The Government has confirmed the extension of the Right to Buy discount scheme to enable Council tenants to purchase their homes at discounted prices which could be worth up to 50% of the market value.
Under the scheme, those who have been a Council tenant for 5 years could receive a 35% discount with an extra 1% for each added year up to a maximum of £75,000. Tenants in flats will get 50% off after 5 years with 2% added yearly.
“This increase in discounts could open the door for millions of tenants in England and offer the opportunity to purchase a property with an affordable mortgage and climb on the property ladder,” said mortgage adviser Nigel Bull.
Nigel is one of a team of Mortgage Advice Bureau (MAB) representatives available to provide mortgage advice at Besley Hill Estate Agents’ 15 offices throughout Bristol and Gloucestershire.
For further details on how to purchase your Council home and to find out if you are eligible for this increased discount, contact Nigel Bull at Besley Hill’s Longwell Green branch (tel 0117 932 5686, email longwell@besleyhill.co.uk) or a MAB adviser at any Besley Hill office.
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