Property Guide:Looking to Rent
Right to Buy Schemes
Traditionally the Government has offered right to buy schemes to council tenants and first time buyers. These give small share and favourable financing options to council housing tenants allowing them to take a first step onto the property ladder. The share can start off as low as 10%.
You can find out more about Social HomeBuy in our Key Worker Homes Section.
However, as the UK property market has become more expensive, other organisations have tapped into the ‘right to buy' market offering a similar scheme but on the open market. These ‘right to buy' schemes typically offer a tenant the opportunity to rent a property of their choice and then offer the tenant the option to buy it at a later date. The price of the property can be anchored at the outset meaning that the price of the property does not rise and become further out of reach.
There does tend to be a slight premium built into the rent which goes towards the cost of the scheme and the deposit.
The Government is also piloting a similar scheme called Rent to HomeBuy. Under this scheme, first time buyers in England with a household income of £60,000 or less will be able to rent at 80% of the market rate in order to help save for a deposit. After two or three years, they would then have the option to buy 25% or more of the property.
Find out more about these private right to buy schemes in our lease option section.
Most useful and most popular pages on this site:
Look for your First Property
l Seek First Time Buyer Mortgage Advice
l See our Best First Mortgages Comparison
Table l Find out about First Time Buyer Mortgages
l Find out How to Buy a House
l Learn all about The First Time Buyer Mortgage
l Shared Ownership