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Right to Buy Council Scheme

The right to buy council scheme has been available in the UK for a number of years now. the scheme essentially allows council tenants to own a home of their own at a discounted price. This right to buy council scheme allows tenants to buy the property they have been renting from the council. With a right to buy mortgage, it is possible for tenants to own a property of their own, often when a private purchase is beyond their means. What makes this scheme so attractive to tenants is that the tenant has to pay much less when compared to the open market. The tenants are entitled to discounts which are based mainly on the number of years they have been a council tenant.



There are a number of other factors which are used in the discount calculation, such as residence location, type of house, whether you have lived in armed forces accommodation etc. The basic discount for tenants in a house is 30% discount plus a 1% discount for every year they have been residing in a council/armed forces property. For maisonettes and flats, the discount varies between 44 and 70%.



To be eligible for the right to buy council scheme and qualify for right to buy mortgages in the UK, you will have to be an existing council tenant who has been living in the property for five years or more. If you satisfy the criteria, then you would be eligible for the right to buy scheme. However, there are obviously further eligibility terms for the mortgage, such as credit scores, ability to repay etc, which varies depending on the individual lender you approach.



There are lots of loan companies, banks and building societies in UK that offer these mortgages for right to buy borrowers. Lenders have designed mortgages specifically for borrowers purchasing a right to buy property. Consequently right to buy mortgages are not difficult to find in the UK. In the vast majority of cases, the monthly mortgage repayment will be less than the existing council rent payments, in addition, right to buy mortgages have the facility to borrow more than the discounted purchase price of the property which the borrowers can use for home improvements or any other reason.