MORTGAGES - Right To Buy

Right To Buy

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The "Right to Buy" is the right of a tenant of local authority housing to purchase their house with a discount from the price/value.

  • Houses & Maisonettes

After only 2 years as a council tenant, you are entitled to 32% discount from the market value of your house. Each year after that the discount increases by 1% to a maximum of 60%. There are upper limits to the actual amount of discount allowed. This upper limit varies area by area. When house prices rise faster than the discount it does not pay to wait to buy the house. Ask Mortgage Market for advice on your particular circumstances and requirements.

  • Flats

The discounts for the purchase of flats are higher than for houses. For flats discounts start at 44% after 2 years' tenancy, rising by 2% per year to a maximum of 70%. As with houses, the discounts are capped depending on area.

Most people buying a council house, as with any other house, need to borrow the money, i.e. take out a mortgage. Everybody's requirements are different. As a master mortgage broker, Mortgage Market is able to offer you free mortgage advice. There are hundreds of different mortgage products available. We are able to arrange for a mortgage consultant to talk to you about your circumstances and requirements, explain the options, and help you choose the mortgage product most suitable to your particular needs.

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Mortgage Market Limited is an independent private limited company. Company Registration No. 3758210 with registered offices at Manor House Farm, Jericho Lane, East Halton, Immingham, North Lincolnshire DN40 3PZ. The company is directly regulated and authorised by the Financial Conduct Authority, Registration No. 305559. Full Consumer Credit License Registration No. 475457 Data Protection Registration No. 24732390

Think carefully before securing debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
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