RIGHT TO BUY MORTGAGES
The Right to Buy scheme helps eligible council and housing association tenants in England to buy their home with a discount of up to £108,000 (£80,900 outside London).
Changes to eligibility
In May 2015, the eligibility criteria was reduced from five years public sector tenancy to three. This means you now have to be a tenant for three years instead of five before you can apply to buy your home.
Making a joint application
You don’t have to do it alone – you may be able to make a joint application for Right to Buy. If you’re eligible, you might be able to buy your home with:
- Someone who shares your tenancy
- Your spouse or civil partner
- Up to 3 family members who’ve lived with you for the past 12 months. They don’t have to be on your tenancy agreement but it must be their main home
There is nothing in law that specifies how a Right to Buy purchase should be financed. A family member (or someone else) could provide the funding for the purchase. However legal ownership of the property can only be in the names of the eligible tenant/s and other eligible applicants. We recommend that you get financial and legal advice on mortgages who will be able to point you in the right direction.