You will need to think about the added responsibilities before owning a home and need to be sure it is the right choice for you and your circumstances.

It is your responsibility to finance buying your home. For example, you may need to get mortgage or a loan to enable you to take up the Right to Buy. Keep in mind that house prices and interest rates could go down as well as up. Also, you may want to consider purchasing income protection or life insurance in case anything happens to you while paying back your loan or mortgage (some lenders require this).

Your home could be at risk if you fail to keep up with your mortgage or loan payments. You will also need to consider the one-off costs associated with buying a property too - such as stamp duty, a survey and solicitors fees.

As a homeowner, you will become responsible for all the costs of maintaining your home, including routine repairs, major structural repairs, and improvements to it. Don't forget general living costs when working out what you can afford (utility bills, food, transport costs etc.)

If you purchase a flat, you'll become a leaseholder and will need to pay service charges each year. This charge would go towards the maintenance of the building and surrounding area.

You won't be eligible for housing benefit/housing element of universal credit if you become a homeowner.

Contact us

If you are unsure or have any questions regarding Right to Buy please get in touch using the online form (opens in a new window) or by telephone on 01246 242424 and we will be happy to answer your questions.