Help to Buy and Right to Buy with specialist mortgages

Help to Buy and Right to Buy with specialist mortgages

The Help to Buy scheme, active from 2021 to 2023, provided crucial support to first-time buyers and home movers. Despite its closure, specialised mortgage alternatives remain accessible for public sector employees. Simultaneously, the enduring Right to Buy scheme, established in 1980, continues to offer council house tenants the opportunity to purchase their homes at reduced rates, contingent upon specific eligibility criteria. To qualify, applicants must be tenants of a council or public sector landlord, with the property serving as their primary residence. The discount available as of 2024 is linked to the duration of the tenancy, though selling within five years may require repayment of the discount.

Seek specialist mortgage advice  

For public sector employees, obtaining specialised mortgage advice is important. Various mortgage products are tailored specifically to your needs, with certain lenders potentially offering more favourable terms for key workers. Consulting our team of advisers can help navigate the complexities of mortgage options and secure the most suitable deal and rate.

Exploring mortgage options:  

First Homes scheme: Designed exclusively for first-time buyers, prioritising key workers and Armed Forces personnel. Eligibility criteria include an annual income limit of £80,000 (£90,000 in London) and the property serving as the primary or sole residence.  

Mortgages for professionals: Tailored to public sector professionals and key workers with stable employment and income. Borrowers can access up to six times their annual salary, contingent upon a strong credit history and recent registration with a governing body.

Forces Help to Buy scheme: Continues to support Armed Forces personnel with an interest-free mortgage loan option, enabling borrowing up to 50% of their annual salary, capped at £25,000. Repayment is solely based on the borrowed amount.  

Deposit Unlock scheme: Assists first-time buyers and home movers by facilitating purchases of new properties with a minimal 5% deposit. Insured by participating home builders, this scheme encourages lenders to offer high loan-to-value ratio loans, catering specifically through mortgage brokers. The scheme only applies to new build properties.

Shared ownership: Provides an affordable pathway for public sector workers to acquire property. Buyers purchase a percentage of the property, financing it with a deposit and mortgage. The housing association or council retains ownership of the remaining share, with the buyer paying rent (up to 3%). However, even if the housing association owns up to 90% of the property, the leaseholder assumes responsibility for internal maintenance and repairs.

Call our team of advisers today on 03454504660 to explore what specialist mortgage options are suited to you.