How Right to Buy works
If you decide that you want to exercise your right to buy, the first thing you will need to do is ask your landlord for a Right to Buy application form (RTB1). This must be completed and sent back to your landlord. Your landlord will use the information to assess whether you’re eligible for the Right to Buy Scheme, and what percentage discount you are entitled to.
They must then send you a RTB2 form informing you of their decision. If your landlord decides that you don’t have the right to buy, they must explain their decision to you.
Your Section 125 (S125) notice
If your Right to Buy application is accepted, your landlord will send you a Section 125 notice (your offer) within eight to twelve weeks.
The S125 notice will include:
- The price you should pay for the property
- The discount you are entitled to
- A description of the property
Estimated maintenance and repair costs (service charges) for the first five years of ownership
Get your Right to Buy mortgage with Clever Mortgages and you could:
Find the deal that’s right for your individual situation – we take simple details about your income and outgoings, and match it with the right lender and mortgage product
Get a mortgage, even if you’re self-employed – every day we help self-employed customers to find the mortgage perfect for them
Have your benefits taken into account – some of our lenders will consider benefits in the calculation of how much they can lend you
Get a mortgage with bad credit – even if you’ve a CCJ, DMP, or IVA on your file, we can look for the lender most likely to accept your credit history
With Clever Mortgages you can expect:
Specialists in Right to Buy mortgages
A thorough search of the market, for the right deal for you
A friendly service, where you’re always kept in the loop
It’s hassle-free and easier than you might think. Let’s get the ball rolling.
Understanding credit scores when applying for a Right to Buy mortgage
All lenders look at information on your credit report such as:
- Whether you’ve made late payments for bills and loans
- Any details of debt management plans you have taken out
- Other details, such as any financial connections with others you’ve had – for instance partners you’ve held joint accounts with
How long is information stored for on your credit file?
Six years is the amount of time a loan you take out will stay on your file, as will CCJs (County Court Judgments), bankruptcy, IVAs (Individual Voluntary Arrangements), and an administration order. Searches and some applications will only remain on your file for a year, but debt collection searches will stay on for two years. Addresses and associations with others can stay on your file indefinitely.
Credit scores are important – but whatever your situation, we might be able to help – just get in touch and let’s see how we could help.