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Helping you decide

You can use this chart to help you decide whether you can afford to buy your home or not. Deciding whether to buy your home may be one of the biggest decisions you will ever make. Do not rush into it. This page is for your use. You can use it to work out the costs, advantages and disadvantages of buying.

Costs of buying

Costs of your alternative option (For example, the costs of renting)

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One-off costs

Legal fees
Survey fees
Valuation fees
Land Registry
Stamp Duty
Other costs

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Future annual costs

Mortgage repayments
Council tax
Water charges
Insurance
Life assurance
Internal upkeep
External repairs/improvements
Service charges (if applicable)
Other costs

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Advantages of buying

Advantages of your alternative option

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Disadvantages of buying

Disadvantages of your alternative option

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Your decision

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This guide is adapted from Your Right To Buy Your Home, © Crown Copyright 2005; Amended Reprint March 2006. Posted on this site August 2008.

Your Right To Buy

The right to buy programme offers public sector (council or housing association) tenants the chance to buy the house or flat they have been living in. It's an ideal opportunity to buy your property, and one that was not a possibility for many council tenants before the beginning of the programme. If you live in a flat or house that is owned by the local council or housing association and have lived in it for five years or over you could well be on your way to becoming a homeowner. Just make an application to your council or landlord to discover whether you qualify. If you are accepted onto the right to buy scheme you could well be owning your own house within a few months. Many high street banks and building societies (like Citybank or Newcastle Building Society) won't lend money for a right to buy council home so you may need to contact a RTB mortgage advisor who is qualified to deal with a property purchase under the scheme and can provide all the advice you require.