Right to Buy Mortgages Liverpool
- Buy Your Home for Less
- Keep Your Tenancy Years
You’ve made your house a home, now it’s time to make it an investment. If you are a council or housing association tenant, you could be entitled to a significant ‘Right to Buy’ discount.
What is a Right to Buy Mortgage (Acquire Mortgage)
A Right to Buy Mortgage is where you purchase a local authority-owned property that you have lived in for a set amount of time at a discounted price. Typically, the longer you’ve lived in the property, the larger the discount you will receive. A Right to Acquire mortgage works on a similar basis; however, the typical discount is set at £9,000 and is usually involving a purchase from a housing association rather than the local council. As a right to buy mortgage broker in Liverpool, we’re here to help every step of the way.
Things to Consider:
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Every person named on the tenancy agreement must be named on the mortgage.
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Improvements you’ve made to your home can be offset against the purchase price to increase your discount.
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If one of the applicants is older / retired, this could impact the length of time you can borrow the mortgage over.
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If you sell the house within 5 years of buying, you will need to repay part of the discount you have received.
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You can use your discount solely as your deposit, so in most instances, you won’t need your own deposit.
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You might be able to borrow funds from the discount amount in your initial purchase mortgage for home improvements in your home.
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Buying your council home is often more affordable than you think
Most lenders allow you to use your Right to Buy discount in place of a cash deposit, making homeownership within reach without years of saving.
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