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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
“We will help every Council Tenant to become Home Owners” With
these historic words Margaret Thatcher initiated an equally
historic concept of council right to buy scheme. However, the
groundwork for this scheme had been laid much before in the 70s
under the reigns of the labour government.
The council right to buy scheme, without being embroiled in any
controversy regarding who set off the council right to buy
scheme, was indeed momentous. It led many people, who would
never have thought (capable would be a more appropriate word to
describe their situation) to have their own homes.
So what is council right to buy scheme? Council right to buy
scheme is a scheme under which the council tenants are eligible
to buy the house in which they have been living.
Therefore, what is that which distinguishes the council right to
buy scheme from the other schemes? It is different because the
customer would have to pay much lesser than what he would have
paid had he bought the house in the open market. This is because
the customer is entitled to a discount for the number of years
that he was staying in the house as a tenant.
The rate of discount varies with the type of residence and the
location of the residence. A person residing in a house will be
eligible for a discount of up to 30% with a further discount of
1% for every year lived as a tenant of the house. In cases of
flats or maisonettes the rate of discount ranges from 44% to
70%, but not exceeding £38,000. The maximum rate of discount is
admissible only in a few localities like the posh London and the
Southeast areas of England.
To avail the scheme one must be a council tenant. A council
tenant is a secured tenant who has been living since 5 years or
more (the limit has been changed from 2 years with effect from
18th January 2005) in any of the following: •District council
•London borough council •Non-charitable housing association or
other registered social landlord •Housing action trust. •County
council or another similar body
Numerous lenders who have sensed the importance of the scheme
offer mortgages especially designed to facilitate such
purchases. These mortgages are called council right to buy
mortgage. A council right to buy mortgage offers to pay the
price of the house. This will be an added attraction to the
tenants to go for the scheme. The council tenants can pay off to
the council from whom the house has been purchased, and then pay
to the mortgage provider in easy and affordable installments. In
fact, the monthly installment, which the tenant will have to
pay, is lesser than the rent he had been paying. Moreover, while
the rent is a sunk cost, the monthly installments facilitate you
to have your own home.
Getting a council right to buy mortgage is not that easy. One
must start the search process right from the day when they get
the offer. The approval process normally takes around 3 months.
To start the search late would mean getting the mortgage late.
This could mean losing on the offer for council right to buy.
The council tenant must also undertake a full structural survey
of the property.
The customer must be fully aware of the various formalities that
need to be met in case of a council right to buy mortgage. The
net can provide enough information about the mortgages.
Independent financial advisors can provide useful advice about
the various intricacies of the mortgage. A solicitor appointed
by the council tenant will act on his behalf in all legal
formalities. The solicitor will help in the documentation part
of the council right to buy which includes forms like RTB1,
RTB2, Section 125 notice, etc.
Next, one has to sort out one mortgage provider from the
numerous contenders. This is the most basic step and astuteness
in this step will decide how the mortgage fares in the long run.
The initial screening can be done through the net. The mortgage
providers have compiled the information about their operations
and the products that they offer on their websites. Careful
study of the information will help give a manageable list of
10-20 mortgage lenders. These mortgage lenders can be requested
for their no obligation mortgage quotes. Few more mortgage
providers are ousted in this stage. The customer then personally
meets the remaining mortgage providers. This is the final stage
of the selection process.
The last step will be to decide the amount of mortgage to be
taken. This will be derived after valuation of the house by the
council or housing association and deducting the discounts from
the price.
Treading in a step by step manner will be time consuming but
will ensure that one does not has to repent later. You would
surely cherish the output, which this effort leads to. The
output will be your home-your own home, a perfect allurement,
for which you will be ready to take any efforts.
James Taylor works for the personal loan web site
http://www.chanceforloans.co.uk. To find a Personal loan and
mortgage that best suits your needs visit http://www.chanceforloans.co.uk
About the author:
James Taylor works for the personal loan web site
http://www.chanceforloans.co.uk. To find a Personal loan and
mortgage that best suits your needs visit
http://www.chanceforloans.co.uk.