Right to Buy Mortgages Liverpool
- Buy Your Home for Less
- Keep Your Tenancy Years
You’ve made your house a home, now it’s time to make it an investment. If you are a council or housing association tenant, you could be entitled to a significant ‘Right to Buy’ discount.
What is a Right to Buy Mortgage (Acquire Mortgage)
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. As a right to buy mortgage broker in Liverpool, we’re here to help every step of the way.
Things to Consider:
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Every person named on the tenancy agreement must be named on the mortgage.
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Improvements you’ve made to your home can be offset against the purchase price to increase your discount.
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If one of the applicants is older / retired, this could impact the length of time you can borrow the mortgage over.
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If you sell the house within 5 years of buying, you will need to repay part of the discount you have received.
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You can use your discount solely as your deposit, so in most instances, you won’t need your own deposit.
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You might be able to borrow funds from the discount amount in your initial purchase mortgage for home improvements in your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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Buying your council home is often more affordable than you think
Most lenders allow you to use your Right to Buy discount in place of a cash deposit, making homeownership within reach without years of saving.
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