Right to buy is one of the most popular policies that have a profound social impact increasing the owner occupancy. Right to buy schemes introduced in 1980 has given the right to tenants to buy their property at discounted rates. More than five million council right tenants have become homeowner through this scheme. You can be a part of the “most important social revolutions of this century” by endorsing council right to buy scheme.
If you are a secured tenant of
• a local authority
• London borough council
• Housing action trust
• Registered landlord (non charitable)
Then you are legally capable of buying the house under the Housing Act. Buying a home can be expensive. Right to buy mortgage can help you meet the cost of home. For right to buy a council tenant needs to have two years public sector tenancy. A new council tenant that is if the tenancy began on or after 18th January 2005 will require minimum five year tenancy.
Before going to Right to buy mortgage, calculate the amount you have to pay for right to buy. Most lenders will provide 95%-100% of the right to buy amount. To find such a lender you will be required to do some research. There will be lenders who offer specialized right to buy mortgage products.
Start the day you get council right to buy offer. The time spent on research will be the time well spent. There are companies who may try to contact you with plans to aid you with council right to buy scheme. They may offer all in one packages including mortgage and casas bahia celulares promoço improvement etc. this may lead you to take a mortgage deal without bargaining or one that you can’t afford. There may be mortgage lenders who want to tell you that buy to right scheme is nearing closure. That is, however, not true.