The government\u2019s <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/right-to-buy-mortgages\/">Right to Buy scheme<\/a> has seen something of a revival in recent years, and as a result, we\u2019re getting lots of queries from customers looking for the best mortgage lenders for Right to Buy purchases.\r\n\r\nIf you\u2019re a council tenant looking to take your first step into the world of home ownership, we can help to make that dream a reality even if you\u2019ve been turned down by mortgage lenders in the past.\r\n\r\nIn this article we address some of the most common questions about Right to Buy mortgage providers and their policies, including:\r\n<ul>\r\n \t<li><a href="#eligible-rtb">Am I eligible for Right to Buy?<\/a><\/li>\r\n \t<li><a href="#rtb-no-deposit">Can I get a Right to Buy mortgage with no deposit?<\/a><\/li>\r\n \t<li><a href="#best-rtb-providers">Finding the best Right to Buy mortgage providers<\/a><\/li>\r\n \t<li><a href="#lenders-criteria-rtb">Lenders\u2019 criteria for Right to Buy mortgages<\/a><\/li>\r\n \t<li><a href="#RTB-affordability">How much can I afford to borrow for a Right to Buy mortgage?<\/a><\/li>\r\n \t<li><a href="#RTB-types-lenders">Types of Right to Buy Mortgage Lenders<\/a>\r\n<ul>\r\n \t<li><a href="#rtb-lenders-bad-credit">Bad credit<\/a><\/li>\r\n \t<li><a href="#rtb-self-employed">Self-employed<\/a><\/li>\r\n \t<li><a href="#rtb-property-type">Different property types<\/a><\/li>\r\n \t<li><a href="#rtb-and-retirement">Retirement age<\/a><\/li>\r\n<\/ul>\r\n<\/li>\r\n \t<li><a href="#rtb-multiple-issues">Will lenders approve Right to buy mortgages if I have multiple issues?<\/a><\/li>\r\n \t<li><a href="#rtb-secured-loan">Can I take out a secured loan on a Right to Buy property?<\/a><\/li>\r\n \t<li><a href="#expert-right-to-buy">Speak to an expert on Right to Buy mortgages today<\/a><\/li>\r\n<\/ul>\r\nCall us on 0808 189 2301 or <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker">make an enquiry<\/a> and we\u2019ll match you with a specialist advisor with whole-of-market access, meaning that they can find the best Right to Buy mortgage lender for you. We don't charge a fee and there are no marks against your credit.\r\n\r\n[feefo-banner]\r\n<h2 id="eligible-rtb">Am I eligible for Right to Buy with any mortgage lender?<\/h2>\r\nTo qualify for Right to Buy, you (and up to two additional borrowers) will need to have lived in your current council property for at least three years. If you\u2019re unsure of the exact length of your tenancy, contact your landlord. Next, you\u2019ll need to demonstrate that you can cover the costs of setting up and servicing the required mortgage over a number of years.\r\n\r\nOnce you\u2019ve done the sums and are ready to apply for a mortgage, you\u2019ll need to be able to demonstrate that you meet the mortgage lender\u2019s eligibility criteria, which will include factors such as household income, credit history, employment status and your age.\r\n\r\nYou shouldn\u2019t need to look for a specialist provider, as many lenders make their standard mortgage products available to Right to Buy customers.\r\n\r\nTo ensure you have access to the best Right to Buy mortgage lenders and products, <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker">make an enquiry<\/a> and we\u2019ll put you in touch with an advisor who can help find the best solution for you.\r\n<h2 id="rtb-no-deposit">Can I get a Right to Buy mortgage with no deposit?<\/h2>\r\nMost mortgage lenders do require a <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/right-to-buy-mortgages\/right-to-buy-mortgage-no-deposit\/">deposit<\/a>. However, due to the structure of the Right to Buy scheme, the deposit may be covered by your Right to Buy discount, so depending on the size of your discount and the value of the property, you may not need to have set aside significant funds.\r\n\r\nMany mortgage lenders may be able to offer <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/deposits\/no-deposit-mortgages\/">100% mortgages<\/a> on a Right to Buy purchase, as they will use the discounted purchase price of your home,\u00a0and many will also lend additional funds for home improvements at the same interest rate, typically up to 70% of the property\u2019s market value. This will be cheaper than borrowing money from your bank or taking out any other unsecured loan.\r\n<h2 id="best-rtb-providers">Finding the best Right to Buy mortgage providers<\/h2>\r\nThere are no dedicated \u2018council house mortgage lenders\u2019, and in fact most of the best-known providers support Right to Buy. So as long as you meet their criteria, you should have access to the same trusted names and interest rates as you\u2019d have for any other property purchase.\r\n\r\nAt the time of writing, there are several high street bank Right to Buy mortgages available, as well as numerous options with specialist lenders, and many of these have quite strict criteria, so getting the right advice to match you with the best deal is all the more important.\r\n\r\nFor instance, Santander Right to Buy mortgages are unlikely to lend to people who have a bad credit history, and Natwest Right to Buy Mortgages typically need to be repaid no later than <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgages-for-pensioners\/">retirement age<\/a>. If you had a recent <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/bad-credit-mortgages\/mortgage-after-bankruptcy\/">bankruptcy<\/a> or <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/bad-credit-mortgages\/remortgage-to-pay-off-an-iva\/">IVA<\/a>, you will struggle to get a Right to Buy mortgage from Lloyds or HSBC.\r\n\r\nAnd bear in mind that if you approach a mortgage lender directly, you will only have access to their own limited range of products.\r\n\r\nBy going through one of the expert brokers we work with, they look at the whole of market and have access to <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/bad-credit-mortgages\/how-to-get-a-mortgage-with-bad-credit\/">bad credit mortgage lenders<\/a> if your credit history is an issue they also have a duty of care to ensure you receive the best deal to suit your circumstances.\r\n\r\nA handful of lenders do not offer Right to Buy mortgages; Chelsea Building Society for example does not usually provide any Right to Buy products.\r\n<h2 id="lenders-criteria-rtb">Lenders\u2019 criteria for Right to Buy mortgages<\/h2>\r\nTo qualify for your preferred Right to Buy mortgage you will need to demonstrate to the lender that you can afford the purchase and make repayments in line with the mortgage contract \u2013 just as with any other mortgage.\r\n\r\nFactors they\u2019re likely to look at to determine your suitability as a borrower will include:\r\n<ul>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/your-credit-score\/">Credit record<\/a><\/li>\r\n \t<li>Employment status<\/li>\r\n \t<li>Household income\/affordability<\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/category\/property-types\/">Property type<\/a><\/li>\r\n \t<li><a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgages-for-pensioners\/maximum-mortgage-age\/">Borrower\u2019s age(s)<\/a><\/li>\r\n \t<li>Loan-to-value (LTV) i.e. the ratio of the amount being borrowed to the value of the property.<\/li>\r\n<\/ul>\r\nIf you have any concerns about your eligibilty, <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker">make an enquiry<\/a> and we\u2019ll match you with an advisor who is experienced in helping Right to Buy customers find the right mortgage.\r\n<h2 id="RTB-affordability">How much can I afford to borrow for a Right to Buy mortgage?<\/h2>\r\nLike all lenders, Right to Buy mortgage providers will take a number of factors into account when calculating whether the amount you want to borrow can be considered <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-affordability\/">\u2018affordable\u2019<\/a>.\r\n\r\nMortgage lenders will want to see evidence of your income (employment\/self-employment or a pension and any other sources), monthly outgoings, financial commitments, your employment status (including how long you\u2019ve been in your current job and whether you\u2019re still in your probationary period), including the details for any <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-affordability\/joint-income-for-a-mortgages\/">joint borrowers<\/a>.\r\n\r\nMortgage lenders will not accept housing benefit as a source of income, since this is not available to tenants once they become homeowners, and many state that other benefits are not acceptable either.\r\n\r\nFor example, as of writing Nationwide\u2019s Right To Buy mortgage specifically excludes housing benefit as an income source even where the DWP agree to pay Income Support Mortgage Interest (ISMI) in its place. Similarly if you\u2019re applying for any of Precise Mortgages\u2019 Right to Buy products, you won\u2019t usually be accepted if you\u2019ve received housing benefit in the past 12 months.\r\n\r\nHaving established your income, most mortgage companies will agree to lend an amount <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-affordability\/how-many-times-wage-borrow-mortgage\/">equivalent to 4 times<\/a> your annual salary (or combined salary if making a joint application), so if you\u2019re earning \u00a340,000 p\/a, they will lend up to \u00a3160,000. Some will allow multiples of <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-affordability\/5-times-salary-mortgages\/">5 x your salary<\/a>, and a few will even offer <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-affordability\/6-times-income\/">6 x your salary<\/a> in the right circumstances.\r\n<h2>Types of Right to Buy Mortgage Lenders<\/h2>\r\nAs with most other mortgage types, different lenders will offer different Right to Buy mortgages to provide loans for borrowers of all backgrounds.\r\n\r\nWhile the lender will need certain criteria met, no two lenders are the same, which is where an expert mortgage broker can help. They have whole-of-market access, meaning that they can find deals to suit your needs \u2013 some of which aren't even available to the public.\r\n\r\nSee below for the types of right to buy mortgages that lenders could offer:\r\n<h2 id="rtb-lenders-bad-credit">Bad credit<\/h2>\r\nWe get a lot of queries about whether you can get a <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/right-to-buy-mortgages\/right-to-buy-bad-credit\/">Right to Buy mortgage with bad credit<\/a>.\r\n\r\nMany lenders will consider borrowers with adverse credit for a Right to Buy mortgage, so while it may reduce access to some lenders, it shouldn\u2019t rule you out.\r\n\r\nSome mortgage lenders take a more stringent approach to credit issues than others, and most will have their own policies around what they can and cannot accept in terms of credit issues.\r\n\r\nFor example, Right to Buy mortgages with Halifax or Barclays won\u2019t usually consider a borrower with recent credit issues, but there are still some lenders happy to approve depending on what the issues are. Some mortgage lenders will overlook a <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/bad-credit-mortgages\/mortgage-with-defaults\/">mortgage with defaults<\/a> and <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/bad-credit-mortgages\/late-payments-and-mortgage-applications\/">arrears<\/a> that took place more than six months ago, and a few will accept three months.\r\n\r\nSome lenders won\u2019t accept a history of bankruptcy or repossession regardless of when it took place, for example Right to Buy mortgages with Woolwich will not usually consider borrowers with these events on their record.\r\n\r\nFor more information, <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker">make an enquiry<\/a> to speak with an expert advisor.\r\n<h2 id="rtb-self-employed">Self-employed<\/h2>\r\nMany lenders offer self-employed mortgages, and are happy to approve customers that can demonstrate that their projected income will be sufficient to cover the repayments. You will usually need to provide the last two years\u2019 tax returns or accounts along with the other documents used to demonstrate affordability, and the way lenders treat your income will be different.\r\n<h2 id="rtb-property-type">Different types of property<\/h2>\r\nIf you\u2019re looking to get a Right to Buy mortgage on a <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/property-types\/non-standard-construction\/">non-standard property<\/a>, fewer lenders will accept your application or may insist on more stringent checks. For example, if your home is in a high-rise block, some lenders will want to arrange a more detailed structural survey and sometimes a specialist valuation.\r\n\r\nMany Right to Buy mortgage lenders place a limit on block height, for example Leeds Building Society Right to Buy mortgages won\u2019t usually accept flats in blocks higher than 4 storeys, while Skipton Right to Buy mortgages won\u2019t usually accept ex-local authority blocks of more than 5 storeys.\r\n\r\nThe advisors working with us can help you to find Right to Buy mortgage providers that are able to lend to you even if your property has some unique or unusual quirks, so don\u2019t hesitate to <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker">get in touch<\/a> so we can match you up with an expert in the field.\r\n<h2 id="rtb-and-retirement">Older borrowers<\/h2>\r\nBorrowers at or nearing retirement age may find it harder to get a mortgage agreed, but mortgage lenders vary in their policies towards <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgages-for-pensioners\/">borrowing in later life<\/a>.\r\n\r\nFor example, some mortgage lenders will specify that at least one applicant must be below 55 years of age at application, while many will decline if the term is due to end after the one or more applicants reach a specified age.\r\n\r\nFor example, you won\u2019t usually be approved for a Santander Right to Buy mortgage if your or any other applicants\u2019 75th birthday falls before the end of the payment term, while those going for a Barclays\u2019 Right to Buy mortgage will need to ensure they are no older than 70 years of age at the end of the term,\r\n<h2 id="rtb-multiple-issues">Looks like I have multiple issues. Can I still get a Right to Buy mortgage?<\/h2>\r\nIf several of the \u201cnon-standard\u201d issues detailed above, such as being self-employed and having bad credit, apply to you, don\u2019t panic: there are many factors to consider, and lenders know that no two borrowers\u2019 circumstances are completely alike.\r\n\r\nHaving multiple issues will inevitably mean that fewer mortgage lenders will consider your application which can further reduce access to the <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/right-to-buy-mortgages\/right-to-buy-rates-and-deals\/">best available rates<\/a>, but the advisors we work with have an overview of the entire market and will work hard to help you find the best possible deal within these constraints.\r\n\r\n<a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker">Make an enquiry<\/a> and we'll match you with an expert to discuss your options.\r\n<h2 id="rtb-secured-loan">Secured loan lenders for a Right to Buy property<\/h2>\r\nSecured loans are a financing method that homeowners can use when looking to raise capital, sometimes up to as much as 10 x your salary. Also known as \u2018<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/second-charge-mortgages\/">second charge loans<\/a>\u2019 or \u2018second charges\u2019, but in essence they are a second mortgage on a single property, with that property as the security.\r\n\r\nIf you purchased under Right to Buy within the past five years, you are still in the preemption period and may find it harder to find lenders willing to arrange a secured loan. However, there are a handful of mortgage lenders that can grant them during this period.\r\n\r\nMortgage lenders usually do this by taking out an indemnity policy against the loan to cover any potential claims by the local authority, in case the borrower sells the property during the preemption period. Rates and fees for the secured loan are likely to be higher.\r\n\r\nAlternatively, you can simply wait until the preemption period has elapsed, since the council will no longer have any rights over your property after this period, and it can therefore be treated like any other property.\r\n<h2 id="expert-right-to-buy">Speak to a Right to Buy mortgage expert today<\/h2>\r\nIf you have questions and want to speak to an expert for the right advice, call us on 0808 189 2301 or <a href="https:\/\/enquiries.onlinemortgageadvisor.co.uk\/match-me-with-a-specialist-broker">make an enquiry<\/a>.