What You Need to Know About Home Buying Grants

Home buying grants are designed to help people, who live in council or association housing, buy their home. There are a variety of grants available and any tenant can apply providing they have been in council housing at least five years. The home buying grants are also known as "right to acquire" or "right to buy" schemes. Not only does a person receive help buying their home, they also have the opportunity of buying their home at a discounted price.

While you have to have been an association or council tenant at least five years,this is not consecutive and can span over any amount of time. Unfortunately, certain council tenants do not qualify for home buying grants including the elderly who live in sheltered housing and  disabled people who live in an assisted living environment.  Not all association housing qualifies for the home buying grants; a person would need to check with the specific property owner before making an application.

People living in association housing usually apply for the "right to acquire" grant, successful applicants are usually able to buy their home at a reduction of between £8,000 and £15,000 of the market value. People who have been evicted from association housing or who have been made bankrupt in the last seven years are not able to apply for the home buying grants linked to association housing.

Council tenants can buy their own home under the "right to buy" scheme, and the discounted price they pay depends on how long they have lived in their home. If you have been a council tenant a long time, you will receive a larger discount on the market value of your house. To begin an application, you should speak to your specific council and ask them to check if you qualify.

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