The Right to Buy scheme isn’t viable for everyone, but there are alternatives to it, meaning you can still have the chance to buy your own home.

Rent to Mortgage scheme

If your Right to Buy mortgage application is unsuccessful, you may still be able to purchase a percentage of the property through another scheme known as the Rent to Mortgage scheme.

Through this scheme, you will be able to purchase a share of the property and pay a mortgage on this amount of the house. The remaining share is retained by the landlord, who will still receive rent from the tenant.

The traditional route

Should you find that you are unable to qualify for the Right to Buy scheme, or if it does not appeal to you, you can of course attempt to purchase a house through more traditional means.

This could mean either staying in your current home and paying rent while saving up the money required for a deposit, or even moving back in with your parents in order to save money.

Social Homebuy

Social Homebuy is a scheme run by a number of housing associations or local authorities; the scheme provides tenants with an opportunity to purchase a share in their rented property.

Tenants have the option to purchase an initial share of at least 25 per cent of their home, with the rest of the property remaining in the possession of the landlord. Following this, the landlord will reduce the rate of rent proportionate to the percentage of un-owned equity.

Tenants can keep purchasing shares from the homeowner until they own 100 per cent of the property. The price of these shares is based on the property’s market value at the time of purchase.

Even once 100 per cent of the property has been purchased, it is possible that there may be service charges that still have to be paid. For full information on this matter, you should speak to the relevant landlords as they will inform you of any and all fees.

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