Right To Buy Mortgages - Clan Financial Services

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Right To Buy Mortgages




The Right to Buy scheme in the United Kingdom, helps social tenants in England with buying their council house at a discount.

You can apply for the Right to Buy Scheme if you've been a council or public sector tenant for five or more years. The five years don't even need to be consecutive! If you have lived in properties provided by a housing association, the armed forces or a public body like an NHS trust, you are classed as a public sector tenant!

Joint applications can be made for buying a council house through the Right to Buy scheme with someone who shares the tenancy with you or with members of your family. They must have lived with you for the past 12 months for this to be allowed by the Right to Buy Scheme.

The Right-To-Buy Discount

As of 2 April 2012, the Right to Buy discount has increased - the new maximum Right To Buy Discount is £75,000!

If you qualify for the right to buy scheme, you can get a Right to Buy Discount on the market value of your home when you buy it. Your home's market value is the price it would fetch if it was sold. As of 2nd April 2012, the right to buy discount has increased. Previously, the maximum discount ranged from £16,000 to £38,000, depending on where you lived. Now, the maximum Right to Buy Discount is £75,000 for anywhere in England. Making now the perfect time to buy your council house!

The RTB discount you can get is based on:

• how long you've been a tenant
• where you live
• the type of property you're buying through the scheme (a flat or a house)

If you've previously had a discount to help you buy a council house or flat, this may be taken off your Right to Buy Discount.

If you are interested in finding out more about Right to Buy mortgages, complete the form below and we'll contact you at a convenient time to discuss your requirements.


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