Council mortgage / Council house right to buy
Right-to-buy (RTB), under the 'Right-To-Buy' scheme in the UK,
is an option for council tenants to purchase the property in which
they reside from a local authority, a non-charitable housing association
or a housing action trust.
Most council tenants have the right to buy their homes. However,
to qualify 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 will not have the right to buy if you live in:
- 'Sheltered housing' for the elderly, disabled or handicapped
- A dwelling which is not particularly suitable for the elderly
and you are an elderly person
Often the homes can be bought at a discount or reduced rate, proportional
to the length of occupancy - the rent that has been previously paid
will be taken into consideration as a 'deposit'. The amount of discount
thus depends on how long you has been a particular Council or other
right-to-buy' tenant, and the type of dwelling in question. For
example, with houses the discount after two years is 32%, with an
additional 1% for every extra year up to a maximum of 60%. For flats,
the discount after two years is 44% with an additional 2% for every
extra year, up to a maximum of 70%.
Under the right-to-buy legislation, properties are not offered
at the open market value, but at a discount, thus, if the property
is re-sold within a three-year period, some or all of the discount
will have to be repaid to the Council.
We are a specialist mortgage broker and have many years experience
arranging council house right-to-buy mortgages. We can arrange a
mortgage that is tailored to your individual circumstances and offers
the best rate of interest possible.
Click the link below for fast, online mortgage quote.
Click
here for online mortgage quote uk
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