Yes, there are several government schemes designed to help buyers secure mortgages on ex-council flats in the UK:
Help to Buy: This scheme provides an equity loan to help buyers purchase a new-build property with only a 5% deposit. While primarily aimed at new builds, some variations may apply depending on regional offerings.
Right to Buy: This scheme allows council tenants to purchase their homes at a significant discount. The discount can be used as part of the deposit, making it easier to secure a mortgage.
Shared Ownership: This scheme allows buyers to purchase a share of a property (usually between 25% and 75%) and pay rent on the remaining share. It can make homeownership more affordable and is available for some ex-council flats.
These schemes aim to make homeownership more accessible, particularly for first-time buyers and those with limited financial resources.