Right to Buy Mortgage Products - Help And Advice
We Could Help find you a Right to Buy Mortgage, At a Very Competitive Interest RateThe Main priority is to provide you with a first class service for all your Mortgage needs, Depending on your circumstance we can help you find a Right To Buy Mortgage at a very competitive interest rate, we do all the leg work, so you can relax. Click Here to request a call back and an advisers will contact you shortly. All You Have To Do is simply fill out our Quick Mortgage Application FormFREE Copy Of Our "Mortgage" Guide - Click Here
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Is a Right to Buy Mortgage Suitable for You? |
What is a Right to Buy Mortgage?
Right to Buy Mortgages are there for council and social tenants who live in rented Council houses and wish to buy/purchase their council house, this is normally at a price lower than that of the full market value of the property, due to the fact that you are entitled to discounts as part of living in the property. The Right to Buy Scheme was introduced in 1980, it enabled most council tenants to buy their council house/flat. Any land which has been let together with your home such as your garden and/or garages will usually be treated as part of your council home.
Is a Right to Buy Mortgage Suitable for You?
The Right to Buy Scheme is made just for tenants of local authorities and for those who are assured tenants of Registered Social Landlords who have previously held secure tenancies with local authorities. In this case the definition of a public sector tenant is one whose landlord is either a Right to Buy landlord; or Local Council (or similar public authorities such as British Broadcasting Corporation, Fire authorities, British Gas Corporation, British Railways Board, British Steel Corporation etc). No one else has the Right to Buy until they have spent at least 5 years as a public sector tenant. This is two years if the Council Tenant had rights to live there pre January 2005. Another factor that enables you to make a Right to Buy purchase under this scheme is that your house or flat has to be your only home and is self-contained. Right to Buy may be done jointly with other members of your family who have been living with you for at least the past year, or it can be done with someone who is a joint tenant with you. Your Right to Buy depends on other external factor that are not directly linked to the council these may prevent you from buying your property, these include such things as, a court possession order, stating you must leave the home, if you are declared as bankrupt or you have a bankruptcy petition pending, or if you have creditors and you have made arrangements and are still in the process of making repayments. Most Right to Buy Mortgage lenders will lend you anywhere up to 95% or even 100% of the discounted price of the property you are buying (called the RTB Price).
Can You Afford a Right to Buy Mortgage?
Right to Buy Mortgage is an excellent way to get onto the property ladder without having to worry about saving for a deposit. In many cases your monthly Mortgage repayments couble be lower than you monthly rental costs. The amount of discount is calculated by how long you have lived as a public sector tenant with the property you wish to buy and the terms of the local council that owns the property. The amount of discount can be between 32% - 70% off the normal market value of the property, this makes this scheme a very attractive choice for many council tenants. This is however capped at rates different in eaxh borough. To calculate your loan the Right to Buy Mortgage lender will use the open market valuation method. Some Right to Buy Mortgage lenders may lend you up to 85% of the Open Market Value. The open market value is the value without the reduction of your discount. Typically however Right to Buy Mortgage lenders lend you up to 75% of the Open Market Value.
However be warned that mortgage repayments are only one of the many other costs accociated with home ownership.
What can the "Mortgage Help Desk UK" do for you?
At the "Mortgage Help Desk UK", Our staff are trained and dedicated, to do their best to find you the best possible Right to Buy Mortgage that would suit your circumstances. The staff at the "Mortgage Help Desk UK" will look at available Right to Buy Mortgage products in the UK Right to Buy Mortgage market and will help you whether you have good or bad credit, it is essential that you consider tie in factors when getting Right to Buy Mortgage with any UK Right to Buy Mortgage lender. This is where our friendly and helpful highly trained staff can help you by giving you detailed advice on the range of Right to Buy Mortgage products that are available on the UK Right to Buy Mortgage market.
Right To Buy Mortgages Frequently Asked Questions
Other Relevant Ancillary Products
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No information on this website is intended to constitute advice. This site contains a summary of the information relating to the products. If you are interested in any of the information on the site, you should seek information from us. We cannot guarantee that information will be accurate, complete and current at all times. All information on our Website is subject to change without notice.
