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Right To Buy Mortgages

Right to Buy is a government housing scheme in the United Kingdom that gives eligible tenants of council properties the right to purchase their homes at a discounted price.

How does Right to Buy work?

Tenants can apply for the Right to Buy scheme if they have lived in a council property for at least three years. The discount percentage varies depending on how long someone has been a tenant and the type of property they wish to buy.

What are the benefits of Right to Buy?

The main benefit of Right to Buy is that eligible tenants can become homeowners at a discounted price. This allows them to build home equity and save money on rent payments in the long run.

However, tenants need to consider the responsibilities of homeownership, such as maintenance and repairs, before applying for Right to Buy.

What are the risks of Right to Buy?

One potential risk of Right to Buy is that the property may decrease in value over time. This could result in the homeowner owing more on their mortgage than the property is worth if they decide to sell.

Another risk is that homeowners may be unable to keep up with mortgage payments and could potentially lose their home if they default on the loan.

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