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Council Right to Buy Mortgage
Council right to buy mortgage is a mortgage tailored to tenants who want to purchase their council property. Some
lenders are able to lend mortgages to any tenant to purchase a home from a local authority, even
with bad credit problems.
The council right to buy scheme was introduced in 1980 and means that a tennant can purchase their home from a local authority or a
housing
association. Usually the property will cost less than if it was being sold on the housing market because as a council
tenant, depending on the time you have been a tennant, your local authority will probably be able to offer you a discount.
This discount could be up to the value of £38,000. That is £38000 worth of equity that could be yours for free!
We can help you obtain a council right to buy loan if you click on the apply now button above.
Your situation
- looking for a very competitive mortgage?
- clean credit?
- past credit problems or CCJs?
- mortgage arrears?
- self employed, no proof of income?
- receiving pension benefits?
Lenders will consider:-
- rent arrears
- ccjs
- defaults
- employed self certification
- self employed no accounts
- benefits
- pensions
Speed and Flexibility
Certain lenders, specialising in council right to buy mortgages, can be very strict with their criteria. Sometimes lenders lend their own funds. This
means that they can complete deals that fail with other lenders. They often consider a case on it's own merits and can be flexible with the
criteria that they apply to your individual loan application.
Your mortgage could be linked to the Bank of England rates. There could be no credit search or credit score at the begining of your application.
Lenders are legally obliged to credit score before completion.
How do you find out if you qualify to purchase your council property?
Most council tenants have the right to buy their home. People generally apply for laons or mortgages to do this. You must refer to your council for advice
on how to qualify since different councils operate different schemes. Often you need to be the legal council tenant or tennants of the home
you want to buy and you need to have been a tenant with your current council or another right to buy council for at least two years.
How do you get council discount on your council home?
Different councils offer different discounts to tennants and you must refer to them for advice. The amount of discount you are able to have
will probably depend on the council you are with and how long you have been a council tenant. At the time of writing this the maximum discount you
could normally obtain on a house is 60%.
CML (Council of Mortgage lenders) Director General Michael Coogan said:
"As expected, 2002 proved to be the strongest year ever for mortgage lending. The conditions are in place for a soft landing
for the housing market in 2003, but the market is not risk-free. We would urge borrowers to try to avoid borrowing up to the
maximum limits, and to put down a reasonable deposit, if possible. This will reduce the risk of borrowers over-stretching
themselves”
Quote taken from http://www.cml.org.uk/servlet/dycon/zt-cml/cml/live/en/cml/press_releases_2003_0121>
Putting down a reasonable deposit is often something that most people struggle with. The right to buy discount that may be
available to you could provide you with the equivalent of a reasonable deposit.
If you are wondering whether you can afford to buy your council house and you have already recieved an offer for right to buy discount from your
council, we are happy to try to help you. If you click on apply now and complete the short enquiry form we will be able to
begin the process of assessing your personal situation and we could give you a fast decision about whether you would be
eligible to obtain a laon to help you purchase your council right to buy property.
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