Why pay rent when you can buy your home? You can really break the shackles of tenancy once for all. It is an amazing fact and naturally any council tenant will be happy after knowing the prowess of him. If you have lived in your council house for more than two years, you have the council right to buy mortgage.

Right to buy means you are entitled to buy your council home at a discount. Discount will depend on number of years of your stay as a council tenant.

You will have right to buy if you are a secured tenant of

a. A district council
b. A London borough council
c. A tenant of sheltered housing
d. A housing action trust
e. A non charitable housing association

You can also sell your property as and when you wish but you may have to repay some of the discount you receive from it if you sell within the first three years.

You can always avail the conventional advantage of mortgages like lower rate of interest, long repayment duration, flexible terms and condition etc.

Mortgage is long term financial plan and slight difference in interest rate can cost you heavily. It can really save you thousands of pounds. That’s why you should be wary of different mortgage deals. You should conclude only after careful hunting for the best rates available. Online research through Internet can help you get the best deal.

So, if you are living in your council home for more than two years, use your lifeline of council right to buy mortgage and become a proud home owner.

Author: The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Adverse-credit-council-mortgages as a finance specialist. For more information please visit: http://www.adverse-credit-council-mortgages.co.uk