Who has the ‘right to buy’ in the UK?

The scheme applies if you have been a council tenant for two or more years and have been a secure tenant of:

A district council
A London Borough Council
A Housing Action Trust, or
A non-charitable housing association or other registered social landlord

This scheme has proved very popular and is a perfect way to get onto the property ladder, without having to scrape together the money for a deposit.

The Right to Buy scheme enables tenants to buy the council property at a discounted price and very often the mortgage payments are less expensive then the rent.

Therefore, not only will you own your own home at the end of the term, you could also save yourself money.

Will you have to repay the discount?

Under the current right to buy scheme, once you have purchased a property you can sell it at any time - but restrictions apply. If you decide to sell the property within three years of purchasing it, you will have to repay some or all of the discount you received.

After three years, you are free to sell the property without having to repay any of the discount.

Finding the best right to buy mortgage

Finding the best mortgage can be a tricky and time consuming task at the best of times, but not all mortgage lenders offer right to buy mortgages making the task even more difficult. A good mortgage broker will be able to scour the whole market for you, to find you that elusive right to buy mortgage!

See also:
Mortgage calculators online
First time buyer mortgages
100% mortgages

Useful link:  http://www.communities.gov.uk/
Communities and local Government
Created in May 2006, this Government department is responsible for housing, urban regeneration, planning and local government.