Right to Buy Scheme

Shoreline Mortgages

The Right to Buy Scheme is a government initiative that helps council tenants in England and Wales to buy their home at a discounted rate.

If you are eligible for the scheme, you can get a Right to Buy discount on the market value of your home when you buy it. This depends on the number of years you have been a tenant, if your home is self-contained and if you have a public sector landlord such as a Council, Housing Association or NHS trust.

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The Right to Buy Process?

The process to apply for the right to buy scheme can be daunting so we are here to help you through the following steps:

Step 1 - Apply to buy your house using the RTB1 form. Complete the form and send this to the right to buy department at your council.
Step 2 - Your landlord has 4 weeks to reply to your RTB1 form to confirm if you have the right to buy or not. If you do have the right to buy they will send you an RTB2 form which needs to be completed and sent back to the council. Once they receive the RTB2 form they have 8 weeks to value your home and provide you with the figures on a document called a section 125.
Step 3 - On receipt of the section 125 document you will know how much discount you are entitled to and how much you can buy your home for.
Step 4 - Now you know how much you need to purchase your home we can help you find the right mortgage for you.

What Discount could I be Entitled to?

The Right to buy schemes vary among councils so it is vital you get in touch with Shoreline Mortgages very early in the process. The discount depends on where you live and the number of years you have lived as a public sector tenant for.

Maximum Discount Outside London - £84,600
Maximum discount in London - £112.899

If you have been a tenant in a house for 3-5 years you will be eligible for a 35% discount. For each year in addition to that you receive an extra 1% discount up to a maximum of 70% or the maximum discount threshold, whichever comes first.

If you have been a tenant in a flat for 3-5 years you will be eligible for a 50% discount. For each year in addition to that you receive an extra 2% discount up to a maximum of 70% or the maximum discount threshold, whichever comes first.

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When can I NOT use the Right to Buy Scheme?

You will not be eligible for the Right to Buy Scheme if any of the following are true:

The property is not your main home
If you share a bathroom, kitchen etc. this means the property is not self-contained
If you have a court order stating you must leave your home
If you are being declared bankrupt or are an 'undischarged bankrupt'
If you owe money to creditors

If you are not sure if any of these are relevant to you we can assist you to understand the details and you personal circumstances.

What About the Right to Acquire?

If you are not a secure tenant and do not meet the Right to Buy Scheme requirements you may still be able to have the Right to Acquire. This is generally for Housing Association properties where you are not a secure tenant.

Right to Acquire provides you with a lower discount, this is currently up to £16,000 in London and £12,000 outside London. The process to apply for this is the same as Right to Buy but you use RTA 1 and RTA 2 forms.

If you are not sure about your right to acquire we can always advise to understand if you are eligible.

Our Mortgage Services

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First Time Buyers

Supporting first time buyers through the mortage minefield to get them on the housing ladder with the best mortgage deal.

Remortgage

With years of experience in the financial industry we are perfectly placed to provide you with the best advice for a remortgage.

Buy to Let

If you are thinking about buying a property to rent out to tenants then you need a Buy to Let Mortgage.

Military Mortgages

We are able to help you through the process of finding the right lender and providing the right information to get you a Military Mortgage.

Right to Buy

The Right to Buy Scheme is a government initiative that helps social tenants in England to buy their home at a discounted rate.

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Critical Illness Cover is an insurance which pays out a lump sum (tax free) if you are diagnosed with a serious medical condition.

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Comments From Our Customers

Shoreline Mortgages

James has been amazing from start to finish sorting out our re mortgage and nothing was too much trouble.

He explained everything we needed to know and went over anything we didn't understand , he was patient ,kind and would highly recommend him.

Tracy Clark
I really wish you all the best with it. I am sure you will continue to succeed.

The help and advice you gave us was sound and you made the process bearable. Plenty of others will benefit from your experience.

Mr S Williams, Bournemouth
James made sure that he went above and beyond to provide us with the reassurance and advice we needed. James’ communication skills were very good, and he remained available at all times to answer any queries we may have had.

James’ friendly and professional manner and his valuable knowledge on the current market made us feel comfortable and assured that we were in the best hands for our purchase.

Mr & Mrs A, Bournemouth
I have a great many very loyal clients for whom I’ve acted repeatedly over the years and would not recommend someone to them unless I was totally happy that my client would be looked after in the best possible professional manner.

I have always felt very happy recommending James to them.

Julie s, FCILex