The overall cost for comparison is 7.7% APR.  The actual rate will depend upon your circumstances. 
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(This information can become outdated).

 

 

Right to Buy

The Right to Buy Scheme was brought in during the Thatcher years(1979-1990) and allowed you to buy your councilhouse at a price lower than the full market value. This is because the length of time you have spent as a tenant entitles you to a discount, the longer you have been there the larger the discount.

Starting to qualify for a Right to Buy scheme you need to be a secure tenant of a local authority or an assured tenant of a registered social landlord.
(An assured tenant could be someone who was previously a secured tenant of a local authority whose property was subsequently transferred to a housing association, you may be then eligible for a Preserved Right to Buy (PRTB) for your property.  However this will only apply if you are still the tenant of the same property before and after the transfer from local authority to housing association.

If you have been a secure tenant or assured tenant from before 18th January 2005, then you may be able to purchase your rented property at a generous discount.

However if your tenancy commenced after 18th January 2005, you will have to wait until you have spent 5 years as a public sector tenant before you can buy it at adiscount.

As a council tenant, under the Right to Buy Scheme, you are able to buy your home for a figure lower than the full market value. The amount of discount you qualify for is dependant upon many aspects including how long you have actually been a tenant and in which county, district or borough you live.

The discount for a Right to Buy is limited to the maximum amount available for your area.   The maximum discount ranges from £16,000 to £38,000 depending on where you live.

Please note if you sell your property within 5 years of purchasing it you may have to pay back the discount.  

RTB Mortgages

As a general rule, it would be unusual if a purchaser were unable to obtain a mortgage because of the discount offered by the council. The exception would be if the applicant were bankrupt, however even a discharged bankrupt could obtain a mortgage.

For more information on right to buy mortgages please proceed to the contact page and request that we contact you.

Your home may be repossessed if you do not keep up repayments on your mortgage.