By: Sarah Conner Published: Saturday, May 15, 2010

Right to buy mortgage has been designed to allow people for purchasing council houses or flats who are residing in the same on rent for at least 2 years. Right to buy mortgage came into existence after Margaret Thatcher, the former prime minister of UK, introduced the right to buy under the Housing act 1980. According to this right council tenants can own the same house in which they are living for at least 2 years at discounted rates and discount can go higher as per one’s tenancy period. Right to buy mortgage has been introduced to provide money to these people for owning that house or flat. And the interesting fact is that the monthly installments are cheaper than the rent of the house.

2 million houses were sold between 1980 and 1998 after the implementation of the council right to buy. Right to buy mortgage can be a great help if you are looking forward to buy your rented council house. The discount on the total value of the house starts from 32% and can go up to 70% according to location of the house or flat, period of tenancy, type of tenancy etc. Right to buy mortgage provides money to these people and fulfill their dream to have their own home. After the discount you do not need to borrow the amount equal to the total value of property. Right to buy mortgage lender will allow you to borrow money equal to the amount after discount.

This scheme was made for allocating homes to all tenants and in this regard lenders introduced Right to buy mortgage to provide money for this requirement. Installments would be cheaper than the rent and you would be able to save more money every month. You will have a long list of lenders who provide Right to buy mortgage but there must be few differences in the method of repayment, interest rates or there could be any offer with the mortgage. It is very necessary to approach the right person for borrowing money through Right to buy mortgage to take the full advantage of your right to buy and the mortgage offers. Millions of people in UK are still living on rent and have the dream to buy a house to get well settled. So go ahead and make your dream come true with the help of Right to buy mortgage.

About Author: Sarah Conner is Financial Consultant for Chums Finance UK, Please visit the best option for Right To Buy Mortgage, 100% Mortgage.

Category: Right To Buy Mortgage

Tags: right to buy mortgage best buy mortgage first time buyer mortgages buy to let advice mortgage offset mortgage self cert mortgages online mortgages mortgage how much can i borrow low rate mortgage