UK loans for private and council tenants – bad credit loans for tenants
Loan information for tenants on the right to buy their council home.
Following the introduction of the 1980 Housing Act, more than 1.5 million homes have been sold across the UK. The purpose of the Housing Act was to offer existing council tenants the right to buy their home from their local authority at discounted rates. You can apply today for a council tenant right to buy loan.
According to some estimates over 3.5 million homes in the UK could be sold under the right to buy scheme, however, 25% of these properties are either prefabricated or non-standard construction.
The maximum discounts available and tenancy qualifying periods will differ depending on where you live in the UK. For example, in Scotland, the right to buy discount was reduced to £15,000 in 2001 and the qualifying tenancy period was extended from three to five years. The right to buy scheme was also opened to all new Scottish housing association tenants. In other UK areas you could be offered discounts up to the value of £38,000.
Some local authorities in the UK stipulate that you must be a council tenant for at least two years before you have the right to buy, either with the current council or another authority who operates the right to buy scheme. Always refer to you local council for advice and assistance on whether you as a tenant qualify to buy your council home and what you may be entitled to in terms of discounts available.
Depending on the amounts involved council tenants who qualify under the right to buy scheme and wish to get a loan in order to purchase their council home have a number of loan options available to them, the following is a general guide and should not be construed as advice.
A mortgage is a loan secured on a property, also known as a home loan. It is usually acquired from a company to buy residential property. If you apply for mortgage, remember that you are covered by the Mortgage Code which regulates the supply and provisions of mortgages in the UK to ensure the correct advice is given when taking out the loan.
Council tenant right to buy loans
These will normally be in the form of an unsecured loan which requires no collateral or assets. Although unsecured loans are not tied to anything, lenders will need to be satisfied you can afford the monthly repayments. More on the right to buy for tenants and the affordability of the purchase.
Please Note! YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT. ALL SECURED OR UNSECURED LOANS ARE SUBJECT TO STATUS. SECURED LOANS ARE SECURED ON PROPERTY.
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