Licensed credit brokers. Elements4Finance, 192 Derby Road, Nottingham, NG7 1AF
Right to buy mortgages
Right to Buy (RTB) is the home ownership scheme introduced by the government in 1981, giving council tenants the opportunity to buy the house or flat they live in at a lower than open market price.
To qualify for a right to buy mortgage you must be the legal tenant of the property you wish to purchase and have been a tenant of this council or another "right to buy" landlord for at least two years.
You may be entitled to a discount off the purchase price of your home of up to 70%. The amount of discount depends on how long you have been tenant in the house and the type of dwelling you are living in.
Houses start at 32% discount after two years with an additional 1% for every extra year up to a maximum of 60%. Flats start at 44% after two years with an additional 2% for every extra year up to a maximum of 70%.
The Right to Buy scheme is open to virtually any secure tenant who can afford to buy with the exception of dwellings occupied in connection with their employment and housing specially provided for the elderly and (in certain cases) the disabled.
You can buy your home by paying the full purchase price at once with discounts ranging from 32% to 70% dependent on how many years you have spent as a public sector tenant and subject to a maximum discount limit for the area you live in.
There has always been a cash limit on Right To Buy discounts, but new limits came into effect on 11 February 1999, affecting all applications made by tenants on or after that date. The changes were made in order to ensure that the scheme provided better value for money for taxpayers, as well as still offering generous discounts to purchasers.
Subject to the cash limit, tenants are still eligible to claim up to 60% in discount off the market value of their house and up to 70% off a flat depending on the number of years they have been a public sector tenant. For anyone who applies after 10 February 1999, the maximum cash limit on discount is:
At Elements 4 Finance we are able to offer right to buy mortgages to tenants. All circumstances are considered so don't worry if you have had credit problems or are in debt.
Get a free no obligation quote for a right to buy mortgage
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE 12.9% APR TYPICAL
OR ANY OTHER DEBTS SECURED ON IT.
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