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Right To Buy Details

In 1981, a new act was brought in giving tenants of the local authority the Right to Buy the property that they live in.

Covers Tenants:

Renting from the council
Non-charitable housing association or 'action trust'

Most of the time a right to buy mortgage will cost less than on the open market because as a tenant you can obtain a discount:

32% after two years
Rises by 1% per year to a max of 60%
Flats can rise to 70%

Qualification for the discounts relies on you fitting certain criteria as follows, You must:

Be the named tenant on the home you wish to purchase
Have been living at the property as a named tenant for the same council or another council/landlord for at least two years.

For many of you this will be the first opportunity you have to get onto the housing ladder so you will effectively also be a First Time Buyer. There are a few more restrictions and rules that need to be adhered to when purchasing your home from the local authorities. Mortgage Solutions is practiced in this area of property purchase and is able to provide you with the information immediately.