UK RIGHT TO BUY MORTGAGE QUOTE

If you are looking for a right to buy mortgage quote our specialist lenders can offer some of the best deals in the UK. This scheme was introduced to allow longstanding tenants of council property to buy their own home. Provided that you have been a tenant for at least two years (or five years if you became a tenant after the 18th of January 2005) you can make arrangements to buy your property from the local council at a discount on normal market values. The longer you have rented the property then the higher will be the discount that is applied on the basis of a sliding scale. As an example if you have been a tenant for five years the discount is 35% and if you have been a tenant for 20 years the discount is 50%. Maximum discounts range from £18,000 to £38,000 dependent on the policy of the council in your area. If the property is sold within five years of purchase from the council then the discount must be repaid.

There are certain classes of tenancy that are excluded from the scheme and it is pointless applying for a right to buy mortgage quote if :-

• the property that you rent is owned by a ‘registered social landlord’ (RSL)
• your house is rented as part of an overall arrangement involving your employment
• you are the subject of a court order requiring you to vacate the relevant property
• the property is specially reserved or adapted for the elderly or disabled

A right to buy mortgage quote can be obtained from any commercial lender however not all lenders are offering the same terms. Our experts are able to search a comprehensive database which will outline the best deals and special offers that are not always available from the high street lenders. In addition we may be able to help those with a bad credit history, former bankrupts, those involved with a current independent voluntary arrangement (IVA), the self employed and those in receipt of social benefits.

The first step in buying you own home is to contact the landlord who will usually be the local council and complete an application form. Your landlord will thereafter determine whether or not you qualify for the scheme and will send out a Section 25 notice detailing :-

• the landlords views on the open market value of the property
• the discount that is appropriate in your particular case
• the estimated cost of repairs and service charges that you are likely to pay over the next five years
• any obvious defects in the structure of the property
• the landlords terms and conditions relevant to the sale including claw back provisions if the property is re-sold within five years.

It may be that after receipt of this information that you disagree with the council in regards to the valuation of the property. In the event of a dispute you can ask for an independent valuation by the governments ‘district valuer’ however his decision, which may revalue at a higher or lower figure is final and binding with no further right to appeal or to renegotiate.