If you rent your Home and it is a council house you may have the right to buy it. This means that you will be able to purchase your home with a discount, this discount can be considerable. If you have lived in your council house for many years you may get a discount of up to 60%. In addition, it may be that you are in a position to take advantage of the fact that local authorities must in certain circumstances offer you a mortgage to buy your own council house. Obviously if you are in a position to meet the mortgage payments and you are going to obtain a significant discount. When purchasing your council house, it could be a very profitable thing to do. Of course, you need to consider the fact that once you owned the house, you will have to carry out any repairs and renovations upon it at your own expense.
There are many companies offering advice and quotes for mortgages to buy council houses. It would be well worth your while to consider obtaining professional advice before committing yourself to a purchase.
Of course when you buy your council house. You may wish to consider selling it. Usually there are conditions attached to your purchase of a house which will include a minimum period of residence and ownership of a property before you are allowed to sell it. You should check with your local authority before you sell your council house in order to avoid the possibility of having to give the council. A percentage of the proceeds of sale on the property. A mortgage broker, solicitor, or council officer should be able to give you the information that you need. When you sell your house, you may make a significant profit and in those circumstances, you should consider the services of an independent financial adviser to give you advice on investing your money in stocks and shares for example.
If you are in a position where you would consider yourself to have a bad credit history, for example, having defaults or CCJs, you should still be able to get a mortgage from the council to buy your home. Of course, once you have bought your house, you may wish to obtain a secured loan in order to go on that dream holiday or to buy that special car that you have longed for four years.
