Right to Buy
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What is Right to Buy?
If you rent a local authority property the chances are that you will have a right to buy the property at a discount from the local authority, this means that subject to your income you will not need a deposit as the mortgage lender will accept the discount that the council are giving you as you deposit.
In many cases this means that that not only are you able to buy the property at a discount your mortgage rate will be less than if you purchased in the private sector. Not all lenders accept right to buy applications so consult a whole of market mortgage broker for your best options.
Your Right to Buy
Your first step is to contact the council and get them to send you your right to buy papers, this will detail the value, that the council believe the property to be worth which is generally lower than the open market value and the discount amount they are offering off that value, which will be the price that you will pay.
Scotland are looking at stopping local authority tenants from buying their council properties and it may not be too long before the rest of the UK follows suit, so if you do have the right to buy don’t wait too long.