Purchase Your Council House Under the Right to Buy Scheme
The Right to Buy Scheme allows tenants in England to purchase their council property partially discounted, if they fit the criteria to be eligible for the scheme.
As long as you have spent at least 3 years renting from the local council or housing association and are secure tenants of council property, you may be eligible for the government Right to Buy Scheme.
These 3 years do not necessarily have to be consecutive, though this varies depending on the situation. It is always worth getting in touch with a Mortgage Advisor in Lincoln to check your eligibility. You can also check the government Own Your Home website to keep updated with rules and regulations regarding this scheme.
In the right to buy sale, the property will be valued at full market price and then a government discount applied before purchase.
Our Mortgage Advisors in Lincoln can help you achieve your home-owning goal by using their knowledge and experience within the mortgage industry to provide expert Right to Buy Mortgage Advice in Lincoln.
How much deposit will I need?
Most lenders will take the discount as a deposit, however, some will require you to put in your own money too. It’s worth speaking to a Mortgage Broker in Lincoln like us to find a suitable mortgage that best suits your needs.
The local authority has set criteria that help them work out the discount, such as how long you’ve been a tenant within the public sector, what type of property you are looking to purchase and how much the property is worth.
There are also options to look at borrowing additional funds for home improvements such as new windows, doors and conservatories, but you will need to seek permission from your local authority.
Right to Buy Mortgage Process
The process begins with you checking that you are eligible and requesting an application form from the council. Once you qualify, you will receive an offer notice which sets out the property value and your discount. You then have a set period to accept this offer.
As an open and honest Mortgage Broker in Lincoln, we can help with your mortgage, solicitors and survey as and when required. As part of our initial free mortgage consultation, we can give you an idea of how much your mortgage will cost and if you qualify.
How does it work? Get a quote nowMeet your advisor