Council House Mortgage
In UK, there exists a form of public housing (also known as social housing) that the government has popularized over the years. It is also known as Council housing. To understand Council house mortgage, let us go back in British history. Way back in 1885, a Royal Commission was held, that the state took an interest in the housing welfare of the countrymen. This led to the Housing of the Working Classes Act 1890, which encouraged local authorities to improve the housing in their areas. As of 2005, nearly 20% of UK’s housing is in housing stock owned by local councils or local housing associations. Hence, council house mortgage came into place.
Then, in 1980, the Government introduced the ‘Right to Buy’. Under this scheme, those people who have lived in their homes in the council house for over two years get an opportunity to buy it. As these are owned by the government or local associations, you can apply to buy your house at the council house at a substantially reduced price. Council house purchase through council house mortgage has since become a very popular option for over a million people, enabling low-income families and single people to now own a house.
The ‘Right to buy ’scheme is the largest housing plan of its kind in UK. Hence, there are lots of companies willing to give you the funds for a Council House Mortgage. This is a very safe scheme, not only for the lender, but also for the creditor. The fact that you are a tenant at a council house automatically speaks of some of your credit rating, ensures that you are employed and do generate a certain amount of income to repay your council house mortgage.
If you have been residing in a council house for over two years and are a UK resident, you can obtain council house mortgage. This enables you to get the loan amount you need immediate to buy your house. And you could repay the council house mortgage in comfortable monthly installments for a tenure you and the creditor have agreed up to.
Council house mortgage allows council tenants to buy their own home with the aid of a cash grant or through shared ownership. It also attracts a lower rate of interest on the repayments, as the government wishes to encourage its residents to be a homeowner.
There are other house plans such as those living in council houses as tenants to purchase houses anywhere in UK through a funding. If you are living in a council house, you can apply for a council housing mortgage. There are financial experts to help you with your loan that specialize in Council house mortgage. This ensures you get the best rate for on your mortgage plan. Online applications are safe, convenient and fast.
