The information contained within this website is subject to the UK regulatory regime and is targeted solely at consumers in England.

The Mortgage Lady - assisting you with Right to Buy

is pleased to explain

 your Right to Buy discounts.

Now to caclulate the Right to Buy discount you might expect

Simple, friendly and professional advice for anyone considering Right to Buy in South Oxfordshire or Berkshire, from

Janet Hall - assisting you with Right to Buy
Janet Hall - 115 The Street, Crowmarsh Gifford, Wallingford, Oxon OX10 8EF   Tel: 0330 999 1955
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The discount represents both your deposit and the equity you will hold in the property once you execute your Right to Buy
The maximum amount of your discount to which you are eligible under the Right to Buy scheme will be calculated from a combination of your first social housing tenancy start date, the period you have maintained a secure tenancy and the type of property involved.
 
Under the legislation in force from 2nd April 2012 the discount will be as indicated in the following calculations, with an absolute maximum of 75,000 ....

Tenancy Start

Type of Property

Initial Discount

Annual Increase

Maximum Discount

Before 18th January 2005

House

32% after 2 years

1%

60% after 28 years

Before 18th January 2005

Flat

44% after 2 years

2%

70% after 13 years

On or after 18th January 2005

House

35% after 5 years

1%

60% after 28 years

On or after 18th January 2005

Flat

50% after 5 years

2%

70% after 13 years

If you have previously benefitted from a Right to Buy purchase discount you will not receive the full discount on a subsequent purchase under a Right to Buy scheme.
 
If the landlord has recently purchased, modified, renovated - or otherwise invested in the property - the ‘cost floor’ rule may be used to limit your discount and ensure that the landlord is able to recover such investment.
 
 
That is the basis on which your discount would be calculated, but you also need to understand the likely cost of your mortgage to buy the balance. To help with this I have a mortgage search facility and some cost calculators included on this site .....
Click here to go to my Right to Buy mortgage search and cost calculators
THERE MAY BE A FEE FOR MORTGAGE ADVICE - TYPICALLY 350 FOR A PURCHASE UNDER THE RIGHT TO BUY SCHEME
RIGHT TO BUY MORTGAGES - The overall rate for comparison is 4.5%. The actual rate will depend on your circumstances.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENT ON YOUR MORTGAGE
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Janet Hall is an appointed representative of TenetLime Ltd which is authorised and regulated by the Financial Services Authority.
TenetLime Ltd is entered on the FSA register (www.fsa.gov.uk/pages/register) under reference 311266
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Mortgage and insurance advice for Right to Buy in OX1, OX2, OX3, OX4, OX9, OX10, OX11, OX12, OX13, OX14, OX33, OX39, OX44, OX49, RG1, RG2, RG4 RG5, RG6, RG7, RG8, RG9, RG10, RG14, RG17, RG18, RG19, RG20, RG30, RG31, SL6 & SL7.