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 Right to Buy Scheme in Middlesbrough 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.
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.
The first step towards getting your mortgage is pretty obvious – but it’s a crucial one. And that is to check with the council or housing association that your home is registered with. They will have a record of how long you have lived there and whether you qualify for the scheme.
Next, do some online research to find out how much similar properties in your street or area have sold for recently. That way you’ll be able to get a rough valuation of how much your house is worth. This can be clarified at a later stage with the help of a professional surveyor.
At our Mortgage Broker in Middlesbrough, we’ve been securing Right to Buy mortgages for hundreds of homeowners. Every experience member of our team knows the process inside out so that your mortgage goes through as smoothly as possible and will be able to offer top-quality Mortgage Advice in Middlesbrough.
Keen to find out what type of Right to Buy Mortgage you can access? Then wait no longer. Simply get in touch with one of our Mortgage Advisors in Middlesbrough today and we’ll discuss the options with you.