The government’s decision to launch a £200m pilot scheme last week to extend Right to Buy to housing association tenants - with a pledge to replace each property sold with a new affordable home - presents a “fantastic opportunity” for many tenants to get a foot on the housing ladder, according to a senior specialist lender.
The pilot, in the Midlands, which comes after an historic voluntary agreement between the National Housing Federation (NHF) and the government with a view to giving 1.3million tenants the chance to achieve their property-owning dreams, will offer significant discounts of up 50% on price of their home, for individuals and families who have been living in the property for more than three years.
Pete Ball, personal finance CEO at Together, said there was a demand from housing association tenants who would be eligible for the new scheme.
He said: “This is a fantastic opportunity for hard-working families - many who have rented their homes from housing associations for years - to be able to own them outright for the first time.”
Together can help those who qualify by providing Right to Buy mortgages, with the products available most likely to appeal to those who are often underserved by mainstream banks and building societies.
Ball added: “Home ownership plays a vital role in social mobility, and the financial security needed for people to build a future.
“We’re excited to be helping housing association tenants do this under the voluntary Right to Buy scheme to give them the opportunity to realise their dreams.”
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