The Right to Buy scheme is a government program in England that allows eligible council and some housing association tenants to buy their homes at a discount. The scheme has helped millions of tenants become homeowners, offering a route to enhanced financial stability.
Your Home may be repossessed if you do not keep up repayments on your mortgage.
Right to Buy enables qualifying tenants of council and certain housing association properties in England to purchase their homes at a discount from the market value.
The Right to Buy Scheme has helped many individuals and families transition from renting to homeownership, offering financial incentives and support to make the process more accessible.
If you have been a Local Authority tenant for a couple of years, you may be eligible for the Right to Buy.
You will receive a discount from the open market value if you decide to go for the property, if you have any equity in your property it could act as your deposit.
The primary benefit of the Right to Buy scheme is the substantial discount, which makes homeownership more accessible to eligible tenants, leading to considerable savings, particularly in high-value areas like London. The discount you receive is based on how long you have been a tenant. The longer your tenancy, the higher the discount, up to a maximum limit.
If you have built up equity in your property, it can be used towards the deposit for purchasing the home.
Additionally, some Lenders will allow you to borrow additional money for Home Improvements. The Local Authority must permit you to do the works. Many council estates have the majority of homes privately owned now; thousands of people opted to buy to benefit from the offer discounts. Many Homeowners got onto the property ladder via Right to Buy.
We’re able to help you with the whole Right to Buy process.
