Right To Buy Council House Mortgages To Own Your Home

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Right To Buy is a Scheme in England that facilitates the tenants of councils and other housing associations to buy the Right To Buy Council House in which they live. It is not simply a legal right to buy but also at a large discount of 60% of the actual home value. The discount percentages may vary according to the tenancy period.

Council House right to Buy does not have to be paid all at once. Just like other residential mortgages, a Right To Buy Council House Mortgage can be taken on it.

To be able to apply for Right To Buy Your/my Council House, there are a few criteria to be met

  • A tenant should have had a public sector landlord for a minimum of 3 years
  • It should either be the buyers only home or at least the main home.
  • The buyer should be a secure tenant, meaning the tenant should have a legal contract with the landlord.
  • The buyer should typically have no legal debt issues.
  • The house should be self-contained (meaning no shared rooms such as a bathroom, kitchen etc)

As long as the above-mentioned conditions are met, anyone can own their council home through the right to buy scheme. Right To Buy Council House Mortgages can be taken out just the same as a residential mortgage.

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How Council Right To Buy Mortgages Work

Right To Buy Council mortgages are just the same as other residential mortgages with most lenders. The same affordability checks are made, credit history, employment status, outstanding debts etc. But with the right lender, the discount available with a right to buy can be used as a deposit for Council Right To Buy Mortgage. Though this may not be possible with all lenders. Some lenders may accept the discount of Council Right to buy is to be paid as a deposit.

The Right To Buy Council scheme enables tenants of council houses and housing association tenants to buy their residence. To pay for this, a mortgage may be needed. Taking out a Right To Buy Mortgages is not something specific for council houses. A residential mortgage will need to be taken out just as with any other house. The lender will need to approve the loan application. This means going through the usual loan application process. The lender may check credit history or credit score, employment status, pending loans etc.

Bankruptcy or debt issues in these checks may disqualify the borrower from Right To Buy Council Mortgage as they will not be able to take out a mortgage.

Another concern is to find a lender operating in the same locale as the council house, for instance, Right To Buy Corydon, Harrow, Ealing, Enfield, Hillingdon Council homes.

Croydon, Harrow, Ealing, Enfield, Hillingdon Council Right to buy among other areas may have different discount rates or amounts, so finding a location-specific lender is necessary in this regard.

How Council Right To Buy Mortgages Work

Right To Buy Adverse Credit and Bad Credit Report

Adverse Credit history is when there is a history of late repayments or unpaid debts on loans or credit cards. While one or two poor repayments on loans will only affect the credit history with negative points, multiple records of poor repayments, lack of payments, charge offs, foreclosures, bankruptcies etc will result in adverse credit.

Adverse Counsel Right To Buy Mortgage is still possible, albeit a little difficult. Older Right To Buy Adverse Credit will be more easily overlooked by lenders as compared to newer inconsistencies in adverse history.

Very few lenders will be willing to accept a loan application for Right To Buy Adverse Counsel if bankruptcies or repossession happened recently. Though with the right specialist mortgage adviser this may be possible.