What is Right to Buy?
If you live in a council house or a housing association property of any kind, now could be the perfect time to purchase your home. The government’s Right to Buy scheme provides qualifying tenants with the opportunity to purchase the properties they live in at a significantly discounted rate.
As of April 6, 2019, the maximum discount available under the Right to Buy scheme was increased to £82,800, or up to £110,500 for qualifying properties in London.
For more information or to get your application underway, contact a member of the team at UK Property Finance today.
Why Should You Buy Your Home?
Eligibility under the Right to Buy scheme qualifies you for a once-in-a-lifetime price reduction on the property you live in. As much as £82,800 (or £110,500 in London) could be subtracted from the market value of your home, making it a far more affordable purchase. If buying a property through conventional channels isn’t an option, home ownership through the Right to Buy scheme could be well within reach.
Your home has the potential to be the single most valuable asset you will ever own. Right to Buy provides the opportunity to step on to the property ladder for the first time, while also providing the freedom to alter and improve your home in any way you like.
While there are significant responsibilities to home ownership, it nonetheless proves enormously beneficial for the vast majority of tenants who use their Right to Buy privileges. Eligibility for Right to Buy was recently relaxed from five years’ tenancy to just three years, resulting in tens of thousands of new tenants becoming eligible for the scheme.
There is currently no housing purchase program in the UK that provides anything close to these kinds of discounts. The price reduction of up to £82,800 (or £110,500 in London) could make your home more affordable than you think.
If you believe you may be eligible for the Right to Buy or have any questions on how the program works, reach out to a member of the team at UK Property finance today or use our UK mortgage calculator to work out exactly how much a mortgage would cost you.
Right to Buy Scheme History
Far from a new programme, the UK government introduced to the Right to Buy scheme in 1980. However, significant changes have been implemented over the years, relaxing eligibility requirements and significantly increasing maximum discounts.
Previously, the maximum discount available on a property was just £16,000. Now increased every April to compensate for inflation, the maximum discount now stands at £82,800 across England (£110,500 in London). Lower discounts of £24,000 and £8,000 are available in Northern Ireland and Wales respectively.
Whether you’re ready to go ahead or simply considering the option of buying your property, we’d be delighted to hear from you. Contact a member of the team at UK Property Finance anytime for an obligation-free consultation.