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Mortgage Glossary
Council Right to Buy Mortgages
Mortgage specialists can guide you easily through the council house of Right to buy mortgage. The simplest way to obtain mortgage is to be a secure council house tenant, this way you can earn the right to buy a property with a special discount. The discount is calculated according to the years spend as a tenant. It is advisable to seek professional guidance in completing the paper work, and find a proper mortgage.

Mortgage brokers will assist you in finding the most competitive and suitable deal. You can buy the council house after you have lived a few years in it, but first you must ask from the council the following information: the market value of your property (OMV), and the price you have to pay for it (RTB Price). Even if there are lenders who will not approve your loan, there are always options for every borrower.

There are many websites where you can apply for professional expertise in submitting for mortgaging, without paying any broker fee at all. Assistance is offered whether:
  • You want to apply for a pre-approved loan.

  • You need a quick loan.

  • You are searching for the best market deals.

  • You require a large amount of money (loan).

  • You have encountered obstacles on the way of getting a loan.

  • You request a personal calculator, considering the circumstances, the options you own.
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One of the most important issues are being eligible, and being a council tenant for at least two years in your council house. As to clear things up, these are the factors which stop you in getting a mortgage on your home:
  • There is a court order against you, which oblige you to forcedly leave your home.

  • You are bankrupt, or under bankruptcy procedure.

  • You live as a tenant in a house for elderly or in a house for disabled people (in some cases).
As a secure tenant you have different rights and responsibilities. In case you fulfill the requirements of the tenancy agreement, you can stay and live in your home for the rest of your life. The tenancy can be succeeded to relatives, family members, after you die. You can make reparations and adjustments in your house, some of these are your responsibilities and others have to be carried out by the tenant house council. When you decide to move, you should be compensated for the improvements you have made in your home. You must seek advice from the council regarding housing management matters. An important issue is to pay the rent in time. The good neighbour is highly appreciated especially, when he stays out of trouble, and does not cause any disturbance to the tenant community, and the surroundings.

What is in a tenancy agreement? It is a document with all the rights, responsibilities, conditions and terms of living in a rented home. It includes the conditions under which you can be forced to leave your home, and be removed from your tenancy. A detailed description of how reparations should be carried out. The monthly amount of rent you have to pay, the deadlines of the payments, and information concerning the increase of the rent. The tenancy agreement it might also include the changes and transfers, which are going to take place.

When you are a tenant and you choose to purchase your home, you simply have to choose from varying types of mortgages, and finalize your plans.