You have the right to buy mortgage Council House?

It may not be aware, but you may be entitled to a mutual council home. A mutual council home as possible for tenants who currently rent a house from a local authority grants. There are some qualifying criteria, which will be discussed soon. First, let's discuss what is social housing mortgages.

If a tenant applies for a home mortgage people, will be sent an expert to assess the homeand giving it a market value. This process usually takes about 3 months. If the tenant meets all the criteria, and mutual council home is approved, the tenant to buy the house at a greatly reduced price. For example, a home estimated to be purchased for $ 50,000 to $ 100,000.

A tenant can borrow up to 100% of the Council's assessment. In the example above, this means that the tenant had cash of $ 50,000. The money can be used for various purposes, such assuch as renovations, furniture purchases or for work. Or the tenant can pay some debts with the money. In any case, the advice of home loans, the tenant left in a financial position stronger.

In addition, the tenant is now officially a homeowner than a renter. There are several criteria for the qualification of Council House Mortgages.

First public-housing tenants have stayed for at least 2 years. If the lease startedafter January 18, 2005, then the minimum period is five years.

Second, the district council building trust in a home, a London Borough Council House, or a house belonging to a Housing Action. You can apply the law, even if you have bad credit rating. For example, you can be a failed download, and still qualify for the program. All you have to do is make a mortgage professional finds that the application of specialized companies for the rightto buy.

Similar to other mortgage, you are obliged to pay interest on the loan. In other words, more loan, the more you must repay. For this reason it is best to use common sense when it comes to the decision to borrow the loan. Of course you should not use the maximum amount that you have the right, if you do not need that amount of money they are.

Borrow what you need and what is necessary for you to achieve your goals.For example, if you're going to have the money for a start-up, perform a careful calculation of what you need to borrow, and that amount. If you borrow in excess, your monthly payments will be higher, of course, and more pressure on you to pay your monthly installments.

And when you're not able to pay to find the monthly payments, you must be held again at home. Therefore, always seek professional advice if in doubt. Borrow wisely andDo not worry about losing your home.

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