right to buy scheme
Right to buy mortgages can be used by tenants who live in public housing and want to purchase their property under the right to buy mortgage scheme . People who currently rent their property from a local council, housing association (non-charitable) or a housing action trust, are considered public housing tenants. The majority of properties purchased under the right to buy mortgage scheme are local authority houses.
By using the Right To Buy, you get a discount off the properties valuation. This discount varies depending on where you live and how long you have been a tenant.
You must have spent 2 years as a public sector tenant in order to qualify for the Right to Buy, the discount available to you after two years is 32% for houses and 44% for flats. If you are buying a house, you are eligible for 1% more discount for each extra year, up to a maximum limit of 60%. If you are buying a flat, you are eligible for 2% more discount for each extra full year, up to a maximum limit of 70%.
But, whatever percentage you are eligible for, your discount cannot be greater than the maximum discount for the area in which you live.