FAQs 

Q: What is the Right to Buy scheme (RTB)?

A: Note: the following information applies to Right to Buy in England only. Right to Buy allows most council tenants to buy their council home at a discount. You can apply to buy your council home if:

  • it's your only or main home
  • it's self-contained
  • you're a secure tenant
  • you've had a public sector landlord (e.g. a council, housing association or NHS trust) for a minimum of 3 years.

Further information on the Right to Buy scheme is available here. 

For an informal chat with one of our friendly team to discuss your options, call us FREE on 0800 083 0449, email us at info@yes-financial.com or complete our contact form and we’ll contact you at a time to suit you.

Q: What discount will I get?

A: The maximum discount available is now £82,800, or £110,500 if you live in a London borough. The size of discount offered will be based on the length of the tenancy, the type of property and its value. If you're buying with someone else, you count the years of whoever's been a public sector tenant the longest.

For further information, call us FREE on 0800 083 0449, email us at info@yes-financial.com or complete our contact form and we’ll contact you at a time to suit you.

Q: Am I eligible for Right to Buy?

A: If you haven't already made an application to your local council and want to know if you qualify for a discount, you’ll need to be able answer YES to all of the following statements:

  • I'm a council tenant (or) I was a council tenant when my home was sold to my current landlord
  • I've been a tenant for at least 3 years
  • I don't live in sheltered or other housing suitable for elderly or disabled people
  • I don't have any legal problems with debt
  • I don't have any outstanding possession orders against me
  • My home is not due to be demolished

Find out more about the Right to Buy scheme. 

For an informal chat with one of our friendly team to discuss your options, call us FREE on 0800 083 0449, email us at info@yes-financial.com or complete our contact form and we’ll contact you at a time to suit you.

Q: How do I work out my discount?

A:  

Houses
You automatically get a 35% discount if you’ve been a public sector tenant for between 3 and 5 years.

After 5 years, the discount goes up by 1% for every extra year you’ve been a public sector tenant, up to a maximum of 70% – or £82,800 across England and £110,500 in London boroughs (whichever is lower).

Flats
You automatically get a 50% discount if you’ve been a public sector tenant for between 3 and 5 years.

After 5 years, the discount goes up by 2% for every extra year you’ve been a public sector tenant, up to a maximum of 70% – or £82,800 across England and £110,500 in London boroughs (whichever is lower).

For an informal chat with one of our friendly team to discuss your options, call us FREE on 0800 083 0449, email us at info@yes-financial.com or complete our contact form and we’ll contact you at a time to suit you.

Q: How do I apply?

A: To apply to buy your council home, you need to complete the RTB application form, called the RTB1 form, and send it to your landlord. You’ll need to provide the following:

  • The full address of the property you want to buy, including the area where you live and the post code
  • The name of your landlord, e.g. Nottingham City Council
  • The full names of everyone listed on your tenancy agreement
  • The full names of family members who wish to share the Right to Buy with you. They must be a family member, spouse or civil partner. They must have lived in the property as their main home for at least the last 12 months. They must be over 18.
  • Details of your current and previous tenancies. You will need dates, names of tenants, addresses and name of landlord for your tenancies, those of your spouse/civil partner, those of your former spouse/civil partner who you have divorced or who have died, parents who previously held the tenancy.
  • Details of any other properties you have bought under the Right to Buy scheme, or at a discount through any other Government scheme, for example Right to Acquire. You do not need to give details of applications, only purchases.
  • Details of any improvements you have made whilst living in the property. The improvements may have increased the value of the property. If you disclose them in your application, the value of the improvements will not be included in the valuation of the property so you don't pay twice.
  • Signatures of all tenants. Make sure all tenants sign in the correct place.

The boxes on page 12 of the RTB1 application form are for tenants who want to buy. The first set of boxes on page 13 are for family members who are not tenants but want to share the Right to Buy. The second set of boxes on page 13 are for tenants who do not wish to share the Right to Buy. You’ll then need to send your application to your landlord who will have four weeks to tell you if you can buy your home (eight weeks if they have been your landlord less than two years). If your landlord is happy to sell you your home they will then send you what’s known as a Section 125 notice, which will contain a formal valuation of your property including the price you’ll be expected to pay. It will also set out details of the new Right to Buy discount rates and estimates of any charges that will be deducted from your discount. Once you receive your Section 125 notice you’ll have 12 weeks to accept the offer or reject it and continue renting your home. Your landlord must say yes or no within 4 weeks of getting your application (8 weeks if they've been your landlord for less than 5 years). If the answer is no, they must say why. If your landlord turns you down, you can only appeal to the Residential Property Tribunal if your landlord says your property is suitable for the elderly.

Assuming your landlord does agree to sell, they must send you an offer:

  • for a freehold property: within 8 weeks, or
  • for a leasehold property: within 12 weeks

For further information, call us FREE on 0800 083 0449, email us at info@yes-financial.com or complete our contact form and we’ll contact you at a time to suit you.

Q: I’m not confident with paperwork, will you help me?

A: Absolutely! We understand how daunting and confusing filling in mortgage paperwork can be. Our Mortgage Advisors specialise in Right to Buy mortgages and will visit you in the privacy and comfort of your own home to help you fill in all the forms. Our aim is to make the process of buying your home as stress-free as possible. To chat to a member of our friendly team, call us FREE on 0800 083 0449, email us at info@yes-financial.com or complete our contact form and request a call-back.

Q: What is the difference between a Freehold and a Leasehold property?

A: If your property is Freehold it means that you fully own the property. As the freeholder you’ll have full responsibility for the maintenance and repairs. If your property is Leasehold, this means that you own the property for the period specified in the lease; in other words, you are granted the right to live there by the freeholder. At the end of the lease, the property reverts to the possession of the freeholder. Many leases are originally granted for up to 999 years, but existing leases on properties are usually shorter. The majority of leasehold properties are flats, although some houses can also be leasehold. The lease will contain information on who is responsible for maintenance and repairs of different parts of the property and any conditions you must meet as a resident. You must also pay ground rent to the owner of the land (the freeholder), usually a small amount paid each year.

For an informal chat with one of our friendly team to discuss your options, call us FREE on 0800 083 0449, email us at info@yes-financial.com or complete our contact form and request a call-back.

Q: What is the landlord’s offer?

A: The offer will tell you:

  • the price they think you should pay for the property and how it was worked out
  • your discount and how it was worked out
  • a description of the property and any land included in the price
  • estimates of any service charge (for a flat or maisonette) for the first 5 years
  • any known problems with the property's structure, such as subsidence

For an informal chat with one of our friendly team to discuss your options, call us FREE on 0800 083 0449, email us at info@yes-financial.com or complete our contact form and request a call-back.

Q: What do I do when I get the offer/price back from the council/landlord?

A: Once you get your landlord's offer, you have 12 weeks to tell them that you still want to buy. The landlord will send you a reminder if you don't respond.
You have 28 days to reply to the reminder, or the landlord may drop your application.
You can pull out of the sale and continue to rent at any time.

For an informal chat with one of our friendly team to discuss your options, call us FREE on 0800 083 0449, email us at info@yes-financial.com or complete our contact form and request a call-back.

Q: What if I disagree with my landlord's offer?

A: Contact your landlord and tell them why you disagree. If you think your landlord has set your home's market value too high, you must write to them within three months of getting the offer and ask them for an independent valuation. A district valuer from HMRC will visit your home and decide how much it's worth. You have 12 weeks to accept their valuation or pull out of the sale.

For an informal chat with one of our friendly team to discuss your options, call us FREE on 0800 083 0449, email us at info@yes-financial.com or complete our contact form and request a call-back.

Q: Can I sell my home after I’ve bought it?

A: If you sell your RTB home within 5 years of buying it, you’ll have to pay back some or all of the discount you received. If you sell within the first year, you’ll have to pay back all of the discount. The amount you pay back will depend on the value of your home when you sell it, i.e. if you got 20% discount, you’ll have to pay back 20% of the selling price. If you sell after the first year, the total amount you pay back will reduce, as follows:

  • 80% of the discount in the second year
  • 60% of the discount in the third year
  • 40% of the discount in the fourth year
  • 20% of the discount in the fifth year

Example: You bought your home worth £100,000 and got a 40% discount (£40,000). You then sold your home after 18 months for £120,000. 40% of £120,000 is £48,000. As you're in the second year, you would repay 80% of £48,000 (£38,400). You may not have to pay back the discount if you transfer ownership of your home to a member of your family but you’ll need to agree this first with your landlord and then get a solicitor to do this for you.

For an informal chat with one of our friendly team to discuss your options, call us FREE on 0800 083 0449, email us at info@yes-financial.com or complete our contact form and request a call-back.

Q: Which London Boroughs are included in the maximum discount?

A: The London Boroughs which will benefit from the increased discount of up to £110,500 are:

  • Barking
  • Barnet
  • Bexley
  • Brent
  • Bromley
  • Camden
  • City of London
  • Croydon
  • Ealing
  • Enfield
  • Greenwich
  • Hackney
  • Hammersmith
  • Haringey
  • Harrow
  • Havering
  • Hillingdon
  • Hounslow
  • Islington
  • Kensington
  • Kingston upon Thames
  • Lambeth
  • Lewisham
  • Merton
  • Newham
  • Redbridge
  • Richmond
  • Southwark
  • Sutton
  • Tower Hamlets
  • Waltham Forest
  • Wandsworth
  • Westminster

The size of discount offered to you will be based on the length of your tenancy, the type of property you live in and its value. There are different discount levels for houses and flats.

For an informal chat with one of our friendly team to discuss your options, call us FREE on 0800 083 0449, email us at info@yes-financial.com or complete our contact form and request a call-back.

Q: What fees will I have to pay?

A: Legal fees
There are a variety of costs and fees involved. For example, the work done by a solicitor on behalf of the mortgage lender. Other than the solicitor's fee, there will be a number of other charges which vary according to the particular circumstances of each case - but may include:

  • land registry search and registration fees
  • local authority search
  • production of the legal transfer documents
  • production of Certificate of Title
  • examination of a leasehold contract, if applicable
  • other searches as required by the lender (e.g. coal mining search, environmental search)
  • bankruptcy search
  • stamp duty

You will receive an itemised list of all of these costs at the time of purchase (or earlier upon request). Yes Financial will liaise with the appointed solicitor on your behalf to help complete the purchase as promptly as possible, and we will provide an on-site visit to your home to go through the legal documents to you and help complete them.

For an informal chat with one of our friendly team to discuss your options, call us FREE on 0800 083 0449, email us at info@yes-financial.com or complete our contact form and request a call-back.

Q: Other fees and charges

A: In addition to legal fees, you may be asked to pay for other services, such as:

  • valuation and survey fee
  • lender booking fee (to reserve the funds if you apply for a fixed interest rate mortgage)
  • lender arrangement fee
  • mortgage broker administration fees

We’ll explain these charges and do our best to find the most cost-effective mortgage for you. The fees are payable to the solicitor at the time of completion of the purchase / mortgage. If you do not have sufficient funds to pay them, the fees can normally be added to the mortgage balance. In this event, you’ll pay interest on the total for the full term of the mortgage.

For an informal chat with one of our friendly team to discuss your options, call us FREE on 0800 083 0449, email us at info@yes-financial.com or complete our contact form and request a call-back.

Q: Is Yes Financial regulated?

A: Yes Financial Services Limited is an appointed representative of HL Partnership Limited, Pharos House, 67 High Street, Worthing, West Sussex BN11 1DN, which is authorised and regulated by the Financial Conduct Authority. HL Partnership Limited's FCA Register number is 303397. HL Partnership Limited's permitted business is advising on and arranging mortgages and general and pure protection insurance. Yes Financial Services Limited is regulated in the United Kingdom. You can check this on the Financial Services Register on the FCA's website or by contacting the FCA on 0800 111 6768.

Q: What are your Terms of Business?
A: Our Terms of Business can be viewed here
 Q: How do I make a complaint?

A: Yes Financial has chosen to be a member of HL Partnership Limited (HLP), a regulated and general insurance mortgage network. HLP supervises and monitors our compliance with the rules and regulations that govern our industry and it will act as an independent arbiter in the event that you are not happy with the service or products we have recommended.

If you need to make a complaint, please contact HLP in writing or by telephone at:

Complaints Department
HL Partnership Limited
Pharos House
67 High Street
Worthing
West Sussex
BN11 1DN

Telephone: 01903 602664
Email: complaints@homeloanpartnership.com

HLP will:

  • acknowledge your complaint in writing within five working days of receipt of your complaint
  • independently investigate your complaint and endeavour to respond promptly and fairly
  • endeavour to send a Final Response to you within eight weeks of receipt of your complaint. If it is unable to provide you with a final response within this timeframe, HLP will write to you explaining why and advise you when you can expect a final response

If more than eight weeks has elapsed from the date of your complaint and you haven't received a final response, or you are dissatisfied with the final response you have received, you can write to:

Financial Ombudsman Service
South Quay Plaza
183 March Wall
London
E14 9SR

You must refer the complaint to the Financial Ombudsman Service within six months of the date on the final response.

Q: Will my personal information be kept private?

A: Yes Financial is committed to ensuring that your privacy is protected. Should we ask you to provide certain information by which you can be identified when using this website, then you can be assured that it will only be used in accordance with this privacy statement.
Yes Financial may change this policy from time to time by updating this page. You should check this page from time to time to ensure that you are happy with any changes. This policy is effective from 5th August 2013. We may collect the following information:

  • name and job title
  • contact information including email address
  • demographic information such as postcode, preferences and interests
  • other information relevant to customer surveys and/or offers

We require this information to understand your needs and provide you with a better service, and in particular for the following reasons:

  • internal record keeping.
  • we may use the information to improve our products and services.
  • we may periodically send promotional emails about new products, special offers or other information which we think you may find interesting using the email address which you have provided.

From time to time, we may also use your information to contact you for market research purposes. We may contact you by email, phone or post. We may use the information to customise the website according to your interests. We are committed to ensuring that your information is secure. In order to prevent unauthorised access or disclosure, we have put in place suitable physical, electronic and managerial procedures to safeguard and secure the information we collect online. You may choose to restrict the collection or use of your personal information in the following ways:

  • whenever you are asked to fill in a form on the website, look for the box that you can click to indicate that you do not want the information to be used by anybody for direct marketing purposes
  • if you have previously agreed to us using your personal information for direct marketing purposes, you may change your mind at any time by writing to or emailing us at info@yes-financial.com

We will not sell, distribute or lease your personal information to third parties unless we have your permission or are required by law to do so. We may use your personal information to send you promotional information about third parties which we think you may find interesting if you tell us that you wish this to happen. You may request details of personal information which we hold about you under the Data Protection Act 1998. A small fee will be payable. If you would like a copy of the information held on you please write to:

Data Protection Team
Yes Financial Services Limited
1 Royal Court
Gadbrook Way
Northwich
Cheshire
CW9 7UT

If you believe that any information we are holding on you is incorrect or incomplete, please write to us or email info@yes-financial.com  We will promptly correct any information found to be incorrect. Yes Financial Services Limited is registered with the Information Commissioner in the UK. Our registration no. is Z1689888

Q: Can I borrow extra money for home improvements?

A: Normally, yes. If you’re planning to carry out home improvements such as a new kitchen, bathroom, loft extension or conservatory, then as long as the total falls within the lender's criteria, you’ll be able to borrow the money on your mortgage at the outset.
Our qualified Mortgage Advisor will be happy to explain what can and cannot be done. In some cases, the lender may withhold some of the money until after the work has been carried out (and will want to see evidence that it has been completed).

For an informal chat with one of our friendly team to discuss your options, call us FREE on 0800 083 0449 to find out more or complete our contact form and we’ll contact you at a time to suit you.

Q: Do I need a deposit?

A: Most lenders now take the Right to Buy discount as a deposit but some do not. Call us FREE on 0800 083 0449 to find out more or complete our contact form and we’ll contact you at a time to suit you.

Q: How long does the process take?

A: The length of the process varies depending on the local authority or landlord but it can take around 4-5 months for the whole process to complete. For further information, call us free on 0800 083 0449, email info@yes-financial.com or complete our contact form and we’ll contact you at a time to suit you.

Q: I have a bad credit rating, can I still get a mortgage?

A: Bankruptcy, missed mortgage payments and IVAs (Individual Voluntary Arrangements) all have a significant impact on your credit rating but if these issues affected you more than 12 months ago, it’s worth contacting us to find out if we can still find a mortgage for you.
Call us FREE on 0800 083 0449 to find out more or complete our contact form and we’ll contact you at a time to suit you.

Q: Who can buy the property?

A: The person who applies to buy the property has to be the tenant but the tenant can share the Right to Buy with other family members who live in the property if they wish.

For an informal chat with one of our friendly team to discuss your options, call us FREE on 0800 083 0449 to find out more or complete our contact form and we’ll contact you at a time to suit you.

Q: I am retired. Can I still buy my council home?

A: There aren’t any age restrictions on buying your home so yes, you can still buy your home.
You could also share buying the property with a younger member of the family.

For further information regarding eligibility, call us free on 0800 083 0449, email info@yes-financial.com or complete our contact form and we’ll contact you at a time to suit you.

Q: I’ve been a council tenant for 10 years but I don’t want to buy the house that I currently live in. Am I allowed to buy a different house?

A: Unfortunately not. You can only apply to buy the home you live in. However, if you move to another council home and you did want to buy, you could apply to buy that property straight away. If you’d like further information call us FREE on 0800 083 0449 or complete our contact form and we’ll contact you at a time to suit you.

Q: Can I afford Right to Buy?

A: Buying a home is an important step in your life so you'll need to take time to look at the costs involved. You need to make sure you’ll be able to afford it, not just now, but as your life changes in the future. If you’re planning to start a family or are due to retire in the next few years you may not have the same level of income as you do now. Yes Financial will help you work out your monthly income and compare that with the costs of owning your home. The main cost is likely to be a mortgage but you’ll also need to protect your home and your family with insurance. 

If you’d like to chat to a member of our team about whether you can afford to buy your council home, please call us FREE on 0800 083 0449, email info@yes-financial.com or complete our contact form and we’ll contact you at a time to suit you.

Q: Why choose Yes Financial?

A: Yes Financial specialises in helping council tenants and former tenants obtain finance to buy or remortgage their homes. Having operated in this specialist market for many years, we understand your needs and we aim to remove the stress of the home buying process for you. You’ll normally need to fill in a questionnaire over the phone although you can request a home visit if you prefer. This will provide us with the information we need to identify the most suitable mortgage for you from a range of different lenders. We’ll present our recommendations to you face-to-face at a time to suit you in the privacy and comfort of your own home. It’s important that you understand the full benefits and implications of our mortgage recommendations and our qualified Mortgage Advisors take the time to explain everything in plain English. We won’t process your application until you’re completely happy to go ahead. Before the mortgage completes, we’ll revisit you to go through the details of the mortgage offer and help you complete the legal documents which will ensure everything can be finalised as smoothly and promptly as possible. At this same meeting, we will discuss and arrange the insurance protection you’ll need to safeguard yourself, your home and your family. Attention to detail is why Yes Financial is arguably now the UK's leading Right to Buy (RTB) mortgage intermediary.

For further information, call us FREE on 0800 083 0449, email info@yes-financial.com or complete our contact form and we’ll contact you at a time to suit you.

Q: Is Yes Financial covered by the Financial Services Compensation Scheme (FSCS)?

A: Yes Financial Services Limited is covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Insurance: Insurance advising and arranging is covered for 90% of the claim, without any upper limit. Mortgages: Mortgage advising and arranging is covered up to a maximum limit of £50,000. Further information about compensation scheme arrangements is available from the FSCS.