Most Council Tenants have "the Right To Buy" their home. The right to buy means you can buy your home from a local authority, a non-charitable housing association or a housing action trust. Usually a "right to buy" mortgage will cost less than on the open market because as a tenant you can obtain a discount on the loan.

Under the right-to-buy scheme, council tenants are entitled to a discounts on the value of their house.

If your tenancy began before18 January 2005, you must have been a public sector tenant continuously for at least two years to qualify for discount.

• if you live in a house, your discount will be between 32% and 60%
• if you live in a flat, your discount will be between 44% and 70%

If your tenancy began on or after the 18 January 2005, different rules apply (as amended by the Housing Act 2004). You must have been a public sector tenant for at least five years to qualify.

• if you live in a house, your discount will be between 35% and 60%
• if you live in a flat, your discount will be between 50% and 70%

Maximum discount

There is a ceiling on all discounts, this varies according to where you live. In Greenwich, the maximum discount allowed is 16,000.

To qualify for a Right to buy Mortgage Loan you must:

If you have been renting your Council or housing association home for at least 2 years, you may be entitled to buy yourproperty at a discounted price. Your discount is based on the number of years you have spent as a public sectortenant.

(Please note that the rules have recently changed, if your tenancy began on or after 18 Jan 2005, you will have to wait for 5 years to qualify for right to buy)

Various mortgage schemes are available which allow capital raising for home improvements.
Monthly mortgage payments are often lower than rental costs.