This page refers to shared ownership scheme in England only, different rules apply in Northern Ireland and the right to buy scheme is not available in Scotland or Wales.

Under the Right to Buy scheme some council home and housing association tenants have the opportunity to buy their property at a big discounted price. In recent years the Government has attempted to expand the scheme, meaning even more renters are eligible. Those who qualify for Right to Buy can get a discount off the market value of the home they live in. Currently the biggest discount possible is £84,600 across England and £112,800 if you live in London, though these thresholds increase each April. How big a discount you can actually get depends on a few factors, including whether you live in a house or a flat, and how long you've been a public sector tenant for. You don’t need to have a deposit of your own as the discount agreed with your local council will act as the deposit. Effectively you buy the property for the full market value but you borrow the amount the council have agreed to sell the property to you for.

Here's how you know what discount you can get.

Houses

You get a 35% discount if you’ve been a public sector tenant for between 3 and 5 years.

After 5 years, the discount goes up 1% for every extra year you’ve been a public sector tenant, up to a maximum of 70% or £87,200 across England and £116,200 in London boroughs (whichever is lower).

Flats

You get a 50% discount if you’ve been a public sector tenant for between 3 and 5 years.

After 5 years, the discount goes up 2% for every extra year you’ve been a public sector tenant, up to a maximum of 70% or £87,200 across England and £116,200 in London boroughs (whichever is lower).

If the council home is your only home then effectively you will qualify for the right to buy scheme, subject to checking your affordability and credit status. If you want to move home or sell during a period of 5 years there will be a clause stating you have to repay a certain portion of the discount you received, the amount of this depending on how long into the 5 years agreement period will vary depending on councils.

Your home may be repossessed if you do not keep up repayments on your mortgage