Buy Your Council House Under the Right to Buy Scheme
For some time now in England and Wales council house tenants have been able to buy the house they have been living. And in many cases, this can prove to be a substantial discount. The scheme – which also applies to Housing Association tenants – is implemented via accessing a special Right to Buy mortgage.
The amount of discount you will receive as a tenant is determined by several factors, such as how long you happen to have been a council tenant for, the cost of the house you intend to purchase and what type of property it is ie a semi-detached house, apartment, studio flat etc.
Advantages of obtaining a Right to Buy mortgage
The great benefit of this type of scheme is that you are buying a house you have already lived in for sometimes, is that you don’t have to buy any new furniture or fixtures and fittings since they’re already there!
A further advantage is that if you’ve been wanting double glazing, a new front door for some time now then you may be able to arrange to get this put onto the cost of your Right to Buy mortgage. That’s because you’ll already have equity available on the property.
And finally, in most cases, there’s no need to save up for a deposit if you qualify for a Right to Buy scheme as the equity already in your property can be used towards your deposit.
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