Right to Buy mortgage rates scheme revamp.

The Government's Right to Buy mortgage rates scheme could help many renting house-holders get on the property ladder.

The revamped Right to Buy mortgage rates scheme aims to offer a discount of up to £75,000 to social housing tenants who want to purchase their property.

The Department for Communities and Local Government has published final scheme details. From April social housing tenants could be given a discount of up to £75,000. The current discount cap for those living in London will be increased more than four fold and the cap in most other parts of England will be trebled.

Under the present system discounts are subject to a cap which differs region to the region. For example the highest cap is £38,000 and applies to the South East.

Housing minister Grant Shapps commented saying that the number of affordable homes in the country will not be reduced by the scheme because homes bought under Right to Buy will lead to the provision of new homes for rent.

Councils have the option to sign a Government agreement to use the proceeds from house sales to build new housing in their area.

Commenting on the Right to Buy mortgage rates scheme and the NewBuy Guarantee scheme David Cameron said that his government are not just talking about increasing home ownership, they are actually making it happen.

Deal Direct can source a competitive deal for those interested in the Right to Buy or NewBuy Guarantee scheme. Contact us today and we will begin a 'whole of market' search on your behalf.