Right to buy
Not bought your council house yet? ... Do it before it's too late.
Right to Buy (RTB) is the home ownership scheme introduced by central government in 1981, giving secure council tenants the opportunity to buy the house or flat they live in at a lower than open market price.
Although it has been in operation for over 20 years, RTB continues to be very popular, with hundreds of applications being received every year.
To qualify for a right to buy mortgage you must:
- Be the legal tenant of the property you wish to purchase.
- Have been a tenant of this Council or another "right to buy" landlord for at least two years.
You may be entitled to a discount off the purchase price of your home. The amount of discount depends on how long you have been tenant of the Council or other "right to buy" landlord, and the type of dwelling you are living in.
There are two options available under the right to buy:
You can buy your home by paying the full purchase price at once with discounts ranging from 32% to 70% dependent on how many years you have spent as a public sector tenant and subject to a maximum discount limit for the area you live in.
- Houses - The discount after two years is 32% with an additional 1% for every extra year up to a maximum of 60%
- Flats - The discount after two years is 44% with an additional 2% for every extra year up to a maximum of 70%
Buy your house and have cash to spare. With Cavendish you can borrow more money than the purchase price that the council has said you can buy the property for.
Example: Property Value £100,000 less Council discount £38,000 = £62,000
Cavendish can arrange a mortgage for you of £62,000 to buy your house, PLUS £23,000 cash for you to spend on whatever you want, a new kitchen, a dream bathroom, home improvements or whatever, it's up to you.
For more detail call 0800 279 6000 or apply online
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