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Under ‘right to buy’ legislation, if you have been a council tenant for two or more years you may have the opportunity to buy your council house at a discount to its current open market valuation. The discount will be proportional to your length of occupancy.
The monthly mortgage repayments are often less than your monthly rent payments – so it’s well worth considering – and at the end of the term the property will belong to you. However, remember that you become fully responsible for the insurance and maintenance of the property.
Whilst organising your mortgage you may be able to take the opportunity of raising more capital than you need to make the purchase of your home. You can then use this additional capital to make home improvements or consolidate other debts.
Please be aware that if you decide to resell the property within a three-year period, you may have to pay back some or the entire discount to your local authority.
Your local Council Authority will provide you with more information.
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