First time buyer right to buy mortgage

First-time buyer Right to Buy mortgages

For many tenants, buying a home through the Right to Buy scheme is one of the most accessible ways to get onto the property ladder as a first-time buyer. A Right to Buy mortgage for first-time buyers allows eligible council or housing association tenants to purchase the home they already rent, often at a substantial discount. This discount up to £96,000 outside London or up to £127,900 in London, can usually be used as a deposit, removing the need to save a large amount of cash upfront.

First-time buyer Right to Buy mortgages are particularly suitable for applicants with limited credit history or non-standard income. Many lenders recognise that first-time buyers under the Right to Buy scheme differ from open-market purchasers and assess applications accordingly. Affordability may be based on employed income, self-employed earnings, benefits, pension income, or a combination of sources, depending on individual circumstances and lender criteria.

Some lenders also offer discounted purchase mortgage products for first-time buyers, where the Right to Buy discount is treated as deposit equity. This can reduce the effective loan-to-value and improve access to competitive mortgage terms. From confirming eligibility and liaising with your local authority to securing a suitable mortgage offer, specialist support helps ensure the Right to Buy process runs smoothly and allows first-time buyers to transition confidently from tenant to homeowner.