Echo Finance

RIGHT TO BUY MORTGAGES

The Right to Buy scheme helps eligible council and housing association tenants in England to buy their home with a discount of up to £108,000 (£80,900 outside London).

Changes to eligibility

In May 2015, the eligibility criteria was reduced from five years public sector tenancy to three. This means you now have to be a tenant for three years instead of five before you can apply to buy your home.

Making a joint application

You don’t have to do it alone – you may be able to make a joint application for Right to Buy. If you’re eligible, you might be able to buy your home with:

  • Someone who shares your tenancy
  • Your spouse or civil partner
  • Up to 3 family members who’ve lived with you for the past 12 months. They don’t have to be on your tenancy agreement but it must be their main home

There is nothing in law that specifies how a Right to Buy purchase should be financed. A family member (or someone else) could provide the funding for the purchase. However legal ownership of the property can only be in the names of the eligible tenant/s and other eligible applicants. We recommend that you get financial and legal advice on mortgages who will be able to point you in the right direction.

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
Echo Finance
Echo Finance Limited

The 1812 Building, Wheatley Park, Mirfield, West Yorkshire, WF14 8HE

Local Rate: 01484213337
Freephone: 08000934914
info@echofinance.co.uk
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Registered in England and Wales No. 6939070. Registered office - The 1812 Building, Wheatley Park, Mirfield, West Yorkshire, WF14 8HE. Echo Finance Limited is authorised and regulated by the Financial Conduct Authority. Echo Finance Limited is entered on the FCA register (www.fca.org.uk) under reference 570073. The Guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. We are a broker not a lender. We conduct both regulated and unregulated business and therefore not all products provided through us are regulated by the Financial Conduct Authority. We may receive a commission from the Lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. The Financial Conduct Authority does not regulate Will Writing, Estate Planning and some forms of Mortgages. © Copyright Echo Finance Limited. *Example rate shown is a 10 year fixed rate mortgage from Lloyds Bank with an initial rate of 4.83% for 10 years; then reverts to SVR after intro period (12/09/2023). Where you have a complaint or dispute with us and we are unable to resolve this to your satisfaction then we are obliged to offer you the Financial Ombudsman Service to help resolve this. Please see the following link for further details: www.financial-ombudsman.org.uk.

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