Right to buy
mortgage
A Right to
Buy Mortgage
is
specifically
for those
who
currently
rent their
home from
the council,
and wish to
buy their
house at a
discounted
rate. This
type of
mortgage is
an excellent
way to get
onto the
property
ladder
without
having the
hassle of
saving for a
deposit.
Monthly
mortgage
payments are
often lower
than rental
costs.
Various
schemes are
available
which allow
you to
borrow
additional
money in
order to
fund home
improvements,
the purchase
of a car or
even a
holiday.
Council
Right to buy
mortgage
schemes are
ideal for
you if you
have lived
in your
council
house for
some time.
If you have
then you may
be able to
buy the
property
from the
council at a
discount.
You will
need to
contact the
local
authority
you
currently
rent from to
get the
exact
details of
the right to
buy discount
you may be
entitled to.
The right to
buy scheme
enables
local
authority
secure
tenants with
a minimum of
two years
tenancy to
buy their
current home
at a
discount
price. It is
targeted at
long
standing
public
tenants,
with the
right to buy
discount
increasing
in
proportion
to the years
that rent
has been
paid. If you
are eligible
you can buy
your home by
paying the
full
discounted
purchase
price at
once with a
maximum
discount
ranging from
£16,000 to
£38,000 for
both flats
and houses,
depending on
your local
authority.
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