Right to Buy Mortgages

We are an independantly owned brokerage offering first charge mortgages to the whole of the market.
1 Step 1
FormCraft - WordPress form builder

Article created by Christian Duncan, Director – Mortgage and Protection Adviser
Last updated 13th August 2023

Table of Contents


In the pursuit of turning the dream of homeownership into a reality, Right to Buy Mortgages opened a door of opportunity – a potential game-changer for many social housing tenants. This article delves into what Right to Buy Mortgages are, the benefits they offer, and crucial points to consider before diving headfirst into this housing strategy.

The Concept of Right To Buy Mortgages

Initiated by the UK government, the Right to Buy scheme grants qualified tenants the privilege to buy their council or social housing at a substantial discount. This scheme links directly to Right to Buy Mortgages, which is an avenue of purchasing properties under the scheme. It’s essentially a specific type of mortgage product that caters to the unique setup of the Right to Buy scheme.

The Benefits of Right to Buy Mortgages

As a potential homebuyer, the Right to Buy scheme gives anybody eligible a substantial discount to make home ownership possible without the need to save a deposit.  Thats right!! Home ownership without needing to spend years saving for a deposit.  

Your loyalty to the housing association or council will be rewarded with a discounted purchase price.  This will alleviate the need for a deposit. 

Despite the discounted purchase price, the property could still grow in value, creating an opportunity for financial gain. This increase in equity could also pave the way for refinancing opportunities in the future.

Bad Credit and Right to Buy Mortgages 

There are a lot of myths in the mortgage world.  One of the most common being that if you have bad credit you wont be eligible for the right to buy.  This is wrong!  Having bad credit wont stop you qualifying for the right to buy but it can limit your mortgage options.  Just because you potentially have bad credit don’t write off the right to buy.  The Manchester Mortgage Centre have a wealth of knowledge when it comes to serving clients with bad credit. 

Right to Buy Mortgage Documents

If you are considering pursuing the right to buy you must seek the permission of the housing association or council.  They will then grant you with the relevant paperwork.  There are a series of documents that you can expect to provide your mortgage adviser and lender listed below.



  • Section 125 Right to buy paperwork.
  • Rent Payment Summary Covering a minimum of 12 months. 
  • Rent Reference
  • Income Evidence 
  • Bank Statements
  • If eligible and benefit statements or awards letters





Factors to Consider

Though appealing, it’s essential that potential Right to Buy mortgagors perform diligent checks and consider the attendant responsibilities. Owning a home is not merely about purchasing the property; it also involves maintaining it, for which the costs lie solely with you.  

Remember, as with any financial product, Right to Buy Mortgages come with inherent risks such as meeting the financial payments and the possibility of repossession if you default on the mortgage payments.

As a new homeowner, you should also be ready for other long-term costs frequently overlooked by the first-time homebuyer such as insurances alongside repairs and maintenance for the property.  

Is Right To Buy Right For You?

While the scheme certainly has its perks, it’s essential to seek expert advice on your particular situation before moving forward. Are you ready for the financial commitment? Is it the right time for you to go from renting to owning?

Right to Buy Mortgages provide a pathway to homeownership, breaking down the barriers that could keep you stuck in a perpetually renting cycle. But this significant step must align with realistic personal, familial, and financial goals and plans.


The Right to Buy scheme combined with the convenience of Right to Buy Mortgages is undoubtedly a promising prospect for social housing tenants. However, it’s important to take an informed plunge. With the right mindset and proper information, turning the key to your dream home may be closer than you think.

Leverage a mortgage brokers knowledge and expertise will certainly pay dividends in the scenario.   If you would like to book a call with one of our trusted mortgage advisers to see how they can help you achieve homeownership then please click here.  

Why Manchester Mortgage Centre