Paula Horton, 54, and her companion Adrian Keyworth, 50, obtained a £69,000 low cost on their dwelling and didn’t have to pay a deposit.

The pair took benefit of the Government’s Right to Buy scheme which lets council tenants purchase the property they lease.

The Government gives these homes at a diminished fee to assist the individuals renting the properties afford it and be capable to get onto the housing ladder.

Paula and Adrian have been in a position to purchase their three-bedroom council home in Hull for £69,000 lower than what it's initially price – with out paying a deposit, The Sun reported.‌

Paula stated: “Because we didn't need to save up for a deposit, we didn't need to put too much aside.

“I got a cash gift of £1,500 from family to cover the costs of buying a house including solicitors fees and searches.”

They paid £29,250 despite the fact that the home is price virtually £100,000.

The market worth of the property stands at £98,392 however Paula and Adrian obtained it 70 % cheaper as that they had lived there for 33 years.

Paula continued: “The sale was completed in August 2022.

“We took out a mortgage of £29,500 for the house, and we didn't have to pay a deposit - that's because many lenders don't require one for a Right to Buy purchase.

“The mortgage term is six years at a five-year fixed rate of 1.98 percent - for the final year we will go onto a variable rate.

“We worked out that it would be feasible to pay off our mortgage in six years, which will work out great as it will be just before I retire.

“The monthly mortgage repayments are around £430 a month.”

One of the large benefits of Right to Buy is that individuals haven't got to save lots of for a deposit as a result of they will use their Right to Buy low cost as an alternative.‌

The quantity of low cost somebody can get relies on how lengthy they've lived at their council home.

Public sector tenants can get a 35 % low cost if they've been residing of their council dwelling for 3 to 5 years.

After 5 years, individuals get an additional one % for yearly after they're a public sector tenant.

To qualify as a public sector tenant, individuals have to lease their dwelling from the native authority or a registered social landlord, similar to a housing affiliation.

However, the utmost the low cost can attain is 70 %, or £87,200 throughout England and £116,200 in London boroughs.

Paula concluded: “I can't believe I managed to get a house for such a small sum of money, and it all came at the perfect time to retire.”