With many people living in Council and Housing Association Properties, the Government offers a Right to Buy Scheme which offers a maximum £108,000 off the market value in London (£80,900 if outside).
So what happens if you are living under the Southwark Council and your income isn't enough to purchase the discounted price? Well once they have issued an offer to you, within 12 weeks you can apply to purchase 25%, 50% or 75% of the discounted price. This is done under the Shared Ownership Scheme which means the council will own the remainder share and rent will be payable to them.
Currently Levana Finance works closely with the council in the South London area. Not all councils offer this scheme so it's best to speak to us and the local council involved.
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it.