Buy Your Council House Under the Right to Buy Scheme
The Right to Buy scheme was brought in by the government to allow eligible tenants in the UK to purchase their council house for a discounted price.
If you wanted to see whether or not you qualify for the Right to Buy scheme, visit your council’s website and give them a call and they should tell you what the entry requirements are. Once you find out if you are able to access the scheme, it’s time to get the ball rolling and begin the Right to Buy process!
Right to Buy Mortgage Advisor in Cambridge
Usually, you don’t need to put down a deposit for your council home due to the large amount of equity that has been built up inside the property. Meaning, for some tenants, this can be a great way of getting onto the property ladder. The amount of equity that is inside the house depends on how much your discount is and the value of the property.
Depending on your lender, you may be able to borrow additional funds to use for home improvements. This could be an option worth considering, especially if you have already saved money by not needing a deposit as it could balance out in the future. When we say home improvements, we mean anything ranging from new double glazed windows to extensions or conversions. A Mortgage Advisor in Cambridge can advise you on these accordingly.
How is the Discount Worked Out?
The discount percentage is worked out using a variety of different factors such as where you live in the country, how long you’ve been a council tenant/long you’ve lived within the country.
From our experience with Right to Buy mortgages in Cambridge, the applicant is normally a First Time Buyer. Whether you are a First Time Buyer or not, we know that the mortgage process can often come with some difficulties and stress, and that’s exactly why we want to help you! Your Mortgage Advisor in Cambridge will be right by your side from your initial Right to Buy enquiry all the way through to your completion.
How does it work? Get a quote nowMeet your advisor