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Right to Buy Mortgages Free Help and Advice
Right to Buy Mortgages came into being in 1980. They were designed to help secure council tenants and housing association tenants to purchase the home in which they live at a discount on the property's true market value. The amount of the discount will depend upon how long the tenant has lived in the property.
Right to Buy Mortgages have opened the door of home ownership to a great many who would not otherwise have been able to afford to become property owners. |
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Why Right to Buy Mortgages?
Right to Buy Mortgages offer the opportunity for many people to own to their own home who might not otherwise be able to afford to do so. Because Right to Buy Mortgages are heavily discounted, they offer the opportunity for many secure local authority (council) tenants and housing association tenants to own the home in which they live when prevailing local market conditions might otherwise prevent them from doing so.
Right to Buy Mortgages Advice
The best advice for anyone seeking a Right to Buy Mortgage is to seek professional help from a professional mortgage broker or advisor. They will have experience in dealing with Right to Buy Mortgage schemes and be able to offer considerable help and advice, especially if the tenant has rent arrears or County Court Judgements against them.
Do You Qualify for a Right to Buy Mortgage?
In order to qualify for a Right to Buy Mortgage, any secure tenant of a local authority must have been living in the property for at least two years. For those who took up their tenancy after 18 January 2005, the qualifying period is 5 years. That having been said, not every local authority tenant is entitled to buy their home. Some properties are exempt from the Right to Buy Mortgage scheme such as properties that were designed to house the elderly and those that are provided in connection with the tenant's employment. Of course you must also be in the position to 'afford' to buy your property in the first place!
In Summary
In summary, Right to Buy Mortgages offer the opportunity for secure local authority and housing association tenants to purchase the property in which they live at a discount depending on the length of their tenancy. They offer the opportunity for many people to own their own home who would not otherwise be able to afford to do so.
