Renting a home is a popular choice for many individuals in Newcastle, initially perceived as a more affordable option. The task of saving for a deposit while managing rental costs and other expenses can present significant challenges.
If you currently rent a home and aspire to purchase the property you reside in, there may be encouraging news for you. You could potentially be eligible for either the Right to Buy in Newcastle or Right to Acquire schemes.
The Right to Buy scheme is specifically designed for tenants of local councils, while the Right to Acquire scheme applies to individuals renting from housing associations. Generally, to qualify for these schemes, you need to have been a public sector tenant for a minimum of three years.
Eligible applicants may enjoy the benefit of a discounted purchase price based on the duration of their tenancy. In some cases, this discount may even be considered sufficient by certain mortgage lenders to meet the deposit requirement.
It’s important to note that while a discount may be available, it is still advisable to save for a deposit in some instances. Certain lenders may require a deposit, and having one can also improve your access to more favourable interest rates.
If you are a first time buyer interested in a Right to Buy in Newcastle, it is recommended to reach out to your local authority, as they own the property you are renting. They can provide information regarding your eligibility and guide you through the process of exploring this option.
By taking advantage of the Right to Buy in Newcastle or Right to Acquire schemes, you have the opportunity to transition from being a tenant to becoming a homeowner, potentially enjoying the benefits of ownership and long-term stability in the property you currently call home.