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RIGHT TO BUY MORTGAGES, or buying your Local Authority/Council Home FREEPHONE us 7 days a week 0800 092 0800 for a right to buy mortgage The terms for so called Right 2 Buy, Right to Buy Mortgages, Rent to Buy, Council House Mortgage property purchase schemes have altered slightly (yes for the worse) however taking this into account and as long as you utilise a decent long term discounted, fixed or capped rate Right to Buy Mortgage you can't really go wrong. In saying this I am taking it for granted that your employment circumstances are unlikely to decline and you are able to grasp the very distinct difference between being a tenant and being a borrower, lenders aren't as patient with arrears and you could find yourself suddenly homeless. Basically you buy the property you have been living in with a Right to Buy Mortgage and you get a very good discount from the local authority / council for doing so, taking the discount into account you don't need to make a deposit yourself, almost fee free. The reason I state that obtaining the right rate is important is that you have a period of 3 years from purchase of the property when if things go wrong and you need to sell up or indeed are repossessed by the lender the Local Authority / Council claw back some of the benefit they originally gave you. So at least a decent rated 3 year right to buy mortgage is of utmost importance to allow you to actually reap the rewards of Right To Buy with a mortgage. You can normally also borrow an additional percentage on top of the purchase amount for any home improvements you might like to make to the property that the Local Authority/Council weren't prepared to arrange for you, this can allow you to make your mark on the property. So in a nutshell why hasn't everyone bought their Local Authority/Council property and maximised on the opportunity that they hold before them before the benefit is finally taken away, this I can't answer. Some say it is due to the old adage "better the devil you know than the devil you don't" and knowing what I know about High St lenders this probably holds quite a lot of weight. However in my opinion the deal is for 3 years and if you last that long you can sell up and go live in a tent if you want to and have a bank account full of "free money". Subject only to the fact that property prices haven't dived down (which is unlikely to have made that much difference in 3 years) and you haven't borrowed all the profit away on home improvements.
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MAIN POINTS
The opportunity to be a homeowner with limited risks with Right To Buy.
Loans of 100% and above the discounted purchase price are available for home improvements or debt consolidation. This means borrowing up to 100% of the councils valuation of your property not the discounted purchase price, a fantastic opportunity.
Right To Buy Mortgage Funding provided by major UK banks & Lending Institutions.
Also available to newly Self Employed/limited income proof and people with Poor / Bad Credit status.
Discount is repayable on sliding scale if property is sold in 1st 3 years.
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