Ocean Mortgages is a trading style of Ocean Finance and Mortgages Limited who are a licensed credit broker. Consumer Credit License Number 550081.
| Right to Buy allows qualifying council tenants to buy their homes. |
The Process of buying your council home
| 1 | Find out whether you qualify You will need to contact the council/housing association to confirm that you are eligible to apply to buy your home from them. This will usually be granted if you have been a local authority tenant (present and previous addresses can be included) for a minimum of 2 years before 18th January 2005, or a minimum of 5 years after 18th January 2005. You will also need to complete the Ocean enquiry form. |
| 2 | Discover how much discount you will receive, which could be as much as 44% If the council confirms that you are eligible for the 'Right to Buy' they will then send you the RTB1 application form to be completed. The questions on the form will be used to calculate the discount you will receive from the value of your Property. The maximum discount you can receive will probably be 32% if your property is a house or 44% if your property is a flat/maisonette. |
| 3 | Arrange a valuation Ihe next stage will be for the council to send you a RTB2 form, this will confirm whether or not your application has been approved. This should be sent to yourselves within 4 weeks of the council receiving your RTB1 form (this may take slightly longer if you have lived at different addresses during the last 2 years). As soon as you receive this, please call your dedicated mortgage adviser urgently on 0870 6085000 The council/housing association will then arrange for a valuation to be carried out on your property. This is paid for by the council/housing association. |
| 4 | Receive your Offer The council/housing association should send you their offer, known as the Section 125 notice, within approximately 8 weeks of the RTB2 form being sent to yourselves. The section 125 offer notice will include the property valuation, the discount you will receive along with the purchase price to yourselves. |
Only upon completion our fee is up to 3% (maximum). We will pay any legal and valuation costs. |
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THE OVERALL COST FOR COMPARISON IS 6.8% APR.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
We are authorised and regulated by the Financial Services Authority for the provision of mortgage advice and arranging insurance. We are licensed under the Consumer Credit Act 1974 to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling, credit reference agency and canvassing off trade premises.
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2010