Head of Content
Mortgage Advisor & Director
Can I get a mortgage on an ex-local authority home?
You may find that applying for a mortgage for an ex-local authority property is more complicated than for other properties.
These houses can be seen as complex and riskier by lenders, reducing the pool of available lenders and potentially meaning you are not able to find a good deal.
At Teito, we are a whole-of-market mortgage advisor, meaning we have access to specialist lenders and deals not available to the general public. We would recommend you find a specialist broker who is well-suited to your needs. We have helped many people to secure mortgages on ex-local authority homes, and we can help you too. Complete our easy online form to start the process today.
What is the problem with ex-council homes?
These houses can provide excellent value for money but can create some resistance from mortgage lenders. When making their judgement on value, the lender is likely to consider various factors, including:
- The nature of the area surrounding the property.
- The type of construction
- If the flat is a high-rise flat, this adds extra risk.
- If the property is leasehold - the length of the lease. The longer the lease, the more attractive the property.
Are there any government schemes available?
There are several government schemes permitting the sale of ex-council houses.
Depending on whether you are looking to buy in England, Scotland or Wales, these are named differently and have varying eligibility criteria.
Please see our guides to learn more about:
- Right to Buy & Acquire
- Help to Buy Shared Ownership
- Homebuy (Wales)
- Shared Equity (Scotland)
- Shared Ownership (Wales)
What about buy-to-let mortgages for ex-council houses?
It is possible to get a buy-to-let mortgage on an ex-council house. However, it adds additional complexity.
Buy-to-let mortgages have higher interest rates than residential mortgages and typically have higher fees. It is likely that you will need a larger deposit too. Our advisors can help you to get the best deal possible on your buy-to-let mortgage, get in touch today to learn more or complete our online form now.
How can I learn more?
Complete our online form to get the process started today, and one of our experienced brokers will be in touch.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.
Get your mortgage in principle certificate in 5 minutes
Last updated 28 February 2024