The Right to Buy Mortgage process allows council and housing association tenants to purchase their home, as long as they are eligible.
The best way to see if you are eligible for a Right to Buy mortgage is to get in touch with our DebtConsolidation.co.uk advisors on 0800 048 3674, as they will be able to give your further information about this process.
Generally, you need to be a council or housing association tenant for either a minimum of 2 years before 18th January 2005 or for a minimum of 5 years after 18th January 2005(present and previous addresses are included). Your council or housing association will be able to confirm if you are eligible for a right to buy mortgage.
The discount is dependant on your personal situation so you are best getting in touch with us first. It is possible that you could receive about 32% for a house or 44% for a flat, up to a maximum value of £38,000.
Contact us for further information about how to go through the process of getting a right to buy mortgage. You will have to fill in some paper work after your eligibility has been confirmed, there will include an RTB1 and a RTB2 application form.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERM OF DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
For mortgages and re-mortgages the overall cost for comparison is 8.5% APR variable and for secured loans 14.5% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. A broker fee may be payable on completion, and will depend on your circumstances. For mortgages and re-mortgages this fee is typically between 0% and 3% of the gross mortgage amount, subject to a minimum of £2,495 and a maximum of £3,995. For secured loans, the fee is typically between 0% and 10% of the loan value.
DebtConsolidation.co.uk is a trading name of Ask Finance Ltd which is registered in England and Wales (company number 4229724), Jackson House, Sibson Rd, Sale, Manchester, M33 7RR. Ask Finance is licensed under the 1974 consumer credit act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance is authorised and regulated by the Financial Services Authority (FSA) - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.