Right to Buy/ Acquire Mortgages Liverpool

What is a Right to Buy/ Acquire Mortgage

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A Right to Buy Mortgage is where you purchase a local authority owned property that you have lived in for a set amount of time at a discounted price. Typically, the longer you’ve lived in the property, the larger the discount you will receive. A Right to Acquire mortgage works on a similar basis however the typical discount is set at £9,000 and is usually involving a purchase from a housing association rather than the local council.

 

Things to Consider:

• Every person named on the tenancy agreement must be named on the mortgage.

• Improvements you’ve made to your home can be offset against the purchase price to increase your discount.

• If one of the applicants is older / retired, this could impact the length of time you can borrow the mortgage over.

• If you sell the house within 5yrs of buying, you will need to repay part of the discount you have received.

• You can use your discount solely as your deposit so in most instances you won’t need your own deposit.

• You might be able to borrow funds from the discount amount in your initial purchase mortgage for home improvements in your home.