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Right to Buy Scheme Explained

Originally introduced through the Housing Act 1980 the Right To Buy Mortgage Scheme has enabled tenants of council properties the legal right to buy the property they are living in, at a substantial discount.

How Does The Right to Buy Discount Work?

The maximum discount is £82,800 across England, except in London boroughs where it’s £110,500.

The discount you get depends on a few factors such as the value of your home, the type of property you are living in and also how long you have held a tenancy agreement.

For example, if you are living in a house you could get 35% discount on the market value if you’ve been a public sector tenant for between 3 and 5 years. If you have been a tenant for longer than 5 years you get a 1% discount for each additional year (up to the maximum mentioned above).

How Does The Right To Buy Scheme Work?

To start with, you will need to fill out an RTB1 application form which you will send on to your Landlord. If your Landlord wishes to sell the property to you, they will reply to the form with the following details:

o The value of the property at present.
o The discount you are entitled to.
o What is included in the price.

You have 12 weeks after you get your landlord’s offer to tell them you still want to buy.

The next step will be to get yourself a Right to Buy mortgage, which is where esbs comes in! Once you have agreed the purchase our mortgage advisers can help you obtain a mortgage suited to your needs and get you one step closer to owning your council home.

Please note, however, that to qualify for a Right to Buy mortgage with esbs the property must be of standard construction.


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