Right to Buy Mortgage (8.5% APR typical variable)

This is the process that allows eligible council & housing association tenants to purchase their home.

  1. Are you eligible?

    Yes if you have been a council or housing association tenant for either:
    1. a minimum of 2 years before 18th January 2005  (present and previous addresses are included)
    2. a minimum of 5 years after 18th January 2005
    Please contact your council / housing association for confirmation that you are eligible.
  2. How much discount are you eligible for?

    The discount you willreceive is  probably 32% for a house or 44% for a flat/maisonette, upto a maximum of £38,000.

    If the council or housing association confirms your eligibility to buy your council house you will need to complete the RTB1 application form.
  3. What is the value of your council or housing association house?

    Within 4 weeks of receiving your RTB1 form the council or housing association will send you a RTB 2 form which will confirm whether or not your application to buy your house has been approved.

    The council or housing association will then arrange for, and pay for the cost of, the property to be valued.
  4. Completing the purchase

    The council or housing association will send you a Section 125 Notice within 8 weeks of sending the RTB 2 form to you. This will detail the property valuation, the discount you will receive and your purchase price.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERM OF DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

For mortgages and re-mortgages the overall cost for comparison is 8.5% APR variable and for secured loans 14.5% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. A broker fee may be payable on completion, and will depend on your circumstances. For mortgages and re-mortgages this fee is typically between 0% and 3% of the gross mortgage amount, subject to a minimum of £2,495 and a maximum of £3,995. For secured loans, the fee is typically between 0% and 10% of the loan value.



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Ask Finance Ltd is registered in England and Wales (company number 4229724), Jackson House, Sibson Rd, Sale, Manchester, M33 7RR. Ask Finance is licensed under the 1974 consumer credit act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance is authorised and regulated by the Financial Services Authority (FSA) - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.

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