Right to Buy Mortgages
Introduction:
Since the 1980's, the Government has given council tenants the right to buy their council property. The scheme has proved extremely popular with these tenants who often experience mortgage payments lower than their rent and don’t having to stump up a deposit!
Who has the ‘Right to Buy’
The right to buy scheme is limited to certain candidates. You have the right to buy if you have been a council tenant for two years or more and have been a secure tenant of either:
- A district council
- A London Borough Council
- A Housing Action Trust, or
- A non-charitable housing association or other registered social landlord
The Right to Buy scheme allows tenants to buy the council property at a discounted price. This allows the tenants to get on the property ladder and save money.
Will I have to repay the discount when I sell?
Yes and No. Although you have the right to sell the property at any time, If you do so within three years of purchasing it you will have to repay some or all of the discount you received at the time of entering the Right to Buy scheme.
After three years you are entitled to sell the property and will no longer be subject to partial or complete discount repayment.
Finding the best right to buy mortgage
Finding mortgage deals, let alone competitive mortgage deals for right to buy properties is a difficult task. If you require a right to buy mortgage we have provided the details of the best brokers from our experience. Get in contact and they will be able to find a competitive rate for your Right to Buy purchase.