Do you qualify for a discount to buy your council house?
Did you know you might be able to buy a house at a discount and without even any deposit?! How good is that?!
If you are buying a house from the council or a housing association, you qualify for a DISCOUNT on the market value of the property. MANY LENDERS TREAT THIS DISCOUNT AS DEPOSIT so you don’t need any more savings to buy.
Of course, you may still wish to add on to the purchase and take a smaller mortgage.
Always check with a qualified mortgage adviser as not all lenders are the same and some may still ask you to have a deposit.
How much discount can you get then?
Discount levels are different by the length of tenancy, type of property and region.
For example, after 3 years of living in a #councilhouse, you can get 35% discount of the market value of the property. When you have lived in the house for 5 years, this discount then goes up by 1% with every year up to a maximum of 70% discount.
To calculate your discount eligibility, use free calculator tool:
If you are buying from the Housing Association, the discount you could get is between £9,000 and £16,000 of the price of your property.