We don’t rely on credit scores alone when deciding whether or not to approve a mortgage application.
We understand that real lives rarely fit conveniently into tickboxes so we look at every application on its merits, and use our common sense.
It’s an approach we’ve been applying for almost 50 years. In that time, we’ve helped hundreds of people buy their council homes so they can create a future for their families, and make happy memories for years to come. See our step by step Right to Buy guide here.
Do you want to quickly understand the potential cost of your mortgage?
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.
Calculate costsRight to Buy is a government scheme which allows most council tenants to buy their council home at a discounted rate.
A Right to Buy mortgage works very similarly to a regular mortgage. Some lenders will require that you have a deposit ready to buy your home, but at Together, it’s not something we always need.
Most tenants in England will be eligible to buy their council home, as long as you meet the following criteria:
Please be aware that Wales and Scotland have different rules for Right to Buy properties.
Most lenders tend to accept the Right to Buy discount as a deposit, but not all of them will. It’s worth checking this with your mortgage provider.
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 stamp duty (at a reduced rate), 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 example: A mortgage of £135,510 payable over 22 years, initially on a fixed rate for 5 years at 9.55% (and then on a tracker rate for the remaining 17 years at 1.8% above the Together Homeowner Managed Rate (THMR)) would require 60 instalments of £1,243.76 followed by 204 monthly payments of £1,323.16 plus a redemption administration fee of £110.00. Read more information on THMR.
The total amount payable would be £344,660.24 made up of the loan amount (£135,510) plus interest on the loan (£205,566.73), arrangement fee (£1,495) plus interest on this fee (£2088.51) and the redemption administration fee (£110.00).
The overall cost for comparison is 10.7% APRC representative.
The actual rate available will depend upon your circumstances. Ask us for a personalised illustration.
