Right To Buy Mortgage
Hot Topics
- Interest Rates Explained
- APR is used to identify the true cost of borrowing and to provide you with a method of comparing the true costs of a loan.
- What Happens If I Am Refused A Mortgage?
- If you are refused a mortgage it will be because you have a poor credit rating and/or a bad credit history.
- 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 Are Discounted Mortgages?
- Discounted rate mortgages take the lenders standard variable rate and apply a discount. By applying the discount it allows the borrower to reduce the interest rate on the loan for a set period of time.
- What are Self Certification Mortgages?
- When you apply for a mortgage, the lender will require from you proof that you will be able to maintain the mortgage payments, and do not present a risk of non-payment for the large amount of money you are borrowing.
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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