Do you want to own the council property you live in?
You could be eligible for a mortgage under the Right to Buy Scheme. This allows most council tenants to buy their council home at a discount.
Depending on the discount available, you can usually borrow additional funds for home improvements – perhaps it is time to get that new kitchen or bathroom you have always wanted!
It is also possible to secure a right to buy mortgage if you have a less than perfect credit history as long as you can evidence that you have enough income to support the mortgage.
Right to Buy discounts can be generous and mortgage interest rates right now are low. You may be surprised to know that 100% mortgages may also available on the discounted purchase price so you may not need to contribute towards a deposit. This can potentially make right to buy a very attractive option to investigate.
There are different rules for Wales, Scotland and Northern Ireland.
You can apply to buy your council home if:
• it’s your only or main home
• it’s self-contained
• you’re a secure tenant
• you’ve had a public sector landlord (for example, a council, housing association or NHS trust) for 3 years – it does not have to be 3 years in a row
You can make a joint application with:
• someone who shares your tenancy
• up to 3 family members who have lived with you for the past 12 months (even if they do not share your tenancy)