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What you should really know about Right to Buy mortgages
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What are Right to Buy Mortgages about
Right to buy mortgages are for use by public housing tenants who wish to purchase their property under the Right To Buy Scheme.
Public housing tenants are people who rent their property from the local council, a non-charitable housing association or a housing action trust. The vast majority of Right To Buy sales are of local authority properties.
The Right to Buy scheme was first introduced in 1980, with the main aim of offering everyone the opportunity to own a decent home and so promote social cohesion, well being and self-dependence. The Right to Buy Scheme has since helped nearly 1.5 million council tenants in England to realise their aspirations to own their own homes, with ongoing sales under the scheme now running at around 40,000 a year. (Source: Council of Mortgage Lenders)
This was also very successful in Scotland and provisions still exist to provide tenants to purchase their Local Authority house.
Those living in Housing Association Property and what may be defined as Shared Ownership Schemes have also the opportunity to purchase the property they are living in as tenants and this may be done in stages. Ask for details.
The Right To Buy scheme enables tenants to buy their homes at a discount price, provided that they have been living in their home for two years and meet the other qualification criteria. The Right To Buy scheme is open to virtually any secure tenant who can afford to buy with the exception of dwellings occupied in connection with their employment and housing specially provided for the elderly and (in certain cases) the disabled.
There are two options available under the right to buy
1. You can buy your home by paying the full purchase price at once with discounts ranging from 32% to 70% dependent on how many years you have spent as a public sector tenant and subject to a maximum discount limit for the area you live in.
Houses - The discount after two years is 32% with an additional 1% for every extra year up to a maximum of 60%.
Flats - The discount after two years is 44% with an additional 2% for every extra year up to a maximum of 70%.
There has always been a cash limit on Right To Buy discounts, but new limits came into effect on 11 February 1999, affecting all applications made by tenants on or after that date. The changes were made in order to ensure that the scheme provided better value for money for taxpayers, as well as still offering generous discounts to purchasers. Subject to the cash limit, tenants are still eligible to claim up to 60% in discount off the market value of their house and up to 70% off a flat depending on the number of years they have been a public sector tenant. For anyone who applies after 10 February 1999, the maximum cash limit on discount is
£38,000 if you live in London or the South East
£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
2. You can use the Rent To Mortgage scheme if you want to buy your home, but can't afford to pay for it all at once.
Further details on both schemes can be found in the booklet Your Right to Buy your Home. It is strongly recommended that you read this booklet before applying for the Right to Buy. It can be obtained either through your landlord or Local Authority.
*SCOTLAND have their own Local Authority schemes, ask for details.
Here's where we can connect you with a mortgage consultant... and a great quote!
For a fuller assessment of the mortgage market please contact MORTGAGE FINDER who will be able to provide you with suitable mortgage information without any obligation.
Contact us by phone 0845 056 4398 or ENQUIRY FORM or CALL BACK without any obligation and see how we can help.
Whatever your mortgage requirements Mortgage Finder can help provide information on different mortgages for different mortgage needs.
Mortgage Finder services are available to all UK residents buying or selling houses throughout the UK and can also provide International property purchases and financial assistance through our associate UK based company Property Networks International.
Therefore if you are ever thinking of buying a property abroad whether to own or rent contact our UK based company PROPERTY NETWORKS INTERNATIONAL and see how we may be able to help.
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