First Choice are tied to certain unsecured lenders. Having the opportunity to purchase your council property is one thing but, for many, this will involve a mortgage and as such you will also need to establish if it is affordable for you. 0800 092 0800 24 Hours a Day, 100% Right to Buy Mortgages, a council house mortgage with additional monies for home improvements or repaying debts, or buying your local authority/council home. If you know the purchase and discount figures being offered to you (use your best estimate if not) these can be used to carry out some initial research for the monthly payments. We have lenders who will allow extra borrowing for home improvements. The main reason to take out a home equity loan is that it offers a cheaper way of borrowing cash than an unsecured personal loan. Design by Xpertweb Ltd | Managed by JKE Web Design. Other Reclaiming: Mortgage Fees, Council Tax etc; Mortgage-Free Wannabe; House Buying, Renting & Selling; Debate House Prices & the Economy; Savings & Investments; ISAs & Tax-free Savings; Pensions, Annuities & Retirement Planning; Auto-enrolment; Budgeting & Bank Accounts; Insurance & Life Assurance; Cutting Tax; Money Saving Polls Costs of buying a council house or flat. We’re not just any mortgage broker – we’re a free, award winning mortgage broker with access to the best deals out there. pay for surveyors reports and legal fees. Bad Credit Explained What is the difference between credit score and credit history? The Act came into force on 3 October 1980 and is seen as a defining policy of Thatcherism.In Scotland the Right to Buy was provided by the Tenants' Rights, Etc. People in areas with high house prices, such as London, may struggle to afford to pay for a mortgage even with the discount. Mortgages & Homeowner Secured Loans Are Secured On Your Home. If you been living in a council house for three years, you’ll be entitled to a 35% Right to Buy discount. The Housing Act 1980 was an Act of Parliament passed by the Parliament of the United Kingdom that gave five million council house tenants in England and Wales the Right to Buy their house from their local authority. To qualify for the Right to Buy you need to have been a public sector tenant for a minimum of two years. Council house tenants are losing their homes after being targeted by mortgage companies encouraging them to borrow ridiculous amounts of money to buy their properties. If you have questions about buying an ex-council property and want to speak to an expert for the right advice, call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry here. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.Security is required on 24-7 Mortgages is authorised and regulated by the Financial Conduct Authority 474912, in respect of mortgage and insurance mediation activities only. Find out more from the Money Advice Service about the process of buying a home. 24-7 Mortgages and KPM Financial Services is a trading name of Kevin McGee, a mortgage broker not a lender and insurance intermediary. 100% free help with the initial Right to Buy application. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. For interest only mortgages, the above calculations do not take into account the cost of any endowment, pension or other savings plan being used to repay the loan. YOUR HOME. Copyright protected 2014-2018. Mortgages & Remortgages Repairs and service charges. Last in Block. You'll be responsible for repairs once you own your home. S71 3PW. Apply for a Council Mortgage. I could be wrong on that. For example, a council home in London could be worth £500,000 on an open market valuation. A mortgage broker who specialises in mortgages for the self-employed may a good option, as they will know different lenders’ criteria and which are most likely to be able to offer you a deal. The right to buy scheme is a government scheme which helps council tenants buy their homes with a discount. With all of the factors that go into assessing a mortgage to purchase your council house, how to buy a council house might seem like a complicated question but it can all be broken down into understandable and manageable steps if you approach an understanding mortgage broker like ourselves. At 4.6% Variable, £461.95 for Barnsley Value £45,000 Price after discount £30,000 deposit if needed £1,500 The house is constructed of steel frame and concrete slabs and is eventually in need of bricking up . 300 months. How to apply for a council house or flat - housing waiting lists, types of tenancies, the Right to Buy scheme and repairs, complaining about the council South Yorkshire Right to buy scheme. This can save you the trouble and impact to your credit rating of a failed mortgage application. After five years, ... You can let out your property as soon as the mortgage has been finalised, although you’ll have to inform your council and there may be a one-off fee involved. Total payable of £49,949. There are exceptions in some London boroughs where the top discount could be £112,300. You can apply for a council house but you won’t be top of the waiting list and it won’t be free. First Choice Finance is a specialist in helping people buy their council house , sometime with a huge discount. Please be aware, your results are only an estimate and should not be considered as a mortgage quote until we have gathered further information from you. It is available nationwide from all local authorities from 1st February 2018. Rebuilding Ireland Home Loan. £138,585. Authorised & Regulated By The Financial Conduct Authority (FCA). income-based Employment and Support Allowance, Income Support or income-based Jobseeker's Allowance. Homeowner Secured Loans immovable property. In addition, the figures shown in respect of both repayment and interest only mortgages do not include the cost of additional life cover. The council are offering you this money to give up your council house because it will cost them the same amount over a year or over 2 years if you remain in the council house. Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. You’ll usually have to join a waiting list and you’re not guaranteed to get a property. It has been piloted and is due to be extended to housing association tenants. 24-7 Mortgages is authorised and regulated by the Financial Conduct Authority 474912, in respect of mortgage and insurance mediation activities only. First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. First Choice are tied to certain loan providers. Income such as Child Tax Credits, Working Tax Credits, Child Benefits can be used. We have quite a few lenders who will now do 100% Right to Buy Mortgages and we anticipate that new entrants will enter the market in 2018. Right To Buy scheme allows secure tenants of council homes and housing association properties to buy their home with a significant discount Up to 100% of the valuation price may be available to first time buyers eligible under this scheme. New council mortgage scheme to offer lower rates than most banks. 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