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First Time Buyer Advice

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Beauwater Mortgages is a trading style of New Leaf Distribution Ltd is authorised and regulated by the Financial Conduct Authority Number 460421. Registered office 1st Floor Princess Caroline House, 1 High Street, Southend on Sea, Essex, SS1 1JE.


There may be a fee for mortgage advice of up to 1% of the mortgage amount. The actual amount payable will depend on individual circumstances. A typical fee payable is £495. You will be advised at an early stage if a fee is payable and the amount. Commercial Mortgages and some types of Buy to Let mortgages are not regulated by the Financial Conduct Authority. The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK

Your Home May Be Repossesed if You Do Not Keep Up Repayments On Your Mortgage

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Mortgage Types


Council Right to buy mortgage schemes are ideal for you if you have lived in your council house for some time.

If you have then you may be able to buy the property from the council at a discount.


You will need to contact the local authority you currently rent from to get the exact details of the right to buy discount you may be entitled to. Find your local authority


Are you eligible for the Right to Buy scheme?


The right to buy scheme enables local authority secure tenants with a minimum of two years tenancy to buy their current home at a discount price. It is targeted at long standing public tenants, with the right to buy discount increasing in proportion to the years that rent has been paid.


If you are eligible you can buy your home by paying the full discounted purchase price at once with a maximum discount ranging from £16,000 to £38,000 for both flats and houses, depending on your local authority


Right to Buy Mortgage Terminology


The key figures when looking at right to but mortgage quotes are:


The open market value of your property (OMV)

The discounted price you will have to pay to buy the property (RTB Price)


Which Mortgage Lenders will Lend on Right to Buy Properties?


Not all lenders will lend a right to buy mortgage, but there are a number of lenders that will lend on their normal terms for right to buy mortgages. As well as this there are a number of right to buy mortgage scheme especially designed for right to buy properties where there may be other issues.


For more details on right to buy mortgage products please contact Beauwater and speak to our specialist right to buy mortgage advisor


Right to Buy Maximum Mortgage


Most Right to Buy Mortgage lenders that lend on right to buy properties will lend up to 95% or 100% of the RTB Price. When calculating your loan to value they will use the Open Market Valuation (OMV).
This means that for example if you were buying your council house:


Right to Buy Mortgage on OMV


There are also some Right to Buy Mortgage Lenders that will allow you to borrow more than the Right to Buy Price. The right to buy mortgage lenders work on the OMV and the can lend up to 85% of the OMV.

Can you take advantage of a Special Purchase Scheme?