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RIGHT TO BUY ~ MORTGAGE

What you should really know about Right to Buy mortgages

Should this be you first experience of buying a house it is important that you obtain the right mortgage advice for your particular mortgage needs. By allowing MIDAS FINANCIAL to identify with quality and often unique mortgage products can make the searching for the mortgage you want a good deal easier.

We broadly search the whole mortgage market place for good mortgage lenders that can provide the mortgage products and services that you really want to see: -

All mortgage types and options available: -

• Fixed, Discount, Tracker, Flexible and Offset and more.

• Plus a number of Exclusive mortgage products only available to MIDAS FINANCIAL.

Let us assist you with your next steps towards house purchase and see the difference for yourself. Please contact us by phone on ~ 0844 800 1137, use the Call back form or use the brief ENQUIRY FORM, and then simply allow us to assist you with further information without any obligation whatsoever.

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.

Houses

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 RTB 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.





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First Time Buyers / Remortgages / Buy to Let / Self Certification Mortgage / Adverse Credit Mortgage / Flexi Mortgage / Best Buy Mortgage / 125% Mortgages / Right to Buy Mortgages / Buy to Let Mortgages / Offset Mortgages / Self Employed Mortgages / Islamic Mortgages / Self Build Mortgages / Lifetime Mortgage (Equity Release) / Commercial Mortgages / Home Improvement Loans / Mortgage Options / Graduate Mortgage / How to save money on Your Mortgage / Buying a Home / Moving Home / Different Mortgage Types / How a Mortgage Works / Glossary of Mortgage Terms / Glossary of Legal Terms / More Legal Lingo / Glossary of Terms / How to keep your home safe / Leasehold Types / Leasehold property guide / Buying a House in Scotland

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MIDAS FINANCIAL ~ specialise in all types of mortgage requirements for a bad credit mortgage, bad credit, bad credit loan, adverse credit, adverse mortgage, adverse credit mortgage, adverse credit loan, bankruptcy, remortgage adverse credit, arrears mortgage, arrears, bankruptcy, ccj mortgage, default, ccj, iva, poor credit, bad credit personal loan, bad credit secured loan, bad credit unsecured loan, bad credit home mortgage loan, bad credit mortgage loan, remortgage, bad credit remortgage, bad credit remortgage uk, bad credit mortgage uk, bad credit mortgage loan, mortgage remortgage, remortgage uk, repayment mortgage, interest only mortgage buy to let mortgage, self employed mortgage, bad credit personal loan, overseas mortgage, first time buyer mortgage, discount mortgage, fixed rate mortgage, tracker mortgage, euro mortgage, stepped mortgage, pension mortgage, self employed mortgage, capped mortgage, equity release mortgage, cash back mortgage, self build mortgage, 100% mortgage, 125% mortgage,130 mortgage, right to buy mortgage, let to by mortgage, debt consolidation mortgage, flexible mortgage, one account mortgage, offset mortgage, professional mortgage, graduate mortgage, Islamic mortgage, flexi mortgage, interest only mortgage, property abroad mortgage, cash back mortgage, debt consolidation mortgage, one account mortgage, mortgage protection insurance, income protection insurance, life insurance, buildings and contents insurance, conveyancing, mortgage calculators, home improvement, mortgage finder.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
THERE MAY BE A FEE FOR MORTGAGE ADVICE. THE PRECISE AMOUNT WILL DEPEND UPON YOUR CIRCUMSTANCES AND WILL BE ADVISED FOR YOUR APPROVAL BEFORE PROCEEDING.

Loans are subject to status, type and value of property. Insurance may be required.

Midas Financial endeavours to ensure that all the information contained on our web site is as accurate and up to date as possible. We remain dependent upon receiving notification of changes from product providers and therefore act at all times in good faith.
Office address: - Suite M, 5 Golden Square, Aberdeen, AB10 1RD

Midas Financial Solutions (Scotland) Ltd, is authorised and regulated by the Financial Services Authority. Registered Number: -458282