Right to purchase schemes help council tenants to purchase their own home at a discount. The tenants have to be in residence in the property for significantly more than five years and the discount they are qualified to receive depends on the type of property they’ve been living in, where they live and the number of years they’ve been in the property. To be able to manage to purchase a council home, an express right to purchase mortgage is required which really is a longterm mortgage.
What to anticipate from a right to purchase mortgage
Knowing what to anticipate from an express right to purchase mortgage is the better way to help you know what to consider and Armed Forces Help to buy Mortgage you can find lenders and banks offering these mortgages to council tenants. One of the greatest features of these mortgages is that many lenders will offer to cover the full price for the property that the tenant is purchasing.
This can be a big benefit as it means that the tenant will be able to cover the full amount to the council, without having to be worried about discovering any deposit. The tenant will then repay the mortgage lender for the amount borrowed via easy monthly installments.
The main good thing about purchasing a property with the help of a mortgage like is that the council tenant will finally manage to stop paying rent and have a property of their own. Typically the monthly installment is going to be even lower than the rental that the council tenant is currently paying making it much more affordable.
Discovering the right mortgage
Finding right to purchase mortgages is actually not to easy. Even the approval process may take as long as three months. Discovering the right loan company from the different options that are available will take some time. It is important for the tenant to choose the right lender as they will be working with the lender for decades in the future.
It is possible to find lenders offering these mortgage deals on the internet. Create a list of around a dozen mortgage lenders offering these mortgages and check their terms and conditions before selecting one. There’s also several online brokers that will help you discover good deals if you are searching for an express right to purchase mortgage.
As a short summary, the availability of right to purchase mortgages has helped council tenants who previously had no chance of shopping for a home at the very least enjoy the advantages and hopefully enjoy the earnings of the full equity ownership.