What are Right to Buy mortgages?

The Right to Buy was introduced by the Housing Act 1980 and gives local authority tenants in England the Right to Buy their homes at significantly discounted prices. There are different rules for Wales, Scotland and Northern Ireland.

You are eligible to participate in the Right to Buy scheme if the home you are renting is your main residence, it forms a self-contained dwelling unit, and you have been a public sector tenant (of the council, a housing association, or an NHS trust) for three years.

In a posting dated the 6th of May 2020, the Money Saving Expert also explained the government’s decision to trial rolling out the scheme to housing association tenants, too. It pointed out that there are approximately 2.5million housing association tenants in England, 1.3million of who have lived in those homes for at least three years and who may now qualify for the Right to Buy.

What is a Right to Buy mortgage, and how does it work? …
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