Council Right To Buy Mortgage
Are you living in UK? Do you want to have a house? Are you tired of the title tenant and want to become a homeowner? If so, then Council Right To Buy mortgage would be your solution.
In The 1981 Housing Act, council tenants have the right to buy the property they live in from local authority with discounted price. Council Right To Buy mortgage is one of the biggest mortgage market, and has gain more popularity in recent years.
What is a council tenant, you may ask. You are considered as a council tenant if you live in London borough council, district council, non charitable housing institution, county council, or similar council.
There is a time period when you are eligible to claim the property. If your tenancy began before January 18, 2005 you will need to be able to prove that you live in the property for at least 2 years before you can buy the property. If your tenancy began on or after January 18, 2005 you will need to be able to prove that you live in the property for at least 5 years before you are qualified to buy the property. After the time consideration, you will also need to pass several considerations such as the property you live in should be your main home, you must live in that property yourself, the property should not be included in your job profile, and other similar considerations.
Similar to any other mortgages, Council Right To Buy mortgage has fees, interest rate, and any other aspect of a mortgage. Although you will be getting discounted price, you must do your own analysis before deciding taking Council Right To Buy mortgage. Don´t forget to shop around when you want to apply for Council Right To Buy mortgage.
One last thing you have to pay attention to when you want to apply for Council Right To Buy mortgage is, you have to provide the necessary information and data in one go, if you can. Approval for the Council Right To Buy mortgage might take more than 3 months. That is why, providing the necessary documents such as RTB1, RTB2, and section 125 notice is advisable.
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Disclaimer:
The general information provided by http://MortgagePalace.blogspot.com is intended as an educational purpose only, and should not be interpreted as legal advice. The law varies drastically by location and legal specialty, and http://MortgagePalace.blogspot.com makes no promises about the accuracy or completeness of the information provided. You should not rely on our information when making legal decisions. We recommend that you consult with a lawyer to get professional legal advice on how best to deal with your situation.
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** Attn Ezine editors / Site owners **
Feel free to reprint this article in its entirety in your ezine, blog, autoresponder, or on your site so long as you put a link back to this original post, leave all links in place, and do not modify the content in anyway.
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In The 1981 Housing Act, council tenants have the right to buy the property they live in from local authority with discounted price. Council Right To Buy mortgage is one of the biggest mortgage market, and has gain more popularity in recent years.
What is a council tenant, you may ask. You are considered as a council tenant if you live in London borough council, district council, non charitable housing institution, county council, or similar council.
There is a time period when you are eligible to claim the property. If your tenancy began before January 18, 2005 you will need to be able to prove that you live in the property for at least 2 years before you can buy the property. If your tenancy began on or after January 18, 2005 you will need to be able to prove that you live in the property for at least 5 years before you are qualified to buy the property. After the time consideration, you will also need to pass several considerations such as the property you live in should be your main home, you must live in that property yourself, the property should not be included in your job profile, and other similar considerations.
Similar to any other mortgages, Council Right To Buy mortgage has fees, interest rate, and any other aspect of a mortgage. Although you will be getting discounted price, you must do your own analysis before deciding taking Council Right To Buy mortgage. Don´t forget to shop around when you want to apply for Council Right To Buy mortgage.
One last thing you have to pay attention to when you want to apply for Council Right To Buy mortgage is, you have to provide the necessary information and data in one go, if you can. Approval for the Council Right To Buy mortgage might take more than 3 months. That is why, providing the necessary documents such as RTB1, RTB2, and section 125 notice is advisable.
-=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=-
Disclaimer:
The general information provided by http://MortgagePalace.blogspot.com is intended as an educational purpose only, and should not be interpreted as legal advice. The law varies drastically by location and legal specialty, and http://MortgagePalace.blogspot.com makes no promises about the accuracy or completeness of the information provided. You should not rely on our information when making legal decisions. We recommend that you consult with a lawyer to get professional legal advice on how best to deal with your situation.
-=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=-
** Attn Ezine editors / Site owners **
Feel free to reprint this article in its entirety in your ezine, blog, autoresponder, or on your site so long as you put a link back to this original post, leave all links in place, and do not modify the content in anyway.
-=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=-
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