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The Right to Buy scheme allows existing tenants of public housing in England to purchase the 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, which is likely if you are over the age of 60. 

 

Am I eligible? 

 

To be eligible for Right to Buy, you must be a secure tenant (have been a tenant for at least 12 months) for at least three years. The tenancy doesn’t have to be consecutive, either. You just need to have been a secure tenant for three years total. 

 

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

 

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, but it does not differ with age. 

 

The Right to Buy discount for houses: 

 

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

 

The Right to Buy discount for flats: 

 

A discount of 50% of the property value applies after three years’ tenancy, and after five year’s tenancy, the discount applicable increases by 2% per extra year you have been a tenant. The discount 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. 

 

This is where it can get tricky as an over 60, as typically lenders are hesitant to lend to over 60s applicants due to age and other risk factors. 

 

By talking to one of our expert advisers, we can ensure your application is the best it can possibly be, and advise on the right deal for your circumstances. 

 

For advice on getting an over 60s Right to Buy mortgage, speak to one of our expert advisers who will be able to help you with the next steps.