DIMORA MORTGAGES

Right to Buy

Did you know that you have the option to buy your council house through the Right to Buy scheme? If this is something you are considering, you will need the best right to buy mortgage advisor in Norfolk.

The Right to Buy scheme allows council house tenants to purchase their homes. Your eligibility for the scheme depends on several factors:

How long you have been a tenant of a public sector landlord, i.e. a council (if purchasing with another party, this applies to the party that has been the public sector tenant the longest).

The type of property you would like to buy, i.e. a flat or a house.
The value of your home.

The scheme gives you a discount on your home’s market value. However, the maximum discount applicable is £84,600, or £112,800 (as of April 2021) if the property is in London. The discount is tapered as follows:

Houses

  • Public sector tenant for 3-5 years = 35% discount
  • 5 years+ = 1% increase for every year you’ve been a public sector tenant, to a maximum of 70%, or £84,600 (£112,800 in London), whichever is the lower figure.

Flats

  • Public sector tenant for 3-5 years = 50% discount
  • 5 years+ = 2% increase for every year you’ve been a public sector tenant, to a maximum of 70%, or £84,600 (£112,800 in London), whichever is the lower figure.

Points to note about right to buy

If you sell your home within 5 years, you will have to repay your discount. How much depends on the length of time you retain your house.
You may receive a smaller discount if you’ve bought through the Right-to-Buy scheme before and applied again.

Your Dimora Right to Buy mortgage advisor will search for suitable mortgages that match you and your circumstances. Generally, you don’t need to put down a deposit under the Right to Buy scheme, and in some situations, you may be able to borrow additional money to pay for any home improvements you wish to make to your home.

If you’ve been a public sector tenant for 3 years or more and want to buy your home through the Right-to-Buy scheme, get in touch with our Right to Buy advisor today.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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