Right to Buy Mortgages

If you rent and live in a council property and you are keen to own your home instead of renting it, the right to buy scheme from the government/local authority could transform you from a tenant to a homeowner in months. That’s right you could be realizing your dream of home ownership sooner than you thought.

Financial security is often cited as one reason people want to purchase a property instead of renting it from the public sector. But could you benefit from purchasing a house? And could you afford and keep up with the repayments on your new right to buy mortgage in the longer term?

Am I eligible to purchase my home using the right to buy scheme?

You may be able to buy your council house or flat using the Right to Buy scheme if:

• Your public sector property is your primary or only residence

• Your property is self-contained, meaning it does not contain facilities that are shared with people outside of the same household

What kind of discounts could I get?

Part of the appeal of the Right to buy initiative is it offers tenants the opportunity to purchase their homes at significantly discounted rates. In some cases, would-be homeowners save as much as 70% on the market value of their property.

And here’s what happens if you want to buy a flat:

• Remain as a tenant in the flat for three years, and you may be able to claim a 50% discount

As one of the best Leeds Mortgage Brokers, we recommend you take this advice on bad credit right to buy a mortgage.

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