If you rent a local authority property the chances are that you will have a right to buy the property at a discount from the local authority, this means that subject to your income you will not need a deposit as the mortgage lender will accept the discount that the council are giving you as you deposit.
In many cases this means that that not only are you able to buy the property at a discount your mortgage rate will be less than if you purchased in the private sector.
Your first step is to contact the council and get them to send you your right to buy papers, this will detail the value, that the council believe the property to be worth which is generally lower than the open market value and the discount amount they are offering off that value, which will be the price that you will pay.
Scotland are looking at stopping local authority tenants from buying their council properties and it may not be too long before the rest of the UK follows suit, so if you do have the right to buy don’t wait too long.
Our highly trained, professional advisers work with you every step of the way to make the mortgage process simple, saving you time and effort on one of life’s biggest decisions.
Going to a bank or estate agent limits your options and could leave you with a deal that isn’t suitable for you. We have access to hundreds of products across the whole mortgage market and can find you the ideal product for your needs.
By hand-picking the best mortgage and negotiating the best rates on your behalf, we can save you up to tens of thousands throughout the term of your mortgage.
Mortgage advisers based in Hadleigh, Essex. We provide a large panel of lenders as well as loans, insurance and equity release.
Frost Financial Services is authorised and regulated by the Financial Conduct Authority. Registration number: 300133.
For residential mortgages, your home may be repossessed if you do not keep up repayments on your mortgage.
With lifetime mortgages you retain 100% ownership. To understand the features and risks, ask for a personalised illustration.
Frost Financial Services
Endway House
The Endway
Hadleigh
Essex
SS7 2AN
Frost Financial Services
01702 554028
Equity Release
01702 861970
info@frostfinancialservices.co.uk