Right To Buy Mortgages: What They're About

2007-03-08 10:33:40

( Financial )



Right to buy mortgages allows you to buy your home at a lower, discounted price. If your lender offers right to buy mortgages, it is best to take advantage of this offer as soon as you can. Some lenders even offer as much as a fifty percent discount when it comes to right to buy mortgages.

Right to buy mortgages gives you the chance to purchase your home from a local authority, a council or association that manages properties in your neighborhood. You usually get much larger discounts the longer you have resided in your home. You will need to check with the association handling your property so that you can bargain for the best possible discount that can be given to you.

The advantage of right to buy mortgages is that some even allows you to borrow enough money to cover any renovations and home improvements that must be made. But remember that you are only given the right to buy mortgage if you are the legal tenant of the property where you reside.

The best person to apply for a right to buy mortgage is someone who has a good credit history and standing. However, if you have bad loans, there may still be a chance for you to buy the mortgage on your home once you have negotiated with the council managing your property. Some ideal candidates are also those who are employed, whether you work for an employer or you have your own business.

Make sure that the monthly payments you need to make are within your budget. Be aware of the different interest rates and payment plans that the council can offer you based on the property you are buying and the amount that you are capable of paying every month. In this way, you can manage your mortgage effectively.


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