Council Right to Buy - All Circumstances Considered including Bad Credit individuals
What Is A Right To Buy?
A right to buy is where you have been given the opportunity to purchase you council house or flat.
This is where the council may give you the opportunity to buy the property you are currently renting from them normally at a discounted price and again in this case scenario, all terms, conditions etc will depend on the clients personal circumstances and eligibility for mortgages can be obtained by simply making a telephone call or emailing us or faxing us with your circumstances.
More Information on Council Right to Buy
If someone has been living in a council house or flat for some time, then it might be an option to buy the property directly. These schemes are available from local councils and it allows council tenants to buy the property they live in at a discounted price. Each authority operates differently, and so should be contacted independently.
The basic criteria for applying for a Council Right To Buy Mortgage is that a tenant has been living in their home for a minimum of two years. A tenant who is considered a 'long standing tenant' might be given a higher discount from the local authority. This discount can range anywhere between £15,000 to £40,000.
The property will be valued, probably by both the authority and the lender. The discounted price is then applied so that the borrower can calculate the deposit required to secure the mortgage.
Most lenders who offer the council right to buy option will lend up to normally 90 - 95% of the amount you can buy the property for so as a example of this, lets say the council have valued the property at £100,000 and they would be willing to sell it to you for £60,000 then you would need to find anywhere between £3,000 and £6,000 deposit from your own funds. In some case scenarios, depending on the clients credit status, there are also opportunities to borrow additional funds for home improvements but again it all depends on the clients own particular circumstances.
Applying for a Council Right to Buy Mortgage may be slightly longer than normal mortgage applications, as many factors need to be taken into consideration, including the opinion and paperwork from the housing association or local authority in which the borrower currently rents the property from. On average, it might take around 6 weeks.
There are a number of High Street banks and building societies who we deal with that offer council right to buy mortgages. Again, once we have got your information we will source a good, reputable High Street lender at the best possible terms.
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