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Once you've chosen your preferred mortgage deal, we'll steer you through the paperwork with comprehensive application management from start to finish.

3Mortgage Completion

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What Sort of Homeowner Loan Am I Eligible For?

Complete Guide to the UK Mortgage Process

How Can a Broker Improve My Mortgage Eligibility Assessment?

Right to Acquire Mortgages

Interested in the prospect of a Right to Acquire mortgage and curious about whether you're eligible? The Revolution Right to Acquire guide covers everything you'll need to know to make a valid claim.

Let’s Get Started Ask a question

Discover What Our Customers

Have to Say!

Almas Uddin

Founder and Mortgage Advisor

2023-05-09

What are Right to Acquire Mortgages?

Right to Acquire is a different scheme from Right to Buy, and is intended for housing association tenants who are looking to get onto the property ladder.

The scheme offers discounts on the property market value, which depends on your tenancy circumstances, type of property, and other eligibility criteria.

This guide summarises how the Right to Acquire scheme works - for more information, or for help finding Right to Acquire lending, give the Revolution Brokers team a call on 0330 304 3040, or send us a message to [email protected].

Already Interested, Let’s Get Started!

The following

topics are

covered below

How Does the Right to Acquire Scheme Work?

How Do I Go About Applying for Right to Acquire Discount?

What are the Eligibility Criteria for Right to Acquire Mortgage Discounts?

What Deposit do I need for a Right to Acquire Mortgage?

How Do Affordability Calculations Work for Right to Acquire Mortgages?

Is There an Age Limit on a Right to Acquire Mortgage?

Can I Get a Right to Acquire Mortgage with Bad Credit?

Is the Mortgage Rescue Scheme Available to Use with a Right to Acquire Loan?

Show less

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How Does the Right to Acquire Scheme Work?

The government Right to Acquire scheme provides discounts on the cost of buying a housing association property for tenants in England who have been renting from the public sector for at least three years.

Types of applicable landlords include:

Housing associations.
Local councils.
Armed forces.
NHS trusts.

Discounts available are from £9,000 to £16,000 and may be reduced if you have used Right to Acquire or Right to Buy before.

In most cases, you need to pay a deposit and apply to a mortgage provider offering Right to Acquire products.

How Do I Go About Applying for Right to Acquire Discount?

The first step is to fill in a Right to Acquire application form and send it to your landlord. They have four weeks to respond, approving or rejecting your application. If you have been with your current landlord for less than three years, they have eight weeks to reply.

If your landlord rejects the application, they need to explain why and you do not have the right to appeal.

Should the landlord agree, they need to send you an offer within eight weeks for a freehold home, or twelve weeks for leaseholds. They can also offer an alternative property, although they do not have to - and it's up to you whether to accept the offer.

What are the Eligibility Criteria for Right to Acquire Mortgage Discounts?

The government set the criteria, which are:

Having a public sector landlord for three or more years.
Renting from a landlord registered with Homes England.
The property is self-contained, and your only home (or primary residence).
The house must have been bought, or built, by a housing association and funded through an eligible social housing grant after March 1997.
Or, the property must have been transferred to the housing association from the local council after the same date.

You can apply as a joint applicant with a partner or someone who shares your tenancy. This applies as long as the other person is on the tenancy agreement, or can include up to three members of your family, who don't need to be on the agreement, as long as they have lived with you for at least a year.

If you have been bankrupt or have a repossession on your credit file, you may not use Right to Acquire.

What Deposit do I need for a Right to Acquire Mortgage?

Generally, you'll need around 5-10% deposit of the property value, although this changes significantly between lenders, and depends on several other criteria.

Most lenders will have a limit on the deposit value accepted for a Right to Acquire mortgage.

If you have no deposit, you might be able to use the discount instead of a deposit, although it's likely that the terms will be slightly less competitive.

For help with finding Right to Acquire lending without a deposit, or with a low deposit value, give us a call on 0330 304 3040.

How Do Affordability Calculations Work for Right to Acquire Mortgages?

Lenders will need to check what you earn and make sure you can afford to keep up with the mortgage repayments.

There are several things they will assess as part of the affordability calculation:

Your income, and how much disposable income you have. This arrives at a debt to income ratio, taking into account other obligations and debts owing.
Lenders usually calculate three to four times your annual income to arrive at the maximum they will lend. Sometimes this can be as high as five or six times, depending on the policies of the lender and meeting all other criteria.
Your employment stability, and whether you have permanent employment, and if so, whether your annual income is variable and includes commissions of bonuses. Some lenders will include all income in the affordability assessment, and others have different rules, so if your income varies, it is essential to consult an experienced broker.
If you are self-employed, you will need to provide tax returns or accounts for at least three years for most lenders. Some niche providers will accept fewer years of accounting records.

The best way to find competitive Right to Acquire lending if you rely on benefits or variable income streams is to contact an independent broker who will recommend the right lenders who are comfortable accepting these forms of income.

Is There an Age Limit on a Right to Acquire Mortgage?

Not specifically, but lenders do have their own caps on who they will lend to. Some will have a maximum age of 75; others 85, and some have no limit at all, so it's all about applying to the right lenders.

If you are retired but have a reliable income stream, you can find Right to Acquire lending from a specialist later life lender.

Can I Get a Right to Acquire Mortgage with Bad Credit?

It all depends on how severe the bad credit issues were, and when they occurred. If you have a bankruptcy or repossession on your credit file, you cannot apply for a Right to Acquire discount.

Niche bad credit lenders often accept other less serious credit issues - give us a call if this applies, and we'll recommend the best course of action.

Is the Mortgage Rescue Scheme Available to Use with a Right to Acquire Loan?

No, this is no longer possible - the Mortgage Rescue Scheme has now closed.

Expert Advice on UK Right to Acquire Mortgages

Whether you're interested in working out whether you are eligible, have been rejected for Right to Acquire lending, or want to compare the deals available on the market, Revolution Finance Brokers can help.

Give us a call on 0330 304 3040, or send an email to [email protected].

Almas Uddin

Founder and Mortgage Advisor

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As specialist mortgage brokers for a huge variety of applicants, the whole-of-market consultants at Revolution provide access to an exceptional range of lenders, products and mortgage deals. That means you get the advantage of professional negotiation and broker-exclusives through an established lending network to ensure we always find you the most competitive mortgage available.

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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Right to Acquire Mortgages

Discover What Our Customers

What are Right to Acquire Mortgages?

How Does the Right to Acquire Scheme Work?

How Do I Go About Applying for Right to Acquire Discount?

What are the Eligibility Criteria for Right to Acquire Mortgage Discounts?

What Deposit do I need for a Right to Acquire Mortgage?

How Do Affordability Calculations Work for Right to Acquire Mortgages?

Is There an Age Limit on a Right to Acquire Mortgage?

Can I Get a Right to Acquire Mortgage with Bad Credit?

Is the Mortgage Rescue Scheme Available to Use with a Right to Acquire Loan?

Whole of market brokers

Mortgage that suits you

On time customer support

How Does the Right to Acquire Scheme Work?

How Do I Go About Applying for Right to Acquire Discount?

What are the Eligibility Criteria for Right to Acquire Mortgage Discounts?

What Deposit do I need for a Right to Acquire Mortgage?

How Do Affordability Calculations Work for Right to Acquire Mortgages?

Is There an Age Limit on a Right to Acquire Mortgage?

Can I Get a Right to Acquire Mortgage with Bad Credit?

Is the Mortgage Rescue Scheme Available to Use with a Right to Acquire Loan?

Expert Advice on UK Right to Acquire Mortgages

Further Reading

Right to Acquire Mortgages

Mortgage Calculator for Right to Buy Borrowing

Frequently Asked Questions - Right to Buy Mortgage Deposits

UK Mortgage Lenders Offering the Right to Buy Scheme

Applying for a Right to Buy Council House Mortgage

The Best Mortgage Deals on Right to Buy

Getting a Right to Buy Mortgage with an Adverse Credit History

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