We’re not just any mortgage broker – we’re a free, award winning mortgage broker with access to the best deals out there. Other Reclaiming: Mortgage Fees, Council Tax etc; Mortgage-Free Wannabe; House Buying, Renting & Selling; Debate House Prices & the Economy; Savings & Investments; ISAs & Tax-free Savings; Pensions, Annuities & Retirement Planning; Auto-enrolment; Budgeting & Bank Accounts; Insurance & Life Assurance; Cutting Tax; Money Saving Polls Mortgages & Homeowner Secured Loans Are Secured On Your Home. Planning on buying council house and need mortgage. You can apply for council housing through your local council. Repairs and service charges. SK6 8DX. For interest only mortgages, the above calculations do not take into account the cost of any endowment, pension or other savings plan being used to repay the loan. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST This article will take you through the basics of buying your council house, so that you can decide whether it’s a good move for you. In England, the maximum council house discount is £84,200. S71 3PW. 24-7 Mortgages is authorised and regulated by the Financial Conduct Authority 474912, in respect of mortgage and insurance mediation activities only. The money the council gives you to give up your council house could be used as a mortgage deposit and could be very helpful to allow you to buy a new home. Last in Block. A Rebuilding Ireland Home Loan is a new Government backed mortgage for first time buyers. Income such as Child Tax Credits, Working Tax Credits, Child Benefits can be used. Established In 1988. To buy a home you usually need to: pay a deposit. In addition, the figures shown in respect of both repayment and interest only mortgages do not include the cost of additional life cover. Council House Mortgage It is recommended for financing major one-off expenses, including home renovations or repairs, medical bills, repayment of credit card debt, or funding college tuition. The discount you will receive is based on the region your home is located in. Advice on this and more is available from Money Advice Service – follow the links below or call them on 0300 500 5000: £138,585. We Are Not A Lender. Costs of buying a council house or flat. Authorised & Regulated By The Financial Conduct Authority (FCA). Value £45,000 Price after discount £30,000 deposit if needed £1,500 The house is constructed of steel frame and concrete slabs and is eventually in need of bricking up . Representative Example: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.Security is required on Homeowner Secured Loans You'll need to prepare for various new financial responsibilities, including: Mortgage repayments: if you fail to keep up your mortgage We have access to 100% Right to Buy Mortgages. Up to 100% of the valuation price may be available to first time buyers eligible under this scheme. We have access to Right to Buy mortgage for tenants with poor credit. Mortgages & Remortgages Firm Reference Number 302981. Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. With all of the factors that go into assessing a mortgage to purchase your council house, how to buy a council house might seem like a complicated question but it can all be broken down into understandable and manageable steps if you approach an understanding mortgage broker like ourselves. The council are offering you this money to give up your council house because it will cost them the same amount over a year or over 2 years if you remain in the council house. You’ll usually have to join a waiting list and you’re not guaranteed to get a property. Compare the best right to buy mortgages from each of the right to buy mortgage lenders offering mortgages that you can use to buy the council property you live in. The risks of buying a council house. If you been living in a council house for three years, you’ll be entitled to a 35% Right to Buy discount. We Advice Upon & Arrange Mortgages & Loans. A 50% discount would be £250,000, but with the cap set at £103,900 in London, you'd still need a mortgage of £396,100. It has been piloted and is due to be extended to housing association tenants. Apply for a Right to Buy mortgage. These properties are flats which become available when the tenant leaves and all the other flats have previously been sold i.e. Company Registration Number 2316399. I think you have to live in a council house to have the opportunity to buy it. Right to Buy gives council tenants in England and Wales who have a minimum of 5 years social tenancy the opportunity for home ownership and to purchase their council property. We have lenders who will allow extra borrowing for home improvements. 300 months. Just ask 0800 298 3000 or complete the short online enquiry form. Council House Discount. The discount gets based according to the market value of your home. South Yorkshire The Act came into force on 3 October 1980 and is seen as a defining policy of Thatcherism.In Scotland the Right to Buy was provided by the Tenants' Rights, Etc. Looking At Buying Your Council HouseCouncil House Mortgage PlansHelp Throughout The Right To Buy Process. I could be wrong on that. Total payable of £49,949. 24-7 Mortgages and KPM Financial Services is a trading name of Kevin McGee, a mortgage broker not a lender and insurance intermediary. Total Payable First Choice are tied to certain loan providers. Right to buy scheme. Our service is funded entirely by mortgage … The main reason to take out a home equity loan is that it offers a cheaper way of borrowing cash than an unsecured personal loan. Copyright protected 2014-2018. pay for surveyors reports and legal fees. 129 Wingfield Road Barnsley A mortgage broker who specialises in mortgages for the self-employed may a good option, as they will know different lenders’ criteria and which are most likely to be able to offer you a deal. At 4.6% Variable, £461.95 for You can apply for a council house but you won’t be top of the waiting list and it won’t be free. For example, a council home in London could be worth £500,000 on an open market valuation. The right to buy scheme is a government scheme which helps council tenants buy their homes with a discount. income-based Employment and Support Allowance, Income Support or income-based Jobseeker's Allowance. YOUR HOME. First Choice Finance have a number of council house mortgage plans and we work with you to find a deal that is affordable. There are exceptions in some London boroughs where the top discount could be £112,300. Credit £58,585 (incl £1360 fee). First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. Written quotations available from individual lenders. We have quite a few lenders who will now do 100% Right to Buy Mortgages and we anticipate that new entrants will enter the market in 2018. If you know the purchase and discount figures being offered to you (use your best estimate if not) these can be used to carry out some initial research for the monthly payments. The above calculations are only examples and are not guaranteed. Rebuilding Ireland Home Loan. Thanks to the government’s Right to Buy scheme, it is possible for you to buy your council home, to qualify you must meet the following criteria – • It is your only or main home • It is self-contained • You’re a secure tenant • You’ve had a public sector landlord for 5 years – for example a council, housing association, or NHS trust. People in areas with high house prices, such as London, may struggle to afford to pay for a mortgage even with the discount. If you live in a council house or flat and want to learn more about how you can buy your home - you’ve come to the right place. Buying an Ex Council House. It is available nationwide from all local authorities from 1st February 2018. 0800 092 0800 24 Hours a Day, 100% Right to Buy Mortgages, a council house mortgage with additional monies for home improvements or repaying debts, or buying your local authority/council home. Bad Credit Explained What is the difference between credit score and credit history? Owning a home is something that many people aspire to, but it shouldn't be entered into lightly. For secured loans the lender will require a charge on your property and in the case of endowment mortgages, an endowment/life policy for the amount of the advance and a charge over the property. Council house tenants are losing their homes after being targeted by mortgage companies encouraging them to borrow ridiculous amounts of money to buy their properties. We specialise in providing right to buy mortgages for council & housing association tenants to buy their council house. Apply for a Council Mortgage. This can save you the trouble and impact to your credit rating of a failed mortgage application. And there’s no catch. Contact Us | About Us | Loan Companies | Privacy Notice | Site Map | Finance Videos | Finance Info, Need help? The only chance you have is to buying a privately owned former council house, then is a matter between you and your mortgage provider whether you can transfer the mortgage … First Choice Finance is a specialist in helping people buy their council house , sometime with a huge discount. At 30k Its gotta be bought because the required work will cost 20k . Our Housing and Community Services help Dublin's citizens find secure and comfortable accommodation in Dublin, and work to improve the community. Details of which can be found by visiting www.fca.org.uk. If you have questions about buying an ex-council property and want to speak to an expert for the right advice, call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry here. While most mortgage brokers will charge you a hefty fee for using their service, we don’t. Representative Example £30,000 over 72 months @ £679.90 repayments. Right to Buy council house qualification means you can get a discount when you buy it. 100% free help with the initial Right to Buy application. Loans are subject to status and valuation and are not available to persons under 18 years of age. Right To Buy scheme allows secure tenants of council homes and housing association properties to buy their home with a significant discount The best way to get a mortgage for an ex-council flat is to speak to an expert broker who has specialised experience in securing ex-council flat mortgages. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. immovable property. Design by Xpertweb Ltd | Managed by JKE Web Design. get a mortgage from a bank or building society. Dundee City Council's mortgage scheme is available for first time buyers of Council owned housing stock advertised on the open market. You'll be responsible for repairs once you own your home. The 5 years tenancy does not need to be consecutive i.e. If you are a council house tenant then you may have the opportunity to purchase your property via the right to buy scheme. Please contact us to speak about buying your council house if you have had credit problems in the past. After five years, ... You can let out your property as soon as the mortgage has been finalised, although you’ll have to inform your council and there may be a one-off fee involved. by Mark Johnston Buying an Ex Council House. To qualify for the Right to Buy you need to have been a public sector tenant for a minimum of two years. Support with Mortgage Interest or housing costs paid with Pension Credit. Unsecured Personal LoansREPRESENTATIVE 49.9% APR (VARIABLE) You’ll have to pay full rent until your savings drop below the threshold (I believe pp was right in saying that’s £16k). Loans secured on property. First Choice are tied to certain unsecured lenders. Rates From 7.1% APRC The Housing Act 1980 was an Act of Parliament passed by the Parliament of the United Kingdom that gave five million council house tenants in England and Wales the Right to Buy their house from their local authority. Details of which can be found by visiting www.fca.org.uk. New council mortgage scheme to offer lower rates than most banks. How to apply for a council house or flat - housing waiting lists, types of tenancies, the Right to Buy scheme and repairs, complaining about the council Find out more from the Money Advice Service about the process of buying a home. Please be aware, your results are only an estimate and should not be considered as a mortgage quote until we have gathered further information from you. 24-7 Mortgages is authorised and regulated by the Financial Conduct Authority 474912, in respect of mortgage and insurance mediation activities only. Make an enquiry and we’ll help connect you to an expert mortgage broker. 24-7 Mortgages and KPM Financial Services is a trading name of Kevin McGee, a mortgage broker not a lender and insurance intermediary. Council Tax Support if no one else is living in the property, tell your local authority's Council Tax department as you may not have to pay Council Tax anymore. Having the opportunity to purchase your council property is one thing but, for many, this will involve a mortgage and as such you will also need to establish if it is affordable for you. Total Cost Of 4.5% APRC Borrow £80,000 over 25 years Credit Problems & A Right to Buy Mortgage, All You Need to Know About A Fixed Rate Mortgage, What You Need to Know About Debt Consolidation, What You Need to Know About Your Credit Score. That is affordable have lenders who will allow extra borrowing for home.. Other DEBTS AGAINST your home just ask 0800 298 3000 or complete the short online enquiry form help you. 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