The
right to buy scheme is sometimes referred to as a council
mortgage. A council owned property
can
be offer to a long term tenant on a right to buy mortgage
scheme so that the tenant can own the property but at
a discounted price. This is a great way to get people
on lower earnings on the housing ladder. The tenant
would have to be renting for a minimum of two years.
Some
lenders may potentially except a borrower with a poor
credit history. The lender will always have to receive
the official paperwork from the council authorising
the scheme. Most high street lenders will have a right
to buy mortgage type mortgage.
The
discount on houses and flats can be quite substantial.
This may potentially allows the buyer an opportunity
to make a healthy profit if property prices were to
rise which they have done in recent years. Though this
does not predict the future trend. This excellent scheme
was introduced in the uK in the 1980's by the Conservative
Government to encourage home ownership and to remove
the burden and costs away from local council.
Contact
Us Free
Phone 0800 781 0414
As
a regulated mortgage broker we potentially may help
you with a right to buy mortgage, so please contact
us or call 0800 781 0414 for friendly assistance.
