![]() |
Council Right to Buy Mortgage - Helping Everyone Have a Home of"We will help every Council Tenant to become Home Owners" With these historic words Margaret Thatcher initiated an equally historic concept of council right to buy scheme. However, the groundwork for this scheme had been laid much before in the 70s under the reigns of the labour government. The council right to buy scheme, without being embroiled in any controversy regarding who set off the council right to buy scheme, was indeed momentous. It led many people, who would never have thought (capable would be a more appropriate word to describe their situation) to have their own homes. So what is council right to buy scheme? Council right to buy scheme is a scheme under which the council tenants are eligible to buy the house in which they have been living. Therefore, what is that which distinguishes the council right to buy scheme from the other schemes? It is different because the customer would have to pay much lesser than what he would have paid had he bought the house in the open market. This is because the customer is entitled to a discount for the number of years that he was staying in the house as a tenant. The rate of discount varies with the type of residence and the location of the residence. A person residing in a house will be eligible for a discount of up to 30% with a further discount of 1% for every year lived as a tenant of the house. In cases of flats or maisonettes the rate of discount ranges from 44% to 70%, but not exceeding £38,000. The maximum rate of discount is admissible only in a few localities like the posh London and the Southeast areas of England. To avail the scheme one must be a council tenant. A council tenant is a secured tenant who has been living since 5 years or more (the limit has been changed from 2 years with effect from 18th January 2005) in any of the following: ? District council ? London borough council ? Non-charitable housing association or other registered social landlord ? Housing action trust. ? County council or another similar body Numerous lenders who have sensed the importance of the scheme offer mortgages especially designed to facilitate such purchases. These mortgages are called council right to buy mortgage. A council right to buy mortgage offers to pay the price of the house. This will be an added attraction to the tenants to go for the scheme. The council tenants can pay off to the council from whom the house has been purchased, and then pay to the mortgage provider in easy and affordable installments. In fact, the monthly installment, which the tenant will have to pay, is lesser than the rent he had been paying. Moreover, while the rent is a sunk cost, the monthly installments facilitate you to have your own home. Getting a council right to buy mortgage is not that easy. One must start the search process right from the day when they get the offer. The approval process normally takes around 3 months. To start the search late would mean getting the mortgage late. This could mean losing on the offer for council right to buy. The council tenant must also undertake a full structural survey of the property. The customer must be fully aware of the various formalities that need to be met in case of a council right to buy mortgage. The net can provide enough information about the mortgages. Independent financial advisors can provide useful advice about the various intricacies of the mortgage. A solicitor appointed by the council tenant will act on his behalf in all legal formalities. The solicitor will help in the documentation part of the council right to buy which includes forms like RTB1, RTB2, Section 125 notice, etc. Next, one has to sort out one mortgage provider from the numerous contenders. This is the most basic step and astuteness in this step will decide how the mortgage fares in the long run. The initial screening can be done through the net. The mortgage providers have compiled the information about their operations and the products that they offer on their websites. Careful study of the information will help give a manageable list of 10-20 mortgage lenders. These mortgage lenders can be requested for their no obligation mortgage quotes. Few more mortgage providers are ousted in this stage. The customer then personally meets the remaining mortgage providers. This is the final stage of the selection process. The last step will be to decide the amount of mortgage to be taken. This will be derived after valuation of the house by the council or housing association and deducting the discounts from the price. Treading in a step by step manner will be time consuming but will ensure that one does not has to repent later. You would surely cherish the output, which this effort leads to. The output will be your home-your own home, a perfect allurement, for which you will be ready to take any efforts. James Taylor works for the personal loan web site http://www.chanceforloans.co.uk.To find a Personal Loans, secured Loans,unsecured loans and mortgage that best suits your needs visit http://www.chanceforloans.co.uk.
Today's mortgage refinance rates see little change as market holds steady | April 1, 2021 Fox Business Today's Mortgage and Refinance Rates: April 3, 2021 | Rates Bump Up Business Insider Today's mortgage refinance rates stop rising, hover near historical lows | March 16, 2021 Fox Business Planning on refinancing? What you need to know first Oklahoman.com Today’s refi rates trends higher | April 7, 2021 Bankrate.com Looking to maximize mortgage refinance savings? Do this now FOX 6 Milwaukee Today's Mortgage and Refinance Rates: March 14, 2021 | Rates Go Up Business Insider Today's Mortgage and Refinance Rates: March 27, 2021 | Rates Slip Business Insider Today's Mortgage and Refinance Rates: March 23, 2021 | Rates Tick Up Business Insider When to Refinance Your Mortgage | Mortgage Chase News & Stories Are we seeing a cash-out refinance crisis? HousingWire Mortgage And Refinance Rates Today, Mar. 16 | Rates unpredictable The Mortgage Reports Mortgage Interest Deduction: Who Gets It? The Wall Street Journal Down payment for a $300,000 house | What are your options? The Mortgage Reports New American Funding Mortgage Review 2021 Business Insider When is the Right Time to Refinance to Pay Off Debt? - RealtyBizNews: Real Estate News RealtyBizNews Mortgage Refinance Options & Types | Refinance Chase News & Stories Best mortgage refinance lenders in 2021 Bankrate.com What It Means to Refinance Your Mortgage Business Insider Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes 3 signs you should refinance your mortgage right now Fox Business Mortgage refinance applications soar despite a new fee that increases the cost Pittsburgh Post-Gazette Mortgage and real estate news this week: Bids over list price surge, and waiving inspections Bankrate.com Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 Fox Business Can refinancing a mortgage hurt my credit score? Fox Business 15-Year Mortgage Refinance Rates for April 2021 NextAdvisor Today's Mortgage and Refinance Rates: February 8, 2021 | Rates Up Business Insider Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business
|