We have several
advisors who specialise in mortgages for various people in various
circumstances. Transferring from renting a house to actually buying
the property may seem like a risk but, with our advisers help, the
change could prove one of the most rewarding decisions you'll ever
make.
Key Points
- The majority
of council tenants qualify under the local authority ' Right to
Buy ' scheme.
- This allows
you to buy the house your are renting at a discounted price. The
discount can be anything up to 60% of the market value of the
house and up to 70% of the flat.
- The only
point worth remembering is that should you sell the property within
first 3 years, you would have to pay a proportion of discount
back to the Local Authority. This is usually one third for each
year. . Say for example, your council house is valued at £60,000
and you receive a 60% discount = £36,000. Purchase price is therefore
= £24,000.
- We can arrange
a mortgage, for example 75%, of the actual value = £45,000. This
would allow you to purchase the property plus £25,000 to settle
any existing debts, and carry out home improvements, also giving
you a cash surplus to spend as you please as well as reducing
your monthly out-going's.
Our advice
· Make sure you get a decent long-term discounted, fixed or capped
rate mortgage.
· Make sure you keep up with your instalments.
· Lenders do not like to wait as your council may let you go into
arrears in your rent.
· Your Home is at risk if you do not keep up repayments on a mortgage
or loan secured on it.
Further Benefits
In future,
you will be a home owner with an asset, instead of a tenant paying
rent. This will also mean you will find it easier to get credit
in the future.
Summary
- Be a Home
owner
- Reduce out-going's
- Save money
by enjoying the discounted price
- Build your
credit rating
- Live in a
better home by improving it
- Build up
capital for long-term security
updated: 11/11/02
To get the best
free advice, in your particular circumstances, just complete our
simple application form and wait for a call from our advisor usually
within the next few hours.
For
more information
Your
Security and Data Protection Web-Trader
Code Your
rights
| Useful
reading |
Useful Links |
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"Mortgage
loans: What's right for you? by James E. Bridges"
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