Purely Right to Buy Mortgages

Discounts Available

 

To find out what discount you could be entitled to, look under your years of tenancy and then across to the house or flat/maisonette column depending on what type of property you are living in and that is the percentage of the discount you could be entitled to.

 

To find out how much your property is worth and how much you may be able to buy it for, why not call us on 0800 988 6564.

Years of Tenancy

House %

Flat/Maisonette %

3

4

5

10

15

20

25

30

35

40

Over 40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35%

35%

35%

40%

45%

50%

55%

60%

65%

70%

70%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50%

50%

50%

60%

70%

70%

70%

70%

70%

70%

70%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The discount rules

 

The Right to Buy scheme gives tenants a discount on the market value of their home. The longer you have been a tenant, the more discount you get. The maximum discount you can get is £80,900, unless your home is in London where the maximum discount is £108,000. The maximum discounts will increase on 6 April each year if the Consumer Price Index increases. If the Index does not increase, the discounts will remain the same.

 

Qualifying period

 

Subject to this limit, the amount of discount for which you are eligible depends on the time you have spent as a public sector tenant, with:

 

• your present landlord

• another ‘Right to Buy landlord’

 

You must have been a public sector tenant for at least 3 years in order to qualify for the Right to Buy. If you live in a house, you can get a discount of 35 per cent after 3 years tenancy. You also get 35 per cent after 4 and 5 years tenancy.

 

For each extra year after that, you get another 1 per cent for each year of tenancy up to a maximum of 70 per cent. If you live in a flat, you can get a discount of 50 per cent after 3 years as a tenant. You also get 50 per cent after 4 and 5 years tenancy. For each extra year after that, you get another 2 per cent for each year of tenancy, up to a maximum of 70 per cent.

 

But, whatever percentage you are eligible for, your discount cannot be greater than £80,900, unless your home is in London where the maximum discount is £108,000.

 

The qualifying period for discount can include time spent in different homes and with different landlords.

 

This doesn’t have to be continuous, so long as it was a public sector tenancy. You may also be able to count a period when your husband, wife or civil partner was a public sector tenant or lived in housing provided by the armed forces. If you lived with your parents after the age of 16 and you later became the tenant of the same house or flat, you may be able to count that time too.

 

If you are buying jointly with someone who has a qualifying period longer than yours, you will get their higher rate of discount (subject to the £80,900 or £108,000 limit).