Best Right to Buy Mortgage Rates
Looking for a Right to Buy mortgage? Keen to get the best deal? Our in-depth guide to finding the best rate on a Right to Buy mortgage will tell you all you need to know.
Since being introduced in 1980, Right to Buy has enabled thousands of council tenants to buy their home. In many cases, the discount applied means you can buy without a deposit. But most buyers rely on getting a Right to Buy mortgage to complete the purchase and want the lowest rate possible.
In this article we’ll compare current rates on Right to Buy mortgages, look at some of the other costs to consider and explain why using a specialist broker is the easiest route to the best deal.
The table below gives you a snapshot of the best interest rates currently available for Right to Buy mortgages.
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Last updated September 2023
The rates quoted above were correct at the time of writing and are subject to change at any time at the lender’s discretion. Speaking to a mortgage broker is the best way to keep track of the rates available at any given time.
Are Right to Buy mortgage rates any different?
In essence, rates on Right to Buy mortgages are not really any different from those on any other residential mortgage.
The rate you’re offered will be based on how well you match a lenders’ risk profile and eligibility criteria. Your income, outgoings, credit history, employment status and age will all influence whether your application is accepted and what rate you are offered.
Where these types of mortgage applications differ from others is that some lenders use your Right to Buy discount in lieu of a deposit. So, you may not need to have a huge amount of savings to get approved.
However, the lowest rates are generally reserved for borrowers with a deposit of at least 40% and a loan to value (LTV) of 60% or below. Right to Buy discounts start at 35% for houses and 50% for flats provided you have been living in the property for 3-5 years.
So, it might be possible to get a better rate by adding a deposit in addition to factoring in the discount to further reduce your LTV.
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How to compare Right to Buy mortgage rates
The table above includes samples of some of the best rates today for Right to Buy mortgages. For a more accurate idea of what rate you might be able to secure, you should seek the help of a mortgage broker who has experience arranging these types of home loans.
They’ll be able to help with:
- Confirming your eligibility for the Right to Buy scheme, how much discount you qualify for and the local authority’s valuation of the property
- Finding the right mortgage lenders who can offer lending for the Right to Buy scheme and identifying who currently offers the best interest rates
- Preparing your application with all the necessary information and documentary evidence so you have the best chance of success – first time!
If you get in touch with us we can arrange for a mortgage broker we work with who has experience in this specific area to contact you straight away.
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Other costs and fees to consider
In addition to the monthly cost of your mortgage repayments, there are other upfront costs to consider too.
- Arrangement fee
- Booking fee
- Legal fees
- Valuation fees
- Survey costs
- Land registry fee
- Stamp duty (if applicable)
Fees can vary quite considerably between lenders, and some offer incentives such as free valuation fees or legal fees that can reduce your upfront costs. A broker can help you calculate all associated costs of taking out a mortgage and ensure you pay as little as possible overall.
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Why use Online Mortgage Advisor for your Right to Buy mortgage?
A broker with expertise in Right to Buy mortgages will help and support you through the entire process. In addition to comparing deals and negotiating with lenders, they often have exclusive access to deals that are not available by going directly to the lender.
Our broker matching service will assess your circumstances to pair you up with a broker who has experience of helping people just like you get the best deal on a Right to Buy mortgage.
To get matched with your ideal broker call today on 0808 189 2301 or enquire online.
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