Unlock homeownership opportunities. Right to acquire: Your path to property ownership.
Eligibility: To qualify for the right to acquire scheme, you typically need to have been a tenant of a housing association property for a specific period, usually ranging from three years or more. Certain housing associations may have additional criteria, so it’s essential to check with your specific housing association.
Discounted Purchase: The key feature of the right to acquire scheme is that you can buy the property you’re currently renting at a price below the market value. The discount amount may vary depending on factors such as the property’s location, the length of time you’ve been a tenant, and the policies of your housing association.
Securing a Mortgage: To purchase the property under the right to acquire scheme, you would typically need to secure a right to acquire mortgage. These mortgages are specifically tailored for this purpose and may offer favorable terms to help make homeownership more affordable for housing association tenants.
Ownership: Once you’ve purchased the property, you become the owner, and it is no longer owned by the housing association. You’ll be responsible for maintaining the property, making mortgage repayments, and covering all other costs associated with homeownership.
The right to acquire scheme is designed to provide housing association tenants with the opportunity to own their homes and enjoy the financial benefits of homeownership.
However, it’s important to carefully consider the financial implications and responsibilities that come with property ownership before proceeding with a right to acquire mortgage.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
