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Right to buy mortgages are part of a scheme designed to allow tenants of council or social housing to buy their home. Many people live in council properties all of their life and would like nothing more than to call it their own. Now, under certain criteria, you have the right to buy. Usually, you can get huge discounts of of upto 35% on your house or upto 50% on a flat.
In an ideal situation, mortgage lenders will want you to have had a secure council tenancy for at least 12 months and spent at least 3 years as a public sector tenant with a landlord (housing association, NHS trust etc.). Note that the three years do not have to be consecutive. It’s also expected that it’s self-contained in that you do not share rooms with other people. It should also be your only home.
Family members do have the right to buy, as long as they’re named on the tenancy and have lived in the property for the last year. So, technically, you have the right to buy your parent’s home. The husband, wife or civil partner of any armed forces members also have the right to buy, as long as you lived together in armed forces accommodation. This sort of accommodation can contribute to the 3 years as a public sector tenant too. However, if you’re currently occupying armed forces accommodation, you do not have the right to buy.
With right to buy mortgages, the funds can, essentially, come from anywhere. The key thing to note is that the legal owner of the property can only be someone who is deemed an eligible tenant. Before you choose a right to buy mortgage, check your tenancy agreement as to whether your landlord is responsible for making fixes and repairs ahead of you doing so. Although they are solely responsible for maintenance, they may not have to fix it, just because you want to by it. Also, if you only part-own your council house, then the right to buy needs to be negotiated with your landlord.
Right to Buy mortgages can provide a great sense of ownership. For some, it’s sentimental, for others it makes financial sense. Either way, owning a property outright gives a sense of freedom and pride. With the huge savings and discounts to be negotiated, it’s definitely one way of getting on the property ladder without breaking the bank.
It may be that you now find yourself in a financial situation where you can afford to take on a right to buy mortgage. Prior to this you may have had other commitments which prevented you from taking the leap. Escaping tenancy agreements and arrangements can give you a real peace of mind and allow you to build for the future. Right to Buy mortgages also allow you to make your own mark on a property, rubber stamping it as your own, rather than seeking approval.
The process of securing a right to buy mortgage can be overwhelming. It’s important to do your research beforehand, and ready yourself financial scrutiny and a thorough process throughout. Luckily, here at MortgageKey, our industry experts take the time to compare and search through thousands of right to buy mortgage deals from leading providers, so they can present you with the options they believe are right for you and your property.
There are a range of factors you need to consider when thinking about a right to buy mortgage deal. One of the main ones is to ensure you can afford the monthly repayments and other financial implications that come with owning your own home. Another is the financial assessment you will undergoe - make sure your paperwork and evidence is up to scratch. It’s always worthwhile having some money set aside in-case of any unforeseen circumstances or changes which may occur throughout the process.
Firstly, there is no obligation, or fees, for our friendly advice or quotes. Secondly, you can benefit from our years of experience and lasting relationships with a comprehensive range of lenders. Finally, our expertise and knowledge with help you to familiarise with even the most complex mortgage procedures. Also, our friendly and attentive staff, offer a five-star service from inquest to completion.
Relieving you of the stress and complexities of right to buy mortgages is high on our agenda. We have the people in place to do the hard work for you. The constant changes in our industry mean we always have our finger on the pulse, keeping you are as up-to-date as possible so that you can make the right decision at the right time.
By keeping a close eye on the market, and through regular activity with our lenders, we are perfectly poised to identify which providers are best suited to your individual circumstances. MortgageKey firmly believe that each case is different but fully understand the importance of making the whole process as watertight and as smooth as possible for you.
Our mortgage advisors are available Mon-Fri from 9am to 8pm, giving you plenty of opportunity to seek a quick overview of what your mortgage deal could potentially look like.
A dedicated team of mortgage experts will answer your questions, queries and provide quality advice for your personal circumstances and the specific mortgage product suited to you.
Right to Buy Extension for Housing Association Tenants – Part 2
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Right to Buy for Housing Association Tenants – Part 1
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