Council Right to Buy Mortgages
The 1981 Housing Act allows council tenants to buy the
property they live in from the local authority. Most Council
Tenants have "the Right To Buy" their home. The right to buy
means you can buy your home from a local authority, a
non-charitable housing association or a housing action trust.
Usually a mortgage for 'right to buy' will cost less than on the
open market because as a tenant you can obtain a discount on the
loan.
Best buy Mortgages make every attempt to ensure the accuracy
and reliability of the information stored on and accessible from
this web site, but this information should not be relied upon as
a substitute for formal advice from Departments of the Council
and its partners.
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.
Before you buy your council home
Buying your own home is probably the biggest financial
decision you will ever make. If you decide to exercise your
right to buy you will become responsible for all the costs of
maintaining your home, including major structural repairs,
routine repairs and improvements.
As a tenant you may be claiming housing benefit to help with
the rent. As an owner-occupier you will not receive any housing
benefit to help with your mortgage costs. You may be entitled to
income support to help with housing costs, but this is not
usually paid until nine months after you first claim.
How to apply for your 'Right to Buy Mortgage'
This is a brief description on how to apply. For further
details please refer to pages 27-35 of the government help
booklet 'Your right to buy your home', available from The
Housing Corporation.
- First make sure you have read the booklet 'Your right to
buy your home'.
- If you consider that you have the right to buy then the
next step is to fill in form RTB1 which once again can be
obtained through your landlord. This form needs to be returned
to your landlord.
- Your landlord will then send you a response notice RTB2
which will tell you if you have the right to buy or not.
- If you have the right to buy then your landlord will send
you a Section 125 notice which tells you, amongst other
things, the price you must pay less discount and the terms and
conditions of the sale.
- Let us arrange the mortgage and carry on the purchase as
with any other property transaction. Remember that you can
apply for a mortgage even if you have rent arrears, County
Court Judgements (CCJ's) or defaults. To apply for your
mortgage simply complete our
online mortgage enquiry form and we'll respond within 24 hours with
an illustration tailored to your needs.
What if I have a bad credit history?
It used to be the case that if you didn't have a perfect
credit history you couldn't get a mortgage from a high street
lender. But now the lending market has become so diverse that
there are products to fit every credit profile.
Today's borrowers can choose from a large number of special
products that are aimed specifically at those people with some
form of bad credit. These mortgages do not differ vastly from
other mainstream mortgages although there are, of course,
certain key differences between adverse credit mortgages and the
usual products available.
Do I have to pay you a broker’s fee?
No, you do not. People often think they have to pay a
mortgage brokers fee for arranging their mortgage. This couldn’t
be further from the truth. Be very wary of firms that claim to
be able to get a mortgage in ‘problem cases’ by paying them fees
of 1% or 2% of the amount you borrow. When arranging a mortgage
for £150,000 this broker fee can cost you as much as £3,000! So
be wary!
Why should I use Best Buy Mortgages?
In short, finding the mortgage that best suits your
circumstances and requirements can be time consuming and
stressful. There are many different factors to consider:
interest rates, mortgage type, mortgage term, repayment options,
and lending institution. It is a highly competitive market and
the choices can seem endless.
As mortgage brokers, we can minimise the confusion that so
many choices seems to breed:
- We are experts in the UK mortgage market
- Our advice is honest and impartial
- We will do your financial homework for you
- We can negotiate with banks and lending institutions on
your behalf
- We will help you find a solution that best suits your
personal circumstances
- There are no broker fees to pay
How to get your free mortgage quote from Best Buy Mortgages
Compare the entire UK mortgage market (over 30,000 mortgage products
from more than 200 mortgage lenders) using our Mortgage Comparison
service or get professional help from a qualified independent
mortgage advisor and see how much you could save on your
mortgage payments. There's no obligation, just plain good
advice.
It will only take a few minutes of your time today but
could save you thousands of pounds in interest payments and will
eliminate any worries you may have about getting the best mortgage deal
possible.
You just need to enter some basic information into our secure
online mortgage enquiry form and we will present
you with illustrations of the best mortgage deals we have available.
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