Right-to-Buy scheme expansion set to benefit thousands

Right-to-Buy scheme expansion set to benefit thousands

More housing association tenants will have an opportunity to buy their homes through the Government’s right-to-buy scheme, as a result of the Chancellor’s plans for a ‘large-scale’ pilot programme.

In his Autumn Statement, Philip Hammond confirmed he would drive the right-to-buy scheme forward, giving thousands of housing association tenants the chance to become homeowners for the first time.

The scheme will allow eligible tenants, who have lived in their property for 10 years or more, to buy them at a discount of up to 70 per cent, and is intended to help more people to become homeowners.


Pete Ball, chief executive of personal finance at specialist lender Together, commented: “We welcome the Government’s announcement of an extensive pilot of right-to-buy for housing association tenants; a move that, if successful, should help thousands of tenants to get onto the housing ladder. We have been providing right-to-buy loans to council tenants for over 10 years and last year alone, helped hundreds of customers to buy their rented property and become homeowners. Unfortunately a large proportion of these tenants are often unable to borrow from mainstream lenders because of the type of property, or because of their income stream.

We cater for a variety of income sources, including DWP, and for a range of property types, as well as those with a less-than-perfect credit history, and we have committed funding of  £100m for right-to-buy customers. It is encouraging that this pilot, if successful, could give many more consumers the chance they were hoping for.”

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Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

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NathanG
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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Landlady14
Landlady14 01 Mar 2017

You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

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Mark
Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

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Ben Taylor
Ben Taylor 28 Feb 2017

I was convinced that London was the most expensive!

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Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

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James Powell
James Powell 27 Feb 2017

This is a very good news.

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DanHumphreys
DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

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Matt
Matt 20 Feb 2017

Is this fake news?

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Matthew Hollywood
Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

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CommercialTrust
CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

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