Right To Buy Mortgage
Hot Topics
- Do I Need a Guarantor?
- If your lender is concerned about your ability to meet your mortgage commitments, they may ask you to provide a Guarantor.
- The Mortgage Glossary
- APR - This stands for Annual Percentage Rate and should be used to compare the costs of credit.
- What Happens If I Want To Move Home?
- Moving home is basically the same as moving into your first home, in mortgage terms. You are free to find yourself another mortgage with either your existing lender or another lender – and can shop around for the best deal on the market.
- Information For 1st Time Mortgage Buyers
- Your first mortgage will be the most significant financial undertaking of your life so far, but how exactly do you go about getting a mortgage?
- What is a Fixed Rate Mortgage?
- A loan where the initial payments are based on a certain interest rate for a stated period and the rate payable will not change during that period regardless of changes in the lender's standard variable rate.
What is ‘Right to Buy’?
If you have been a council tenant for two or more years you may have the opportunity to buy your council property, often at a discount proportional to the length of occupancy. The monthly payments of a mortgage to buy your council property may well be less than your monthly rent payments - so it’s well worth considering - and at the end of the term the property will belong to you.
Under ‘right to buy’ legislation, properties are not offered at a discounted rate, and not at the open market value. If you decide to resell the property within a three-year period, you may have to pay back some or all of the discount to your local authority.
You can use the opportunity when obtaining a mortgage for a ‘right to buy’ property to get additional capital for home improvements or debt consolidation.
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