mortgage
Before moving forward with a Right to Buy application, it’s important to understand the responsibilities that come with homeownership. Once you purchase the property, the local authority or housing association is no longer responsible for repairs, building maintenance, or structural issues. This means you’ll need to be financially prepared to cover ongoing maintenance, insurance, and any major work that arises over time.
It’s also essential to consider the long-term financial implications. Although you’re purchasing the property at a discount, lenders will still assess your credit profile, income, and affordability to determine whether a Right to Buy mortgage is suitable. Some mortgage products may have stricter criteria, while others may offer more flexibility. Taking time to evaluate these factors ensures you make a well-informed decision that aligns with both your budget and future plans.
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Author: Chris Days - Gomortgage
- 5 Mins
- Updated: Nov 17th 2025
Frequently Asked Questions
How much discount can I get through Right to Buy?
The discount depends on how long you’ve been a tenant and the type of property you live in. In some cases, discounts can reach up to £96,000–£127,900, depending on location.
Do I need a deposit if I'm receiving a large discount?
Often, lenders will allow the Right to Buy discount to be used as part or all of your deposit, reducing the amount of upfront savings needed.
Can I apply for Right to Buy if I have bad credit?
Possibly. Some specialist lenders consider applicants with lower credit scores, but options may be more limited, and interest rates may be higher.
Can I sell the property after buying it?
Yes – but if you sell within the first five years, you may need to repay some or all of the discount. Selling within the first 10 years may require offering the property back to the council or housing association first.
What costs should I expect when purchasing a Right to Buy home?
You should budget for solicitor fees, a valuation, potential survey costs, mortgage arrangement fees, and ongoing maintenance once you become the homeowner.
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Speak With A Mortgage Advisor today
Contact our friendly mortgage advice team today. Sound mortgage advice from the experts at GoMortgage.
