What is Right to Buy? and can I get a mortgage/remortgage deal? | |
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The Right to Buy SchemeThe Right to Buy scheme was introduced by the Thatcher Government in 1979. The idea was to give millions of people who live in rented accommodation, the chance to buy their own house. Regency home loans have been helping to provide mortgages and remortgages for Right to Buy applicants for over 10 years. If you're looking for a Right to Buy deal on a mortgage, Regency home loans are certainly worth a look.Enter a few basic details, and Regency Home Loans will call you back to discuss your requirements. | |
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Introduction of the Right to Buy Scheme in 1979In 1979 more than five million council house tenants in England were given the right to buy their council owned home.The Housing Bill gave tenants who have lived in their home for up to three years a 33% discount on the market value of their home, increasing in stages up to 50% for a tenancy of 20 years. The government plan was to transform the social structure of Britain. Michael Heseltine, the then secretary of state for the environment, said: "This bill lays the foundations for one of the most important social revolutions of this century." Am I eligible to buy my council house / housing association houseRight to Buy entitles eligible tenants to buy their home at a minimum discount of 32 per cent of the market value for a house or 44 per cent for a flat. Tenants of longer standing are eligible for an additional 1 per cent discount per additional year of occupancy for a house, up to a maximum of 60 per cent. The annual increment for flats is 2 per cent, up to a maximum of 70 per cent. For more information about mortgages for your Right to Buy property, contact Regency by giving them a few basic contact details.Find details of Regency Right to Buy Loans | |