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Tenant loans company can help you obtain a council right to buy loan. For information you should refer to your local
council.
The council "right to buy" is a
scheme that was introduced in 1980 and it means that you can purchase your home from a local authority or a housing
association. Usually the property will cost less than if it was being sold on the housing market because as a council
tenant, depending on the time you have been a tennant, your local authority will probably be able to offer you a discount.
This discount could be up to the value of £38,000. That is £38000 worth of equity that could be yours!
Do you qualify to purchase your property through the council right to buy scheme?
Most council tenants have the right to buy their home. People generally apply for laons or mortgages to do this. You should refer to your
council for details. Often to qualify,
you need to be the legal council tenant or tennants of the home you want to buy and you need to have been a tenant with your current
council or another right to buy council for at least two years.
How do you get council right to buy discount on your council home?
Different councils offer different council right to buy discounts to their tenants. The amount of discount you are able to have will
depend on the council you are with and how long you have been a council tenant and so you should refer to your local council. At the time
of writing this the maximum discount you could obtain on a house is 60%.
CML (Council of Mortgage lenders) Director General Michael Coogan said:
"As expected, 2002 proved to be the strongest year ever for mortgage lending. The conditions are in place for a soft landing
for the housing market in 2003, but the market is not risk-free. We would urge borrowers to try to avoid borrowing up to the
maximum limits, and to put down a reasonable deposit, if possible. This will reduce the risk of borrowers over-stretching
themselves"
Quote taken from Council Of Mortgage Lenders website.
Putting down a reasonable deposit is often something that most people struggle with. The right to buy discount that may be
available to you could provide you with the equivalent of a reasonable deposit.
If you have an offer from your council about a right to buy purchase and you are wondering whether you can afford to buy your council house
we are happy to introduce you to a company who should be able to give you some quotes. If you complete the short enquiry form on the right
hand side, you will begin the process of assessing your personal situation and you could receive a fast decision about whether you
would be eligible to obtain a laon to help you purchase your council property.
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