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The Right to Buy scheme allows existing tenants of public housing in England to purchase their property at a price below the current market value. 


The scheme allows council and housing association tenants in England the chance to buy their home with a discount of up to £104,900 within London, and £78,600 outside of the capital. 


All that is required is that you have been a tenant of public-sector housing for three years. 


Am I eligible? 


To be eligible for Right to Buy, you must be a secure tenant for at least three years and have been living in the property you are wanting to purchase for 12 months. The tenancy doesn’t have to be consecutive, either. You just need to have been a secure tenant for three years in total. 


If you’ve experienced financial problems such as bankruptcy or debt issues, then this may affect your eligibility.  


To check your eligibility for the Right to Buy scheme, or if you are unsure on your credit rating, talk to one of our expert advisers. 


The Right to Buy discount 


As previously mentioned, the maximum discount available is £104,900 within London and £78,600 outside of the capital, and differs slightly for houses and flats. 


The Right to Buy discount for houses: 


A discount of 35% of the property value applies after three years’ tenancy. After five years’ tenancy, the discount increases by 1% per extra year you have been a tenant and is capped at a maximum of 70%. 


The Right to Buy discount for flats: 


A discount of 50% of the property value applies after three years’ tenancy. After five years’ tenancy, the discount increases by 2% per extra year you have been a tenant, and is capped at a maximum of 70%, just like with houses. 


How does a Right to Buy mortgage work? 


A Right to Buy mortgage is submitted in a similar way to any other mortgage, except the application is sent off to your landlord, who will then respond with an offer. 


From there, a Right to Buy mortgage works just like a normal mortgage. 


For advice on how you can use Right to Buy to purchase your property, speak to one of our expert advisers who will be able to help you with the next steps.