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Right to buy mortgage 5
1. The Right to Buy Discount to purchase the council house or public sector house
The Right to buy allows council tenants to purchase a house in which they live in for 5 years, a
sum of 5 years or more. They can either purchase the house they are living in or other council
house or flat. The Right to buy discount are very high and they can be as much as 60% off, that
is, one can get 60% off on the original market value price of the property. The scheme was
introduced in the 1980s and it was for helping council tenants to have a place of their own,
especially those who could not afford a place of their own.
A person who is a council or public sector tenant for 5 years or some of 5 years are the one who
are eligible for the Right to Buy discount on the council house. Not everyone who is living on
rent are eligible for that, only those who live in council houses or flats on rents. This scheme had
been introduced by the government and was copied by different other countries, however
different countries have different policies for the Right to Buy scheme. One should also keep in
mind that not everyone on council tenant is eligible for the scheme as there is a limited number
of houses which are put up for sale at a discounted rate. There can be various reasons for this, the
property may have some other purpose in the future, it is made on a commercial ground, it for
police housing, and its part of any business or many other reasons.
The person who is a public sector tenant can also opt for Right to buy discount. The public
sector tenant is those people who are living in properties on a rent which have been provided by
the armed forces, housing associations, government housing schemes, and other public sectors. If
one wants to get for the Right to buy scheme for the public sector, then one can download the
RTB1 form from the government website. One should first read the entire terms and condition
and then look whether they are eligible or qualified for the scheme. Once this is done, one can
fill out the form and make its photocopy. The photocopy should then be delivered to the
landlord. Once this is done, one can give the cash or check of the discounted rate in which the
property is available. If someone doesn’t have this amount then they can take Right to buy
mortgages from different lenders and financial institutions.
Read http://righttobuy.coop
