You may not know , but you may be eligible for mortgage advice . A mortgage may be granted HOLM tenants currently renting a house for a local authority . There are certain eligibility criteria, we will talk soon . First, let's talk about this kind of house mortgage advice .buying a council house
When a tenant applies for a mortgage advice service , send an expert to assess the home and give it a value .buying a council house This process usually takes about 3 months. If the tenant meets all the criteria , and the mortgage on the cusp of the house is approved , the tenant can buy the house at a very low price.buying a council house For example, a home valued at $ 100,000 can be purchased for $ 50,000.
A tenant can borrow up to 100 % of evaluation boards . In the example above, this means that the tenant has a cash surplus of $ 50,000. The money can be used for various purposes , such as renovation, purchase of furniture , or business . Or the tenant may use the money to pay certain debts. Whatever the case, the mortgage will house the tenant council in a stronger financial position.buying a council house
In addition, the tenant is now officially an owner rather than the tenant.buying a council house There are several criteria for eligible mortgages council houses.
First, tenants must have stayed in the council house for at least 2 years. If the lease began after January 18, 2005 , while the minimum duration is 5 years .
buying a council house Second, the house must be a house in the borough council house London Borough Council or a house belonging to a Housing Action Trust . You can apply the law, even if you have a bad credit rating. For example, a bankruptcy can be discharged and still qualify for the program. All you have to do is to consult a professional mortgage company that specializes in the implementation of the right to buy it.buying a council house
Like other mortgages, you are required to pay interest on the loan. In other words, the more you borrow , the more you pay. For this reason, it is best to use common sense when it comes to decide on the loan amount to borrow.buying a council house buying a council house Obviously, you do not need to take the maximum amount you are eligible if you do not need a lot of money.
buying a council house Take what you need, and what is necessary for you to reach your own goals . For example, if you intend to use the money for a business start- up , make careful calculations of the amount you need and borrow that amount. If you take too much, your monthly payments will be higher of course, putting more pressure on you to pay the monthly installments.buying a council house
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