What is the Right to Buy Scheme?
At Yomo Finance, we understand the unique opportunity that the government's Right to Buy scheme presents for council and housing association tenants. If you're eligible, you can purchase the home you currently rent at a significant discount, making homeownership more accessible. Our Right to Buy mortgage range is designed to support you through this process. Contact our team in Rochester today to find out more.
Your Right to Buy mortgage specialists
The Right to Buy scheme allows most council and some housing association tenants in England to buy their rented property at a discounted price. The discount can be substantial, with eligible tenants receiving up to 70% off the market value of their home, depending on factors such as the property's value and the length of their tenancy.
Are you eligible for the Right to Buy scheme?
To qualify for the Right to Buy scheme, you must meet the following criteria:
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The property must be your only or main home.
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The property must be self-contained (you don't share rooms with other households).
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You must be a secure tenant (have a legal contract with your landlord).
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You must have been a tenant of a public sector landlord (council, housing association, NHS trust, or armed forces) for at least three years, though this doesn't have to be continuous.
Additionally, you must not have any outstanding legal issues related to debt, such as county court judgments
Here's a few examples
Example 1 - buying a house:
Current house value - £120,000
Years as a tenant - 10 years
Eligible discount (35% + 1% for each year over 5 years) - 40%
Discount value - £48,000
Price you pay for house (£120,000 less £48,000) - £72,000
Example 2 - buying a flat:
Current flat value - £100,000
Years as a tenant - 10 years
Eligible discount (50% + 2% for each year over 5 years) - 60%
Discount value - £60,000
Price you pay for house (£100,000 less £60,000) - £40,000
Try our mortgage calculator today
*mortgage calculator coming soon*
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