Council House Mortgage

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Council House Mortgage

Council house mortgage offers loans for the purchase of council houses or flats to the tenants living there. So if you have been living in council property for two or more years then you can avail the benefits of council house mortgage scheme. Herein you can buy the same house or property that you have been living in at reduced rates.

The Way It Can Change Your Life

This mortgage is the most beneficial for low-income groups. You can buy the council homes you have been living in as tenants at discounted rates. The local council offers these discounts and they don't even charge any deposit or fee. Through council house mortgage you can borrow extra money for home improvements too. Then there is House Purchase Grant that gives monetary aid to council tenants so that they can buy homes in the private sector. But as a first time buyer if the traditional homes are out of your reach then settling for a council home won't be a bad idea. With generous discounts being offered, you will at least have some place to call your own. Just be careful about the location of your home and who knows you may stumble upon a better built; more spacious and architecturally beautiful council home than even a traditional home.

Things To Remember

In some cases a council house mortgage is provided for shared ownership, which means that the lender also has a share in the property, though you can always buy off his stake. Under the right to buy scheme, the longer you have stayed in a council house as a tenant the better are you chances because the rate of discount is directly proportionate to the number of years the rent has been paid. But there are certain snags too in the way of getting a council house mortgage. There are many council properties that have outlived their age so lenders shy from extending mortgage on such houses. If your credit score is good then you can deal with such problems but if it is poor then you may face trouble getting a council house mortgage.

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