Right to Buy Explained
If you live in social housing and want to buy your property, the Government’s Right to Buy scheme could help.
If you are renting off your local council or a housing association, you may be able to buy the property at a substantial discount to the market value. You could potentially get a reduction of up to £84,200 for properties outside of London and up to £112,300 within London. The size of the discount will depend on the type of property and the length of time you have been a council tenant for.
Who is eligible for a Right to Buy mortgage
To be eligible for the scheme you will usually need to have been a council tenant for a minimum of 3 years and for the property to be your main home.
Some housing association tenants are also eligible for Right to Buy or a different scheme called Right to Acquire.
You will need to get a mortgage, unless you are lucky enough to have the money set aside to buy the property outright. Some lenders might accept the Right to Buy discount as part of or instead of a deposit. Additional money could be borrowed for reasons such as renovation work. But not all banks will want to lend money for this scheme.
It is a good idea to use a mortgage broker as you will understand the full range of mortgage options available. Contact UK Property Finance today and our expert team can help you find the right solution.