Right To Buy Overview
1 Right To Buy Overview
The Right to Buy scheme helps eligible council house and housing association tenants in England to buy their home/council house with a discount of up to £87,200 (£116,200 in London).
The Right to Buy scheme offers you the opportunity to become a homeowner with a discount of up to 70% on the value of your council home, in addition to a 95% mortgage guaranteed by the government.
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 (eg a council, housing association or NHS trust) for 3 years – it doesn’t have to be 3 years in a row
- To be eligible you must demonstrate that you can afford all of the costs of Right To Buy
For most people, buying a home is the biggest single investment they ever make. It’s an exciting time, but there is a lot to think about. So you’ll need to take time to look at the costs.
It’s a good idea to do this as early as possible, before you get too far into the Right to Buy process. You are responsible for how you finance buying your home – your landlord can’t arrange this for you.
Get A Mortgage Quote For Your Council Home:
If you are considering buying your home under Right to Buy, consider a market comparison of the cheapest mortgages available, which you would pay back with interest, usually in monthly instalments. Be prepared with an estimated value of the home you’re interested in.
Get A Life Insurance Quote Before Researching Your Right To Buy Options Or Mortgage Application:
Mortgage lenders will normally require you to get life insurance before offering you a mortgage so before exploring your Right to Buy options or applying for a mortgage, so consider getting a life insurance quote so you know that you qualify for an affordable rate.
Next – Right To Buy Discount >
Contains public sector information licensed under the Open Government Licence v3.0
