Council Right To Buy Mortgage ? Transform Your Accommodation Into Home

Homeowner - does this term catch your attention every time you hear it? It is a powerful term. It is hard being a tenant for long. Eventually you want to own a house perhaps that was your aim all along. If you dream of your own home every night then perhaps council right to buy is the scheme which you need to look out for. If you have lived in your council house for long then you may be able to buy the house at discount through council right to buy.

Council right to buy mortgage is the largest single mortgage market. Council right to buy is increasingly becoming popular, though it is still a specialist product. The 1981 Housing Act allowed the council tenants to buy the property they live in from local authority. You are a council tenant, if you have been living in any of the following ? London borough council, district council, non charitable housing institution, county council or any other similar council.

If you have been renting your council or housing association for at least 2 years then you can buy property at discounted rates. 18th January effected a new modification in council right to buy schemes. If your tenancy begins on or after 18th January 2005, then you would have to wait for 5 years to qualify for right to buy. Buying a home is undoubtedly a huge financial commitment. Council right to buy has helped over 1.5 million people to own their home in UK. There are set of conditions which apply to Council right to buy. Your claim to council right to buy would not be entertained

? If your home is not your only or main home

? If you don't live in your home

? You live in sheltered housing where services are provided

? Your home has been designed or adapted for people with special needs

? If your tenancy has been demoted or you right has been suspended by the court

? If your home is part of your job profile

Not every homeowner can afford to buy the home even if he or she is eligible. Council right to buy mortgage will provide you with adequate money to register the home in your name. If you actually apply for council right to buy, first of all the value of your property will be assessed. This will be followed by an opportunity to buy this property at discounted prices. The discount calculated on council right to buy takes into consideration the time period of your tenancy, whether the property is a house or a flat and the age and condition of the property. The discount on council right to buy is usually a percentage of the value of the property. There is a provision of maximum discount on properties in different areas of the country. Like in some parts of London, the maximum discount on council right to buy is £38,000 irrespective of the value of the property. Similarly the maximum discount at other regions are £34,000 in the Eastern Region 30,000 in the South-West £26,000 in the North-West or the West Midlands £24,000 in Wales, the East Midlands or Yorkshire and the Humber £22,000 in the North-East.

Most probably you won't be requiring the full amount to buy your home through council right to buy mortgage. However, most of the lenders will allow you to take out more than you required on your council right to buy mortgage. Standard borrowing terms will be applied which can vary from lender to lender.

While getting council right to buy mortgage it is important to understand the legalities associated with the process. Enough information is available on the net. Doing adequate, detailed research will lead you to an awareness of what you are getting into. Legal formalities can be sorted out with the help of a lawyer or a solicitor. Forms like RTB1, RTB2, Section 125 notice are some of the forms that are important for council right to buy mortgage.

Your council right to buy mortgage will bring with it some costs and fees that you did not have to pay before. Your council's help with stretch only to the emergencies repair and won't extend to repair works and improvements. So you should be prepared for additional expenses. Council right to buy mortgage is the best option for council tenants. Though it is not a very easy thing to do. Initiate the search process fast because approval can take more than three months. You are living in this brick and mortar house for some years now. You would like to live in a home wouldn't you? So is council right to buy mortgage an ideal choice? Indeed, it is.

Loan borrowing is a highly voluntary act. It is such a significant decision that without proper knowledge and understanding it would not be of much help. Sandra smith is making an honest effort in such a direction so that loan borrowing is comprehensible to lay man and thereby he can make a favourable decision that substantiates his financial status.To find Mortgage,first time buyer mortgage,but to let mortgage that best suits your needs visit http://www.easymortgageuk.co.uk

---

Home Equity ? Is it Time to Cash Out and Move?

During the last five years, home prices have increased nationwide.... Read More

Option One Mortgage Loans ? Getting an Option ARM or Option One Mortgage Loan

Have you heard about or been interested in finding out... Read More

4 Things to Watch Out for When Choosing a Mortgage Company

We all know that there are a lot of mortgage... Read More

What is an Offset Mortgage?

An offset mortgage is very similar to a current account... Read More

Home Loan Confusion Continues

Unfortunately, most Americans still do not understand how home loans... Read More

Buying a House? How Much Home Can You Afford?

Maybe you've heard the expert advice that your debt to... Read More

Consolidate Your Debt With a Home Equity Loan and Improve Your Credit Score

A home equity loan is a loan based on the... Read More

How to Shop Around for the Cheapest Mortgage Deal Online

Before you start shopping around for a mortgage, you need... Read More

To Refinance or not to Refinance -- Here is the Answer

I have written many articles on refinancing a fixed rate... Read More

Home Equity Loans

A home equity loan allows you to cash-in on the... Read More

Money Smart Homeowners Use this Mortgage Strategy Every Time

There are currently more than 50 million home mortgages in... Read More

Bad Credit Mortgage Loans Online - How Your FICO Credit Score Can Affect Your Loan Approval

When applying for a mortgage loan when you have a... Read More

Home Equity Loan ? Beware of Equity Stripping Scam

The market for mortgage refinancing has been brisk during the... Read More

Home Loans

Buying a home remains the great American dream. Home ownership... Read More

Mortgage After Bankruptcy

Most people probably assume that obtaining a mortgage to purchase... Read More

Top 5 Methods to Manage Your Home Equity

As your home appreciates in value, you gain equity. You... Read More

Option ARM ? The World?s Most Dangerous Mortgage

Home prices have reached record levels, and in many parts... Read More

Lesser Known Facts About Home Equity Loans

Refinancing your debt via a home equity loan shifts your... Read More

Home Improvements Turn Average Homes into Dreams Come True

If you're thinking about taking out a home improvement loan,... Read More

Thought Fixed Rate Will Give You a Respite from the Perils of Variable Rates! Think Again

Slight increases in the interest rates raise your hackles. Tension... Read More

Types Of Home Equity Loans

There are two broad types of home equity loans:Term loans:... Read More

Mortgage Loan Most Bankers Wont Give May Be Exactly What You Need to Buy or Refinance Your Home

A few years ago, a loan officer who worked for... Read More

Home Equity Loan Risks

Home equity loans give individuals a tool to extend their... Read More

Reaping Financial Rewards ? Bad Credit Home Equity Loans

Home is the place you inhabit. It is the place... Read More

Repayment of Loans ? Lessening the Bitterness of the Process

So how have you planned the repayment? Don't tell if... Read More

Bad Credit? First Time Buyer? You Can Still Get Approved For A Home Mortgage Loan

Do you have bad credit that you worry will stop... Read More

How to Use a Home Equity Line of Credit Calculator

Most home owners know that the lower the interest rate,... Read More

How to Get a Cheap Homeowner Loan

If you're looking for a cheap homeowner loan, you might... Read More

How To Save Thousands in Interest on Your Home Mortgage!

So you have a mortgage on your home or planning... Read More

The Mortgage Loan Application Online - Save Time & Money By Applying On The Internet

"You can save time and money by applying for a... Read More

What is a Commercial Mortgage?

A commercial mortgage is a loan that uses commercial property... Read More

Bad Credit Home Loans

There was a time that seems like decades ago when... Read More

Some Mortgage Loans are Available with Absolutely no Money Needed From You

Today, FHA will loan up to 97 percent of the... Read More