If you became a tenant BEFORE the 18th January 2005 you may buy your Council
Home after the 2nd Anniversary of your tenancy has occurred. If you became a tenant AFTER
the 18th January 2005 you will have to wait until the 5th Anniversary of your tenancy.
THE QUALIFYING PERIOD TAKES INTO ACCOUNT ANY TENANCY WITH ANY PUBLIC SECTOR LANDLORD. eg. another Council or
Housing Association.
The longer you have been a tenant the bigger the discount. If you live in a house you will receive a discount
of between 32% and 50% or £38.000 which ever is the lower. If you live in a flat you will receive a discount of between 44%
and 60% or £38.000 whichever is the lower.
If you buy your home you can sell it later. If you applied to buy your home prior to 18th January 2005 you could
sell it after three years without paying any discount back. If you sell within the first three years you will have to repay
some discount to your Council. In year one the Council will receive all of the discount they gave you. If you sell in year
two you will have to repay 2/3rds of the discount and in year three 1/3rd. After the third Anniversary you will not be in
pre-emption so your ties to the Council will have ended.
If you apply to buy your home after the 18th January 2005 you will be tied to the Council for five years having
to repay the discount pro rata as illustrated above.
The Mortgage Master has the specialist knowledge to help you buy your home even if you think your credit history
will stand in your way. We can help you find the best Mortgage for your circumstances if you have:
RENT ARREARS,
CCJ'S,
NOT ON THE ELECTORAL ROLL,
NO PROOF OF INCOME,
SELF EMPLOYED,
POOR CREDIT HISTORY.
The overall cost for comparison is APR 6.7%
You may wish to borrow money for Home Improvements on top of the purchase price of your home.
We have Lenders available willing to offer you this extra money which can also include fees incurred in connection with completing
your purchase.
EXTRA EXTRA
FOR YOUR CONVENIENCE WE CAN OFFER A SCHEME WHEREBY YOU ARE NOT REQUIRED TO PAY ANY UP FRONT
FEES IN CONNECTION WITH YOUR RIGHT TO BUY PURCHASE. AN AMOUNT OF £2.975 WILL COVER THE VALUATION FEE, BUILDINGS INSURANCE
FOR ONE YEAR, 1 YEARS MORTGAGE PROTECTION INSURANCE, SOLICITORS FEES AND OUR FEE FOR ARRANGING YOUR MORTGAGE. THIS WILL
BE INCLUDED IN YOUR MORTGAGE AMOUNT.
