Right to Buy is a government scheme that lets you buy your home at a substantial discount if you’re a council tenant. You might even be able to use your discount as a mortgage deposit so you can buy your home with less savings.
If you’ve lived in a house for anywhere between three and five years, you’re eligible for a 35% discount off the property value. If you have lived there for longer than five years, that discount increases by 1% for every extra year that you’ve been a local authority tenant, up to a maximum of 70% in total. This is capped outside of London at a maximum discount of £84,600. If you are inside London it’s £120,800.
For flats it’s very similar, the only difference is instead of 1% extra discount for every year above five years tenancy, It’s 2%.
