Right to Buy Mortgage ?
The 1981 Housing Act allowed council tenants to buy the property they live in from the local authority.
Most Council Tenants have “the Right To Buy” their home. The right to buy means you can buy your home from a local authority, a non-charitable housing association or a housing action trust. Usually a “right to buy” mortgage will cost less than on the open market because as a tenant you can obtain a discount on the mortgage.
Under the right to buy scheme most Council Tenants are entitled to a 32% to 44% discount on the value of their property after they have lived in it for two years. For most Council Tenants, further percentage deductions apply up to a maximum of 60%. For flats the available discount rises to 70%.
To qualify for a Right to buy Mortgage you must:
- Be the legal tenant of the property you wish to purchase.
- You must have been a tenant of this Council or another “right to buy”
landlord for the qualifying time period. You may be entitled to a discount
off the purchase price of your home. The amount of discount depends on how
long you have been tenant in the Council House or other “right to buy”
landlord, and the type of dwelling you are living in.
- For Houses: For most, the discount after two years is 32% with an
additional 1% for every extra year up to a maximum of 60%. - For Flats: For most, the discount after two years is 44% with an
additional 2% for every extra year up to a maximum of 70%.
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