If you have been a tenant for 5 years you may have the opportunity to purchase your home at a discounted price. The amount of discount available to tenants is reflective on how long you have lived in the property.
A right to buy mortgage for many is a better alternative to renting long term.
A new law means Housing Association tenants must apply to buy their home before 28 August 2022. At present there is no change to the right to buy for Housing Executive tenants.
There are a number of lenders that will accept the discount given as your full deposit without any further personal deposit monies required. Therefore, potentially no personal deposit outside of discount required to own your home. This will depend of course on the discount amount offered and lender criteria. We would recommend prior to applying to purchase the house you are renting that you contact us so that we can advise if you are mortgage ready and in a suitable position to secure a right to buy mortgage. Please ensure this is well in advance of 28 August 2020 if a housing association tenant. Then you can confidently apply to purchase the house and let us help you buy your own home. You may wish to read our First Time Buyer Mortgage Process Guide to get a better understanding of the mortgage application process.