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Right to Buy Mortgages

If you need help and quality advice with a Right to Buy mortgage, CMS Ltd are here for you! Get in touch today or read on for more useful Right to Buy information.

As you can tell, today I want to discuss Right to Buy mortgages. The first thing to say is that the Right to Buy scheme can be a useful tool to help people get onto the property ladder, however most people using the scheme will still need a mortgage to help them complete their purchase. So how does the scheme work and where do you start?

The scheme varies between the differing parts of the UK and so this article is concerned with the Right to Buy Scheme in England only. If you have an enquiry regarding Right to Buy mortgages in other parts of the UK, please get in touch.

Being a homeowner can be rewarding but it also means you may have costs that you had not considered before, such as the maintenance on a property.  In addition, there could be costs that you need to consider over and above a mortgage, for example, if you are purchasing a flat from your local authority it is likely to be on a leasehold basis and this means you will have to contribute to any service charges and improvement works. Here at Community Mortgage Services Ltd we will make a commitment with you to not only find the right mortgage for you but also to ensure you understand the type of commitments you are making.

The Right to Buy scheme enables public tenants to purchase their property at a discount from its market value. This discount is the deposit that the tenant can use towards a mortgage. For example:

Property Valued at:     £100,000

Discount Received:     £40,000

Purchase Price:           £60,000

The above is just an illustrative example to explain how the scheme works. The first thing to do, is to check your eligibility which usually involves a conversation with your landlord.

If you want more information on your eligibility a great place to look is: www.righttobuy.gov.uk

So, you are eligible and want to purchase, what do you do next?

Well, unless you have the cash available to purchase the property outright, chances are you will need a mortgage.

It is important to get the mortgage right with the correct advice as it is likely to be one of the largest loans you will ever take out. In addition, certain local authority properties can be more difficult to mortgage than others, for example: the high rise flat, the pre-fabricated maisonette, the house constructed of concrete etc.

This is where getting an expert can help! Whether it’s the property type, your credit history or your employment, here at Community Mortgage Services we will search across a comprehensive range of mortgages from across the market to find the appropriate one for you. We also do not charge you fees for our advice.