Right to Buy Mortgages are mortgages that are specifically designed to help those who have exercised their Right to Buy scheme. This scheme was introduced in the 1980s and allows tenants of local authority properties to purchase their homes at a discounted rate. Right to Buy mortgages provide an affordable way for those who have taken advantage of this scheme to purchase a home. If you are looking for more information on Right to Buy Mortgages, you found the right article!
The Advantage of Right to Buy Mortgages
Right to Buy mortgages are available as standard mortgages, but there are also specific Right to Buy mortgages that can be tailored to the needs of the borrower. These mortgages are typically available with lower deposit requirements and more flexible repayment options.
When applying for a Right to Buy mortgage, it is important to consider the individual situation of the borrower. The mortgage rate and terms will depend on the borrower’s credit rating, income, and other debts. It is also important to compare the different types of Right to Buy mortgages available to ensure that the best deal is chosen.
Who Qualifies for the Right to Buy Mortgages?
To qualify for a Right to Buy mortgage, you must be a tenant of a local authority or housing association and have lived in your property for at least three years. You must also have a stable income and be able to afford the mortgage payments. You also must prove that the property you are renting is your only home.
It is important to note that the Right to Buy scheme is only available to tenants of local authorities and housing associations. Tenants of private landlords are not eligible for the scheme.
How Can I Get the Most Right to Buy a Discount?
The amount of discount you can get from the Right to Buy scheme depends on how long you have been a tenant of the local authority or housing association. The longer you have been a tenant, the more discounts you can get. Generally, the maximum discount you can get is 70% of the open market value of the property.
Key Features of Right to Buy Mortgages
Right to Buy mortgages are specially designed mortgages that allow you to purchase a property using the discount you have been awarded through the Right to Buy scheme. Key features of Right to Buy mortgages include:
• Discounted rates – Right to Buy mortgages typically offer discounted rates that are lower than the market rate.
• No deposit required – Right to Buy mortgages usually do not require a deposit. The deposit is usually the equity in the property after the discount has been applied.
• Low fees – Right to Buy mortgages typically have lower fees than other types of mortgages.
Conclusion
The Right to Buy scheme is an excellent option for those looking to purchase their own home. It offers several advantages, such as no deposit required, low fees, and flexible repayment options. It is important to research the scheme thoroughly to ensure that it is the right choice for you.
If you need advice on mortgages, contact Everest Mortgage Services. We offer tailored advice that fits your personal circumstances and needs. Give us a call and let us know how we can help today!
