Mortgages for Ex Local Authority Properties
Best Mortgage Rates
Mortgages for Ex Local Authority Properties
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- Lloyds Bank
- 4.07% Initial
- 5 year fixed
- 6.6% APRC
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Cashback Max £250Free LegalsFree Valuation
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- 4.10% Initial
- 5 year fixed
- 6% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.14% Initial
- 5 year fixed
- 6.3% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.17% Initial
- 5 year fixed
- 6.4% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.17% Initial
- 2 year fixed
- 6.7% APRC
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Cashback £0Free LegalsFree Valuation
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- Halifax
- 4.18% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
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- Halifax
- 4.18% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
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- 4.19% Initial
- 5 year fixed
- 6% APRC
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Cashback Max £1,250Free LegalsFree Valuation
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- 4.19% Initial
- 2 year fixed
- 8% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.20% Initial
- 5 year fixed
- 6% APRC
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Cashback £0Free LegalsFree Valuation
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Mortgages for Ex Local Authority Properties
Find the best mortgage deals for ex-local authority properties
Buying an ex-local authority property
Many people dream of owning their own home, and buying an ex-local authority property is likely to be one of the biggest financial commitments they will ever make.
Alternatively, you may already own a property and wish to purchase an ex-local authority or council property.
Is it possible to buy a council house or flat?
Under the Right to Buy scheme, you should be eligible if you have lived in your property for at least two years, and signed your tenancy agreement before 18th January 2008. If you signed your tenancy agreement after this date, you must live in your property for at least five years before you have the Right to Buy.
Some ex-local authority properties, such as sheltered housing and temporary housing, are not available under the Right to Buy scheme.
Mortgage costs for ex-local authority properties
Buying your ex-local authority property rather than renting it will, however, bring additional costs which you should consider carefully before exercising your Right to Buy:
- Conveyancing fees and survey fees are part of the initial purchase costs
- Benefits such as Housing Benefit and Council Tax Benefit may be lost
- Maintaining the property and repairing it—Remember that you are responsible for completing and paying for all repairs needed to the property, so be sure you have enough savings to cover you in case, for example, a pipe bursts or the roof leaks.
- Buildings insurance may be an additional cost you need to consider.
Mortgages for ex-local authority properties: advantages and disadvantages
Continuing to rent from your local authority could have the following advantages:
- As a council tenant, you may qualify for certain benefits that you wouldn't get if you owned your own home.
- Any major work you need done on your home will be carried out by the council, so you will not have to arrange and pay for it yourself
There are, however, some benefits to buying a council house through a right-to-buy mortgage:
An ex-local authority property can be purchased at a significant discount from its market value. Owning your property gives you the security of owning it and the chance to profit from its appreciation. You can decorate and extend your house as you wish.
To investigate your mortgage finance options call our broker team or fill in our call back form - speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464