What is 'Right to Buy'?

' Right to Buy' is when a council tenant for two or more years is given the right to buy their council property. The offer normally includes a discount related to the length of occupancy. It's a good idea to take up the offer of 'right to buy' because the monthly mortgage repayments may well be less than your monthly rent payments - and you have the added bonus of actually owning the property at the end of the mortgage term.

Under 'right to buy' legislation, properties are sold at a discounted price, and not at prices related to the housing market. You are expected to continue with the mortgage for at least three years, if you decide to sell within that time then you may be liable to repay some or all of the discount to your local authority.

Don't forget, if you're getting a mortgage for a 'right to buy' property - you could always borrow some extra to cover home improvements or to pay of your existing debts like personal loans and credit cards.