Best Right to Buy Mortgage Rates Compared

The government’s Right to Buy scheme has given thousands of public sector tenants the chance to get on the property ladder by buying their own homes at a heavy discount on the market value, but if you’re thinking of using the scheme, what sort of interest rates can you expect?

Take a look at our rates table below to get an idea of the deals currently available.

The rates quoted above were correct at the time of writing and are subject to change at any time at the lender’s discretion. Speaking to a mortgage broker is the best way to keep track of the rates available at any given time.

How to compare Right to Buy mortgage rates

The best way to compare Right to Buy mortgage rates is to use a mortgage broker who specialises in this government scheme. Make an enquiry and we’ll match you with an advisor who has the exact knowledge and experience that you need on your side.

Below, we’ve listed just a few of the benefits of using a mortgage broker to compare deals:

• Access to the entire Right to Buy mortgage market
• Exclusive rates and deals
• Bespoke advice about which one to choose
• Help completing the perfect application

Your initial consultation with the broker we match you with will be free with no obligation to proceed, and it won’t leave any marks on your credit report.

Are interest rates any different through the scheme?

Not generally. In most cases you should be able to secure a lender’s standard rates for your Right to Buy mortgage, although of course rates do vary depending on your circumstances.

For a Right to Buy mortgage there will be a couple of key factors that will influence the rate you’re eligible for, namely the amount of discount you qualify for and how this translates to your LTV, and your credit history.

The larger the discount you can get under the Right to Buy scheme, the lower your LTV and the better the rates you’re likely to be eligible for. Similarly, if you have any cash of your own to contribute towards the deposit, this could help to make your Right to Buy mortgage cheaper.

Your credit history will affect your rates just as it would with any mainstream mortgage – if you have significant credit issues you should seek the help of a broker who will be able to identify a more specialist lender.

Other costs and fees to factor in

When you buy a house there are a lot of costs that go alongside the basic mortgage so even if you’re looking for a no deposit Right to Buy mortgage, you’ll still need some money set aside.

These costs can include:

• Mortgage arrangement fees
• Valuation and survey costs
• Legal fees

You may find that many lenders offer deals with low or no arrangement fees and sometimes with free valuations and legal fees thrown in, so if cash is an issue for you then let your broker know that these sort of deals would appeal.

Why use Online Money Advisor?

Because using a broker who specialises in Right to Buy mortgages is the best way to get the most favourable deal through the scheme, and we can match you with such an advisor for free!

Getting a Right to Buy mortgage can feel complicated and stressful but it doesn’t have to be if you have the right support in place. Find a broker who specialises in Right to Buy mortgages and you can hand over the whole process to them, stress free.

Give us a call on 0808 189 0463 or make a quick online enquiry and we can do a quick assessment of your needs and match you with the best broker for you.