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Council Right to Buy Mortgage - Helping Everyone Have a Home of


"We will help every Council Tenant to become Home Owners"With these historic words Margaret Thatcher initiated an equally historic concept of council right to buy scheme. However, the groundwork for this scheme had been laid much before in the 70s under the reigns of the labour government.

The council right to buy scheme, without being embroiled in any controversy regarding who set off the council right to buy scheme, was indeed momentous. It led many people, who would never have thought (capable would be a more appropriate word to describe their situation) to have their own homes.

So what is council right to buy scheme? Council right to buy scheme is a scheme under which the council tenants are eligible to buy the house in which they have been living.

Therefore, what is that which distinguishes the council right to buy scheme from the other schemes? It is different because the customer would have to pay much lesser than what he would have paid had he bought the house in the open market. This is because the customer is entitled to a discount for the number of years that he was staying in the house as a tenant.

The rate of discount varies with the type of residence and the location of the residence. A person residing in a house will be eligible for a discount of up to 30% with a further discount of 1% for every year lived as a tenant of the house. In cases of flats or maisonettes the rate of discount ranges from 44% to 70%, but not exceeding 38,000. The maximum rate of discount is admissible only in a few localities like the posh London and the Southeast areas of England.

To avail the scheme one must be a council tenant. A council tenant is a secured tenant who has been living since 5 years or more (the limit has been changed from 2 years with effect from 18th January 2005) in any of the following:

? District council

? London borough council

? Non-charitable housing association or other registered social landlord

? Housing action trust.

? County council or another similar body

Numerous lenders who have sensed the importance of the scheme offer mortgages especially designed to facilitate such purchases. These mortgages are called council right to buy mortgage. A council right to buy mortgage offers to pay the price of the house. This will be an added attraction to the tenants to go for the scheme. The council tenants can pay off to the council from whom the house has been purchased, and then pay to the mortgage provider in easy and affordable installments. In fact, the monthly installment, which the tenant will have to pay, is lesser than the rent he had been paying. Moreover, while the rent is a sunk cost, the monthly installments facilitate you to have your own home.

Getting a council right to buy mortgage is not that easy. One must start the search process right from the day when they get the offer. The approval process normally takes around 3 months. To start the search late would mean getting the mortgage late. This could mean losing on the offer for council right to buy. The council tenant must also undertake a full structural survey of the property.

The customer must be fully aware of the various formalities that need to be met in case of a council right to buy mortgage. The net can provide enough information about the mortgages. Independent financial advisors can provide useful advice about the various intricacies of the mortgage. A solicitor appointed by the council tenant will act on his behalf in all legal formalities. The solicitor will help in the documentation part of the council right to buy which includes forms like RTB1, RTB2, Section 125 notice, etc.

Next, one has to sort out one mortgage provider from the numerous contenders. This is the most basic step and astuteness in this step will decide how the mortgage fares in the long run. The initial screening can be done through the net. The mortgage providers have compiled the information about their operations and the products that they offer on their websites. Careful study of the information will help give a manageable list of 10-20 mortgage lenders. These mortgage lenders can be requested for their no obligation mortgage quotes. Few more mortgage providers are ousted in this stage. The customer then personally meets the remaining mortgage providers. This is the final stage of the selection process.

The last step will be to decide the amount of mortgage to be taken. This will be derived after valuation of the house by the council or housing association and deducting the discounts from the price.

Treading in a step by step manner will be time consuming but will ensure that one does not has to repent later. You would surely cherish the output, which this effort leads to. The output will be your home-your own home, a perfect allurement, for which you will be ready to take any efforts.

James Taylor works for the personal loan web site http://www.chanceforloans.co.uk.To find a Personal Loans, secured Loans,unsecured loans and mortgage that best suits your needs visit http://www.chanceforloans.co.uk.


MORE RESOURCES:

Mortgage rates are low. Here's how to figure out if you should refinance  NBC News

Low mortgage rates have many people thinking about buying a new home or refinancing their current mortgage.


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The recent drop in mortgage rates may have you dreaming of buying a new home or refinancing your current house. But first, you need a plan.


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Millions of homeowners could now save each month on their mortgage payments, according to a new report. That's because they're suddenly “in the money” to ...


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Mortgage investors are breathing a sigh of relief amid signs a potential surge in prepayments set to weigh on returns may be avoided.


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Refinance mortgage rate dips for Saturday  Bankrate.com

Refinance rates were mixed, but one key rate declined. See what that means for you if you're in the market for a home loan.


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Homebuyers had been brushing off the slight rise in rates over the past few weeks, but as those rates move even higher, buyers are now pulling back.


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Refinance rates were mixed, but one key rate declined. If you're in the market for a mortgage, see what that means for you.


Refinance rates move higher for Wednesday  Bankrate.com

Multiple key refinance rates notched higher today. See what that means for your refinance.


Mortgage rates fall for Wednesday  Bankrate.com

Multiple key mortgage rates fell today. See how that could affect your mortgage payments.


Refinance mortgage rates mixed for Saturday  Bankrate.com

Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.


Did you refinance your home mortgage last year? You can still qualify for often-overlooked deductions  MarketWatch

f you refinanced your home mortgage last year, you may be in line for some often-overlooked tax deductions on your yet-to-be-filed 2018 Form 1040.


Here's how many borrowers should refinance after the recent drop in mortgage rates  HousingWire

Mortgage rates fell 22 basis points last week to 4.06%, an event that will likely be a gamechanger for the refinance market. According to the latest report from ...


Refinance rates decline for Tuesday  Bankrate.com

Multiple closely watched refinance rates decreased today. See what that means for you if you're in the market for a home loan.


Refinance rates dip for Monday  Bankrate.com

Several benchmark refinance rates were down today. If you're in the market for a home loan, see what that means for you.


As mortgage rates drop, originations in refi territory could double  National Mortgage News

If mortgage rates fall below 4%, it could more than double the dollar volume of agency mortgages exposed to refinancing incentive, analysts at Keefe, Bruyette ...


Closed loan and refinance shares grow on sinking mortgage rates  National Mortgage News

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Mini refinancing boom is a boost for lenders  The Real Deal

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Refinance rates rise for Friday  Bankrate.com

Multiple closely watched refinance rates notched higher today. See what that means for you if you're in the market for a home loan.


Refinance rates ratchet higher for Friday  Bankrate.com

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Refinanced office and water park loans highlight $938M Wells CMBS  Asset Securitization Report

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Refinance rates rise for Thursday  Bankrate.com

Multiple closely watched refinance rates trended upward today. If you're in the market for a refi, see how your future mortgage payments could be affected.


Mortgage rates continue to nose-dive as 30-year fixed experiences biggest one-week drop in a decade  The Washington Post

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Important mortgage rate dips for Tuesday  Bankrate.com

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Quicken Loans includes rental income in mortgage qualification  Mortgage Professional America

Owners of vacation properties rented out through Vrbo will now be able to use income from those rentals to qualify for a refinance mortgage from Quicken Loans.


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Commercial mortgage-backed securities could see big losses if troubled mall loans aren't refinanced before they mature in 2020, according to Fitch Ratings Inc.


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Press release *content* from Globe Newswire. The AP news staff was not involved in its creation.


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Multiple closely watched refinance rates receded today. If you're in the market for a home loan, see what that means for you.


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There is a quiet refinance boom brewing, as mortgage rates sink to 9-month lows. Not since April 2018 have rates been this low. Freddie Mac, in its weekly ...


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Multiple benchmark refinance rates ticked downward today. If you're in the market for a mortgage, see what that means for you.


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You probably have a number of ways to pay off a mortgage faster. You can refinance to a shorter term, pay more on your existing mortgage or free up your ...


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