Right To Buy Mortgage

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What Happens If I Have No Proof Of Income?: If you are self-employed and cannot provide any proof of income – you will have to self-certify your income. In most cases you will need to provide an accountant’s certificate as proof of income.
The Mortgage Glossary: APR - This stands for Annual Percentage Rate and should be used to compare the costs of credit.
What Are The Different Ways You Can Pay Off a Mortgage?: Capital & Interest - otherwise known as a repayment loan. The borrower pays an amount each month to cover the amount borrowed and the interest charged on that.
What are Variable Rate Mortgages?: A variable rate mortgage is when you pay a standard variable rate (SVR) that changes in line with the Bank of England's base rate. The SVR is usually between 2% and 4% higher than the Bank of England's base rate, but this will vary from lender to lender.
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.

What is a Fixed Rate Mortgage?

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