Council House Mortgage

We can help you find a Mortgage for your Council House

Council house tenants across the UK are buying their homes with the aid a of Right To Buy mortgage. You'll receive a discount on the price of your home, but can often borrow against the full Open Market Value of the property. You can use this extra cash for lots of purposes: install central heating, new double glazing, or even to pay off existing debts.

There are specialist companies that can offer you a council house mortgage - but we recommend Diamond Lifestyle, a leading UK RTB mortgage provider. Click on the logo below to see how they can help you with your council house mortgage!

We recommend Diamond Lifestyle to help you buy your council house.

They will:

• Complete all necessary paperwork
• Allocate your own Diamond Case Manager throughout the Right to Buy process
• Hand deliver and explain all documents
• Be on hand to give you information, advice to ensure a hassle free purchase of your home

So click here to get a free quote from Diamond Lifestyle - do it today!

 

What is a Council House Mortgage?

Under the Right To Buy scheme, many former council tenants have chosen to buy their council house with the aid of a Right To Buy Mortgage (otherwise known as a council house mortgage). The government has decided that many council house tenants are eligible for a large discount on the price of their home.

You may be able take advantage of this scheme if you're a council tenant who's lived in your council house for more than two years. Simply speak to one of the friendly, qualified advisors at Diamond Lifestyle. They'll be able to help you contact your council, get your council house valued, even complete paperwork for you.

About Your Mortgage

Ever since 1980 council and housing association house occupiers have been able to purchase their own council houses and apartments. To assist them, certain councils have offered discounts of anything up to £38,000. Councils all over the UK, from big places like Swindon to smaller ones such as Halstead offer the right to buy. Once your app has been accepted and you've been informed of the discount you are entitled to, you should start to look into getting advice on how to apply for a mortgage (a large long-term loan) to provide funds for your house purchase. It's sensible to get professional, qualified advice from a mortgage company like our partner brokers, who have had several years of experience in tackling the Council House Mortgage field, and will help you through the procedure of council house-buying. They will charge a fee, but this usually covers expenses such as solicitor fees, property valuation, land registry fees and any fees for credit references that are required.

Purchase Your Council House

If you've been a council house tenant for between two and 5 years you might qualify for the right to buy programme. This discounted property buying scheme is targeted at longterm council tenants and gives everyone who is eligible the chance to become a homeowner. Once you apply for the chance to own your council home and are (hopefully) accepted, you will get sent a section 125 notice. This is an important document stating the value of your home and the amount of discount you will get off the Open Market Value (or OMV for short). This will depend on the area you are living in and could be anything between £16,000 and £38,000. Mrs S. Kennedy from Grantham managed to buy her council house for £31,000 cheaper than it was worth.

As soon as you find out how much you need to pay for your council property you can get a Right To Buy mortgage. Only certain mortgage companies will lend on a right to buy mortgage (big banks like First direct or Intelligent Finance) so it may be prudent to go through a right to buy mortgage broker who should point you in the right direction. The whole process normally takes just a few months to complete.