Taking Advantage of the Councils Right to Buy Scheme

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Home » Mortgages » Taking Advantage of the Councils Right to Buy Scheme

Taking Advantage of the Councils Right to Buy Scheme

The Right to Buy scheme has been used by over a million people since its launch in the 1980’s by the then Prime Minister Margaret Thatcher. Council Tenants are able to buy their homes at a discount and you can use this discount as part or all of your deposit.

Can I buy my council property without a deposit?

Yes. There are over 50 mortgage lenders in the market and many of these provide Right to Buy mortgages with bad credit. Every lender has their own unique criteria and some are happy for you to use the discount provided by the council as all or part of your deposit, therefore all you may need to cover is the associated costs to setting up the mortgage.

How does the discount work?

This depends upon several factors such as how long you have been a tenant for, the type of property you are buying (house or flat) and the value of the property.

Across England the maximum discount is £84,200, however if you live in a London Boroughs it is a maximum of £112,300. The discount amount does increase each year in line with the Consumer Price Index (CPI).

This discount can be used as your deposit when buying the property and needing to take out a mortgage.

How much discount will I get if I buy a house?

If you have been a council tenant for 3 to 5 years you will get a 35% discount. This discount will increase by 1% every additional year you have been a tenant, up to a maximum of 70% or £84,200 across England or if you live in a London borough it is a maximum of £112,300.

Example: If you were a tenant for 10 Years, buying a semi detached house with a property value estimated at £200,000 – you could potentially get a 40% discount, which would be £80,000.

How much discount will I get if I buy a flat?

If you have been renting from the council for between 3 to 5 years you could get a discount of 50%. After 5 years the discount will increase by 2% for every year you remain a tenant. This is up to a maximum of £84,200 across England or £112,300 if the property is located in a London Borough.

Example: If you have been a tenant for 15 years, buying flat valued at £150,000 – you could potentially get a discount of 70% which would be £84,200.

How can I find out what the discount will be?

There is a calculator on the government website which you can use to get a guide on how much your discount could be. Ultimately you need to apply for the scheme to see if you qualify, how much the council value the property and how much discount you will be entitled to. Once you have this information you can then apply for a mortgage either yourself directly with a lender or use the help of an experienced mortgage broker who can review the mortgage market and let you know what your options are.

How shall I get in touch to discuss my Right to Buy Mortgage?

You can either call us or complete the enquiry form. By completing an enquiry form you will be able to schedule a call with an adviser. We would recommend you also get a copy of your credit report as this is the important first step to getting a mortgage.

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