The Right to Buy Scheme is designed to help tenants living in local authority properties get on the property ladder. It allows people who have been tenants in a council property in England and Wales for at least 5 years to purchase the home they rent at a discount. The Right to Buy Scheme is open to anyone who has been a tenant in a council or public sector property (e.g. a property provided by a housing association, the armed services or a public body like an NHS trust) for the minimum length of time, which is currently set at five years for tenancies that started on or after 18 January 2005, and two years for tenancies that began before 18 January 2005. They must also be in a financially secure position to be able to obtain a mortgage and meet the monthly repayments.
How much discount will you get exactly how much you money you could save will depend on a number of factors, including. The length of time you have spent as a tenant - discounts through Right to Buy are only available to individuals who have been a public sector tenant for at least five years (continuous or not). This period could have been in different homes with different landlords. The longer you have lived in the property, the higher the discount you will receive. The location the maximum level of discount you can receive is determined by the region in which your property is based. The type of property discount levels differ for houses and flats.
This may all seem very complex but don't worry use a mortgage broker with experience can be invaluable in helping you to navigate through the different lenders and deals. A good mortgage advisor knows all the processes involved and can help you through each step.
Other type of mortgages you can consider are Fixed Rate, Capped Rate, Cashback and Tracker and Discounted Mortgages. After all that the next big question is how much can I borrow? Lenders decide how much you can borrow according to how much you earn.
Whether you are a first-time buyer, remortgaging or self-employed. If you need to talk to someone simply request a call back. Remember this is just a guide and it’s always best to talk this through with one of our qualified Mortgage advisors.
For more specific help and to talk through you options, call our team of expert advisers today