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Right to Buy

Right to Buy is a government initiative that has been available for some time. Under this scheme council tenants are able to purchase their properties at a discounted price.

The scheme does not apply to all tenants as it is up to the landlord to decide whether to take part in the scheme or not.

As always, there are certain criteria that you will need to meet to be able to benefit from this scheme. You can apply for Right to Buy if you've been a council or public sector tenant for five years - although this doesn't have to be in a row. You are a public sector tenant if you have lived in properties provided by a housing association, the armed services or a public body such as an NHS trust.

To take advantage of this scheme, you will have to approach your landlord who will arrange for you property to be valued, before confirming the asking price.

This price is then usually valid for six months.

Generally speaking, mortgage finance is available on all types of property, however, flats over five storeys will not usually be accepted on standard terms.

Lender Initial Rate Duration Standard Rate Overall Cost For Comparison Max Loan To Value Fee
2.59% 2 years 5.69% 5.4% APR 75% £999
2.69% 2 years 4.99% 4.9% APR 75% £495
2.94% 2 Years 5.69% 5.4% APR 75% £199
2.99% 2 years 4.99% 4.9% APR 85% £495
2.99% 3 years 4.99% 4.6% APR 70% £499
3.0% 2 years 5.69% 5.5% APR 80% £999
3.19% 5 Years 4.79% 4.2% APR 80% £995
3.35% To Jul 2014 4.95% 4.6% APR 75% £999
3.5% 2 years 5.49% 5.1% APR 75% £595
3.84% 2 years 3.94% 4% APR 90% £499

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