Would you like to buy your council property? Right to buy mortgage, What a sound decision and fabulous investment this can be, with you getting some credit for all those years you have been paying rent by purchasing at a brilliant discounted rate.
The good news is we can lend you up to 100% of the purchase price. Even better, you can borrow additional funds for home improvements,
even if you have had bad credit in the past - WE CAN HELP.
This means that you could get a discount of anywhere in between 32% and 70% off the market value which males the Right to Buy scheme attractive to many people.
The remaining value of the property is likely to need to be mortgaged and this is where we can help you with special right to buy mortgages.
Remember you have the right to buy your council property, no matter where you are in the UK we can help! we help with london right to buy, luton right to buy, manchester, birmingham, liverpool right to buy and many more.
Mortgages available for this type of purchase are known as Right to buy mortgages. Typically very few lenders offered such mortgages but it has become much more common although it is still classed as a specialist product. These days it is possible to obtain a mortgage to cover the purchase price and also home improvements. So, for instance, you might be able to receive a 50% discount when buying your home but actually be able to borrow 70% of the open market value to renovate your property the way you want it.
To qualify for a Right to buy Mortgage you must:
- be the legal tenant of the property you wish to purchase.
- have been a tenant of this Council or another 'right to buy' landlord for at least two years. You may be entitled to a discount off the purchase price of your home. The amount of discount depends on how long you have been tenant in the Council House or other 'right to buy' landlord, and the type of dwelling you are living in.
So see what we can do for you with right to buy mortgage.
Under the Right to Buy scheme, you can buy your home at a price lower than the full market value. This is because the length of time you have spent as a tenant entitles you to a discount.
The Right to Buy is aimed at secure tenants of local authorities and those assured tenants of Registered Social Landlords who previously held secure tenancies with local authorities, for example those who became assured tenants after their council homes were transferred to housing associations.
For Council right to buy here are some general discount rules.
Council Right to Buy: The Right to Buy discount rules
A right to buy scheme gives the tenant a discount on the market value of their home. As the period of time that you have been a tenant increases, so does the discount you get up until the maximum limit, again this depends on where you live to as how much discount you could be entitled to.
The maximum discounts available under the Right to Buy scheme are:
Up to £38,000 in the South East, Unless you are based in the following local authority area:
- Chiltern
- Epsom & Ewell
- Hart
- Oxford
- Reading
- Reigate & Banstead
- Tonbridge & Malling
- Vale of the White Horse
- West Berkshire
In these local authority areas, the maximum discount is £16,000;
- £34,000 in the Eastern Region (unless your home is in Watford
where the maximum discount is £16,000);
- £30,000 in the South West
- £26,000 in the North West, and the West Midlands
- £24,000 in the East Midlands, and Yorkshire and the Humber
- £22,000 in the North East
- £16,000 in Wales
- £16,000 in London (unless your home is in Barking and Dagenham or Havering, where the maximum discount is £38,000).
If you are unsure which limit applies to you, then please consult your landlord.
