Authorised & Regulated By The Financial Conduct Authority (FCA). You can apply for council housing through your local council. I think you have to live in a council house to have the opportunity to buy it. Barnsley Borrow £80,000 over 25 years 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. Unsecured Personal LoansREPRESENTATIVE 49.9% APR (VARIABLE) First Choice are tied to certain loan providers. Please contact us to speak about buying your council house if you have had credit problems in the past. 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 income-based Employment and Support Allowance, Income Support or income-based Jobseeker's Allowance. Just ask 0800 298 3000 or complete the short online enquiry form. If you been living in a council house for three years, you’ll be entitled to a 35% Right to Buy discount. 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. Details of which can be found by visiting www.fca.org.uk. Contact Us | About Us | Loan Companies | Privacy Notice | Site Map | Finance Videos | Finance Info, Need help? Credit £58,585 (incl £1360 fee). 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. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. 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. Established In 1988. We have lenders who will allow extra borrowing for home improvements. At 4.6% Variable, £461.95 for Homeowner Secured Loans These properties are flats which become available when the tenant leaves and all the other flats have previously been sold i.e. 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 THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST Total payable of £49,949. Bad Credit Explained What is the difference between credit score and credit history? We Advice Upon & Arrange Mortgages & Loans. 129 Wingfield Road The discount gets based according to the market value of your home. Written quotations available from individual lenders. 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. Right to Buy council house qualification means you can get a discount when you buy it. Repairs and service charges. 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. If you are a council house tenant then you may have the opportunity to purchase your property via the right to buy scheme. 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. Mortgages & Homeowner Secured Loans Are Secured On Your Home. First Choice Finance is a specialist in helping people buy their council house , sometime with a huge discount. Our service is funded entirely by mortgage … First Choice are tied to certain unsecured lenders. It is available nationwide from all local authorities from 1st February 2018. This can save you the trouble and impact to your credit rating of a failed mortgage application. The right to buy scheme is a government scheme which helps council tenants buy their homes with a discount. Company Registration Number 2316399. First Choice Finance have a number of council house mortgage plans and we work with you to find a deal that is affordable. 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. 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. For example, a council home in London could be worth £500,000 on an open market valuation. Rates From 7.1% APRC The risks of buying a council house. Total Payable You’ll usually have to join a waiting list and you’re not guaranteed to get a property. 4.5% APRC 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. 100% free help with the initial Right to Buy application. Looking At Buying Your Council HouseCouncil House Mortgage PlansHelp Throughout The Right To Buy Process. 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. 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 . Details of which can be found by visiting www.fca.org.uk. To buy a home you usually need to: pay a deposit. Our Housing and Community Services help Dublin's citizens find secure and comfortable accommodation in Dublin, and work to improve the community. 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 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. Apply for a Council Mortgage. 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. Mortgages & Remortgages There are exceptions in some London boroughs where the top discount could be £112,300. Income such as Child Tax Credits, Working Tax Credits, Child Benefits can be used. Copyright protected 2014-2018. Costs of buying a council house or flat. We specialise in providing right to buy mortgages for council & housing association tenants to buy their council house. £138,585. You can apply for a council house but you won’t be top of the waiting list and it won’t be free. Loans are subject to status and valuation and are not available to persons under 18 years of age. by Mark Johnston Buying an Ex Council House. Rebuilding Ireland Home Loan. 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 Discount. 24-7 Mortgages is authorised and regulated by the Financial Conduct Authority 474912, in respect of mortgage and insurance mediation activities only. South Yorkshire YOUR HOME. Make an enquiry and we’ll help connect you to an expert mortgage broker. And there’s no catch. We’re not just any mortgage broker – we’re a free, award winning mortgage broker with access to the best deals out there. Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. Total Cost Of Buying an Ex Council House. 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. We Are Not A Lender. In England, the maximum council house discount is £84,200. Loans secured on property. Up to 100% of the valuation price may be available to first time buyers eligible under this scheme. 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. People in areas with high house prices, such as London, may struggle to afford to pay for a mortgage even with the discount. 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. 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. 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 … S71 3PW. 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. 300 months. Owning a home is something that many people aspire to, but it shouldn't be entered into lightly. Planning on buying council house and need mortgage. 24-7 Mortgages is authorised and regulated by the Financial Conduct Authority 474912, in respect of mortgage and insurance mediation activities only. The 5 years tenancy does not need to be consecutive i.e. Apply for a Right to Buy mortgage. First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. Right To Buy scheme allows secure tenants of council homes and housing association properties to buy their home with a significant discount New council mortgage scheme to offer lower rates than most banks. We have access to 100% Right to Buy Mortgages. Representative Example £30,000 over 72 months @ £679.90 repayments. immovable property. 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. While most mortgage brokers will charge you a hefty fee for using their service, we don’t. Design by Xpertweb Ltd | Managed by JKE Web Design. 24-7 Mortgages and KPM Financial Services is a trading name of Kevin McGee, a mortgage broker not a lender and insurance intermediary. At 30k Its gotta be bought because the required work will cost 20k . 24-7 Mortgages and KPM Financial Services is a trading name of Kevin McGee, a mortgage broker not a lender and insurance intermediary. 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. Support with Mortgage Interest or housing costs paid with Pension Credit. Right to buy scheme. A Rebuilding Ireland Home Loan is a new Government backed mortgage for first time buyers. Firm Reference Number 302981. It has been piloted and is due to be extended to housing association tenants. 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. 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. Find out more from the Money Advice Service about the process of buying a home. SK6 8DX. Dundee City Council's mortgage scheme is available for first time buyers of Council owned housing stock advertised on the open market. To qualify for the Right to Buy you need to have been a public sector tenant for a minimum of two years. I could be wrong on that. 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. The discount you will receive is based on the region your home is located in. 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. pay for surveyors reports and legal fees. You'll need to prepare for various new financial responsibilities, including: Mortgage repayments: if you fail to keep up your mortgage You’ll have to pay full rent until your savings drop below the threshold (I believe pp was right in saying that’s £16k). Representative Example: 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. 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. get a mortgage from a bank or building society. You'll be responsible for repairs once you own your home. Last in Block. 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