IMB Blog

Right to Buy Mortgages

If you rent and live in a council property and you are keen to own your home instead of renting it, the right to buy scheme from the government/local authority could transform you from a tenant to a homeowner in months. That’s right you could be realising your dream of home ownership sooner than you thought.

Financial security is often cited as one reason people want to purchase a property instead of renting it from the public sector. But could you benefit from purchasing a house? And could you afford and keep up with the repayments on your new right to buy mortgage in the longer term?

Am I eligible to purchase my home using theright to buy scheme?

You may be able to buy your council house or flat using the Right to Buy scheme if:

  • Your public sector property is your primary or only residence
  • Your property is self-contained, meaning it does not contain facilities that are shared with people outside of the same household

What kind of discounts could I get?

Part of the appeal of the Right to buy initiative is it offers tenants the opportunity to purchase their homes at significantly discounted rates. In some cases, would-be homeowners save as much as 70% on the market value of their property.

And here’s what happens if you want to buy a flat:

  • Remain as a tenant in the flat for three years, and you may be able to claim a 50% discount

As one of the best Leeds Mortgage Brokers, we recommend you take this advice on bad credit right to buy a mortgage.

For more info visit site: https://imbonline.co.uk

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Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of our Independent Mortgage Brokers to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisers working for or with Independent Mortgage Brokers are fully qualified to provide mortgage advice and authorised and regulated by the Financial Conduct Authority. All our independent Mortgage Brokers will offer advice specific to you and your needs and circumstances. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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