Right to Buy Mortgages Re-launched In the UK 2012
David Cameron has said he wants to quadruple the number of tenants who can buy back their own homes and help more “achieve their aspiration of owning their own homes” through the Right to Buy Mortgage Scheme.
To help get the old Right to Buy Mortgage Scheme going the government is introducing a new discount cap of £75,000 on right-to-buy property sales; considerably more generous than the £50,000 expected.
Under the new Right to Buy scheme, tenants who have lived in their homes for five years, will be able to buy their home with up to 35% discount and an extra 1%discount for each additional year, up to a maximum of £75k. Tenants in flats will be able to save 50% after five years, after which they save an extra 2% a year! This will be an appealing prospect for aspiring homeowners and at face value, it is difficult to criticise a move that encourages those people who can afford it to leave social housing.
Most people, unless they have substantial savings, most will need a mortgage to enable them to buy their property, of which there are many Right to Buy Mortgages available
Ascot Mortgages Ltd are offering free Right to Buy Mortgage Consultations for anyone considering their Right to Buy options.
“We have many great value Right to Buy mortgage products available, not all of these are available online, so please pick up the phone and give us a call to make sure you are getting the best deal – in most cases we can find you the cheapest Right to Buy Mortgage Deal in less than 10 minutes, which could save you thousands off your mortgage”.
The Council of Mortgage Lenders (CML) and the Financial Services Authority say anyone who borrows money to buy their council home should have advice from a financial adviser or mortgage broker. Ascot Mortgages Ltd are fully registered and experienced UK wide mortgage brokers.
The CML, which represents lenders, says those buying under right to buy will be treated in the same way as other borrowers and will have to demonstrate that the property they are buying is adequate security for the loan and that they can afford to pay it back. If you are unsure which mortgage is best for you, give Ascot Mortgages Ltd a call 01925 711558, or visit our website http://www.ascotmortgages.co.uk