Everybody has the right to buy a home. But the term means that the council tenant may have the right to purchase the home where he currently lives. However, not everyone who rents a home is eligible for this type of mortgage. But by the time that you are qualified, you will be able to purchase a home that is more convenient as well as less expensive than what you think. When you are entitled for a for the right to buy scheme you will be able to get a home at the price that is cheaper than the current market value of the property.

More often than not, the council tenants who have been living in a certain home for so many years already are the ones who have the entitled for this type of mortgage. Of course, the longer they have been living there, the lesser would be the price of the house.

The regulations about the right to buy programs differ from one country to another. Usually, one must be living as a council tenant for at least 5 years before they are entitled for the right to buy mortgages. However, there are some countries that offer council tenants the chance to get their own home for less when they are already a secure tenant for more than 7 years.

But although this type of mortgage can help you in acquiring a home for a cheaper price, there are also some disadvantages as well including the responsibility to pay for the home repairs since your council will only aid you financially if there is a major repair needed in the home your acquired.