Pin on map highlighting a right to buy in Manchester

Right to Buy Manchester

Are you in Manchester looking for a mortgage for your right to buy property? You’re in the right place! Find out more in the article below.

What is a right to buy mortgage?

The Right To Buy scheme was launched by the government to allow people that have been renting their homes through council housing or through housing associations to be able to buy their home at a discounted price to allow them to get on to the property ladder.

It may be that you are living in Manchester in a property that you have rented for many years and now have the opportunity to buy this property at a reduced price, for example, 50% of the property value.

If so, you may need a mortgage to make this possible using the equity within the property (difference between the value and the discounted purchase price) as the deposit.


An expert mortgage adviser on the phone speaking to a customer

Is right to buy a good idea?

Most people would argue that right to buy is a very good idea as you are getting the property for less than what it is worth. If you have been paying rent and do not own the property, you may feel that you will not have anything to show for the money that has been paid.

Right to buy allows you to own the property giving you immediate equity so that when the property sells in the future, the allowed equity will now go back to you.

Also, now you are making repayments on a mortgage rather than renting, if that mortgage is on a repayment basis, it will be decreasing over time so the equity in the property will now be increasing.

How much can you borrow on a right to buy mortgage?

A right to buy mortgage will vary lender to lender but it may be that you will not need to put down a cash deposit at all to buy your right to buy property in Manchester.

Some lenders will use the discount in the property as the deposit meaning you will not have to find further funds to out down as a deposit.

For example, if you are being offered the opportunity to buy your house in Manchester that has a value of £250,000 and it has a 35% discount, that would mean that the equity deposit within that property is £87,500 requiring a mortgage of £162,500 to complete the purchase (before fees).

You will have to put some money aside to pay fees such as mortgage broker fees, legal fees and stamp duty. To calculate stamp duty, this website is a good resource.

Can I get a right to buy mortgage to buy my property in Manchester if I’m self employed?

Yes, right to buy mortgages are available to self employed people in the same way as employed people. For a self employed right to buy mortgage, the lender will need to know more about what you do for a living, whether you are a sole trader, limited company or partnership, your profits, debts and personal situation.

There is a lot that goes into it when calculating what a person is able to borrow so always best to talk with a qualified mortgage adviser that can assess your options and give you tailored advice.

I NEED ADVICE can put you in touch with an experienced mortgage adviser if you complete the contact form.

Property in Manchester that has been bought with Right to buy

What are the challenges that I may face in getting a right to buy mortgage to buy my property in Manchester?

Things that may be a challenge for getting a right to buy mortgage in Manchester are factors that may affect getting a mortgage in general.

For example, affordability can be a major factor. Even with the discount on the property, you will still need to demonstrate to lenders that you can afford the mortgage and this will come down to what your earning show, your debts, your dependants and commitments such as car leases.

A professional mortgage adviser will be able to look at the situation, work out what you need to borrow and then look at your income and your outgoings to work out whether you will be able to borrow what you need to buy your right to buy property in Manchester.

Is Manchester a good place to invest into property?

Manchester is often voted as one of the best places to invest in the UK. This is for a variety of reasons.

Living in Manchester gives you a similar lifestyle to living in London but at a much lower property price. Billions has been invested into the city over the last few years with development of luxury buildings, new restaurants, shops and bars.

The train line back to London is only around 2 hours from London Piccadilly and Manchester airport is close by.

The city offers vibrant places to go out such as the arty Northern Quarter and trendy Deansgate. Salford Quays has become a media hub with large companies such as ITV and BBC which has a mortgage calculator.

If London is unaffordable but you the amenities it would offer, Manchester could be a good alternative. Find Things To Do In Manchester.

Happy mortgage broker giving free mortgage advice over the phone


Do I need a mortgage adviser that is based in Manchester to be able to arrange my right to buy mortgage?

No, you do not need to be local to a mortgage adviser for them to get you your right to buy mortgage in Manchester. Many mortgage advisers are phone and internet based which can be ideal for the borrowers as it can make it easier to fit the process around work commitments.

When choosing a mortgage adviser, you should check reviews and experience and make sure you feel comfortable with them before proceeding. Also, your mortgage adviser should be regulated by the Financial Conduct Authority. A link to the FCA register is here.

If you feel you need to sit down with a face to face adviser to get a full understanding of the process then you should look for a local one but many people do not need this. I NEED ADVICE can arrange for a UK based mortgage adviser to give you a free consultation if you complete the contact form. 

I have bad credit. Would I still qualify for a right to buy mortgage for my property in Manchester?

It will depend on the level of bad credit and other factors of your personal situation. Bad credit comes in many formats so could mean missed payments, defaults, county court judgements, IVA’s, debt management plans, bankruptcies etc.

It will be the job of a professional mortgage adviser to learn what the bad credit consisted of and then find out more about your earnings, debts, commitments, deposit available and more to then match your situation with a lender that may be willing to lend.

To find out your if your credit score is acceptable for a mortgage, you can use websites such as Experian, Equifax and Transunion. Check My File covers all of the above in one report and offers a free trial.

Can I get a buy to let mortgage for my right to buy property in Manchester?

No, when buying a right to buy property, it is being offered to you to help you get on to the property ladder. It is not designed to be an investment property with a buy to let mortgage and the lender would not help you to facilitate this if it was the case.

It’s unlikely the housing association would allow you the opportunity to buy the property too if letting it out was the intention. It may be that certain housing associations may allow it after the purchase has taken place in some situations but you would need to check with them directly to get their consent.

Council flat in Manchester

If I have bought a right to buy property in Manchester, at what point am I free to sell the property?

According to the government’s website, if you sell your right to buy property within 10 years of purchasing it, you will have to offer it to either the previous landlord or a new social landlord before looking for another buyer. The property should be sold at full market value and if within 8 weeks they do not offer to buy it, you are free to sell to the general market.

If you sell your property within the first five years of completion of the purchase, you will have to pay back some or all of your discount to the council or housing association that you purchased from.

The scale is as follows:

  • 100% of the discount in year one
  • 80% of the discount in year two
  • 60% of the discount in year three
  • 40% of the discount in year four
  • 20% of the discount in year five

Here you can find out more details on the rules of selling your right to buy.


Manchester is a brilliant city and money is constantly being invested there. Large companies have moved to Manchester over recent years and the skyline of the city seems to be ever evolving.

The city is very popular for with great shops, restaurants, bars and travel links.

Buying your right to buy property rather than renting is usually a prudent move as the equity within the property becomes your own.

When taking a mortgage to buy a right to buy property, you should always take professional advice. To speak with a professional that can give you your options, complete the contact form.

The information on this page is not tailored to any individual readers and should not be considered financial advice under any circumstances.

If you are seeking advice about a mortgage, you should consult a qualified professional.

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