Your home may be repossessed if you do not keep up repayments on your mortgage.
The Right to Buy scheme lets eligible council tenants buy their home at a discount. If you've rented from the council for at least three years, you might qualify.
The discount depends on how long you’ve lived there and whether it’s a house or flat. It’s an alternative way to become a homeowner, for less than market price.
The maximum discounts range from between £16,000 and £38,000, based on your region.
Subject to application, status and lending criteria. You may be offered a higher rate.
A mortgage of £152,000 payable over 21 years, initially on a fixed rate for 5 years at 7.84% and then on a tracker rate of 1.8% above the Together Homeowner Managed Rate (THMR) currently 8.50% (variable), for the remaining 16 years, would require 60 instalments of £1,248.98 followed by 192 monthly payments of £1,452.37 plus a redemption administration fee of £100.00. Read more information on THMR.
The total amount payable would be £353,893.84 made up of the loan amount (£152,000) plus fees (arrangement fees (£1,495), broker fees (£631) and redemption admin fee (£100), plus interest (£199,667.84).
The overall cost for comparison is 9.6% APRC representative.
The actual rate available will depend upon your circumstances. Ask us for a personalised illustration.
You could go from renting your council house to owning it in six simple steps with a Right to Buy mortgage:
Check out our full step by step guide to getting a Right to Buy mortgage so you can see exactly what to expect.
Do you want to understand the potential cost of your mortgage or loan?
We can give you an idea of the monthly costs with just a few details like the property value, your deposit amount and how long you need the loan to last.
Find out hereWith Together, mortgage applicants must match the Right To Buy named applicants exactly. If the tenancy is in joint names – the mortgage must also be in joint names.
If you’re eligible for the Right to Buy scheme, you could be able to make a joint application with the following people:
At Together, we don’t always need you to have a deposit, especially if you submitted your Right to Buy form to your council before 21st November 2024.
However, some lenders will require that you have a deposit contribution ready to purchase your home.
As with any other home you’re looking at buying, there are extra costs on top of the purchase price. These include legal fees and a house survey.
Most tenants in England will be eligible to buy their council home, as long as you meet the following criteria:
The Right to Buy scheme is no longer available in Wales and Scotland.
Also, changes to the scheme in England that came into effect on 21st November 2024 may mean that you get a lower discount and may need a deposit (if you didn’t submit your Right to Buy (RTB1) form to your council before that date).
Yes, but if you sell your Right to Buy home within 5 years of buying it you’ll have to pay back some or all of the discount, the amount of which depends on the current value of your property.
If you sell your house in the first year you’ll have to pay back all of the discount. After that, the total amount you pay back reduces:
For further information on the Right to Buy scheme, please visit the government’s Right to Buy page.
If your home was once owned by the council but then sold on to your current landlord/housing association, you may qualify for Preserved Right to Buy. Your landlord will be able to tell you if you’re eligible for this, and if not, you may be eligible for the Right to Acquire scheme instead.
Right to Buy is a government scheme which allows most council tenants to buy their council home at a discounted rate.
