Your home may be repossessed if you do not keep up repayments on your mortgage.
That’s great news! You’re on your way to achieving your homeownership ambitions, and we’re here to help you take that first step on the property ladder.
At Together, we understand that real life rarely fits conveniently into tick boxes. So, when you apply for a Right to Buy mortgage with us, we’ll use a common-sense approach and assess your application on its merits – not just credit and criteria.
It’s an approach that’s helped us provide hundreds of families with the funds they needed to purchase their council home, creating secure futures and happy memories for years to come.
In the Autumn Budget 2024, the government greatly reduced the maximum discount that tenants could claim when buying their council property. Now, the maximum discounts range from between £16,000 and £38,000, based on your region.
But, if you were able to submit your Right to Buy application form (RTB1 Notice) to your council before the 21st November 2024 deadline, you can still get the previous higher discount amount.
*Subject to application, status and lending criteria. You may be offered a higher rate.
To help you understand a typical cost for a mortgage, please see the representative example below. The figures used are for illustration purposes only, your actual costs and monthly payments will vary depending on your mortgage
A mortgage of £146,000 payable over 22 years, initially on a fixed rate for 5 years at 8.09% and then on a tracker rate of 1.8% above the Together Homeowner Managed Rate (THMR) currently 9.25% (variable), for the remaining 17 years, would require 60 instalments of £1,204.57 followed by 204 monthly payments of £1,451.18 plus a redemption administration fee of £100.00. Read more information on THMR.
The total amount payable would be £368,414.92 made up of the loan amount (£146,000) plus fees (arrangement fees (£1,495), broker fees (£862) and redemption admin fee (£100), plus interest (£220,057.92)
The overall cost for comparison is 10.2% APRC representative.
The actual rate available will depend upon your circumstances. Ask us for a personalised illustration.
From receiving your successful Section 125 notice from your landlord, all the way through to the day you officially own your home; we want to make sure the process is as quick, simple and painless as possible.
Check out our step-by-step guide to the process so you can see what to expect at every stage.
Do you want to understand the potential cost of your mortgage or loan?
We can give you an idea of the monthly costs with just a few details like the property value, your deposit amount and how long you need the loan to last.
Find out hereRight to Buy is a government scheme which allows most council tenants to buy their council home at a discounted rate.
Most tenants in England will be eligible to buy their council home, as long as you meet the following criteria:
The Right to Buy scheme is no longer available in Wales and Scotland.
Also, changes to the scheme in England that came into effect on 21st November 2024 may mean that you get a lower discount and may need a deposit (if you didn’t submit your Right to Buy (RTB1) form to your council before that date).
At Together, we don’t always need you to have a deposit, especially if you submitted your Right to Buy form to your council before 21st November 2024.
However, some lenders will require that you have a deposit contribution ready to purchase your home.
If your home was once owned by the council but then sold on to your current landlord/housing association, you may qualify for Preserved Right to Buy. Your landlord will be able to tell you if you’re eligible for this, and if not, you may be eligible for the Right to Acquire scheme instead.
With Together, mortgage applicants must match the Right To Buy named applicants exactly. If the tenancy is in joint names – the mortgage must also be in joint names.
If you’re eligible for the Right to Buy scheme, you could be able to make a joint application with the following people:
As with any other home you’re looking at buying, there are extra costs on top of the purchase price. These include legal fees and a house survey.
Yes, but if you sell your Right to Buy home within 5 years of buying it you’ll have to pay back some or all of the discount, the amount of which depends on the current value of your property.
If you sell your house in the first year you’ll have to pay back all of the discount. After that, the total amount you pay back reduces:
For further information on the Right to Buy scheme, please visit the government’s Right to Buy page.
