Right to Buy allows most council tenants to buy their council home at a discount. Use the eligibility checker on the Own Your Home website to find out if you can apply.
The Right to Buy is a government scheme that gives eligible council and housing association tenants in England the right to buy their home at a discounted price. It was introduced in the 1980s as a way to promote home ownership and help people who were renting from the government or a housing association to become homeowners.
To be eligible for the Right to Buy, a tenant must have been a secure tenant for at least three years, and must not have any outstanding debts to the council or housing association. The tenant must also meet certain income and asset limits, and must not own any other property at the time of purchase.
Under the Right to Buy, eligible tenants can purchase their home at a discount of up to 70% of the market value, depending on how long they have been a tenant and the value of the property. The discount is applied to the market value of the property at the time of sale, and is intended to reflect the value of the rent that the tenant has paid over the years.
The Right to Buy has been controversial, as some critics argue that it has contributed to a shortage of affordable rental housing, and has allowed some tenants to profit from the sale of their homes at the expense of the taxpayer. However, supporters argue that it has helped many people to become homeowners who may not have otherwise been able to afford to do so.
The discount is used as your deposit, so it’s possible to get a 100% right to buy mortgage. If you use an independent right to buy broker they can explain the whole process to you.
