Getting a council right to buy mortgage is not that easy. One must start search process right from day when they get offer. The approval process normally takes around 3 months. To start search late would mean getting mortgage late. This could mean losing on offer for council right to buy. The council tenant must also undertake a full structural survey of property.

The customer must be fully aware of various formalities that need to be met in case of a council right to buy mortgage. The net can provide enough information about mortgages. Independent financial advisors can provide useful advice about various intricacies of mortgage. A solicitor appointed by council tenant will act on his behalf in all legal formalities. The solicitor will help in documentation part of council right to buy which includes forms like RTB1, RTB2, Section 125 notice, etc.

Next, one has to sort out one mortgage provider from numerous contenders. This is most basic step and astuteness in this step will decide how mortgage fares in long run. The initial screening can be done through net. The mortgage providers have compiled information about their operations and products that they offer on their websites. Careful study of 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 remaining mortgage providers. This is final stage of selection process.

The last step will be to decide amount of mortgage to be taken. This will be derived after valuation of house by council or housing association and deducting discounts from 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 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.

‘Whom to ask’ is second problem which first time buyers face. Does a particular person have necessary knowledge to inform them about legal formalities? If yes, can you believe person to be tendering unbiased information? He/ she might be an agent of lender, just aiding lender to make his lead.

But knowledge about legal formalities is a must. One can be trapped into a bad deal in absence of information. Close friends and relatives might be a source of information. So can bankers and mortgage providers. The key to relevant information is getting information from a number of sources. While you get to know a whole lot of things, you can very easily eliminate superfluous information.

The normal amount of money advanced in this type of mortgage is 3.25 times salary of a single working member; and 2.25 times combined salary where both couple is working. Some lenders are ready to offer as much as 5 times salary. However, it will be advisable to ignore bait. It could lead you to pay much more than you could have afforded. Besides, there are many more expenses to pay for. There are a whole lot of fees and stamp duty to be paid for, which could cost a fortune.

While there is temptation to adorn ones home with best of designs and interiors, all at one go, it would be appropriate to be easy in plans. The limited resources which a common person has, does not warrant a huge expenditure on house. Even first time buyer mortgage will have to be paid someday.

Therefore, it is crucial to decide amount of first time buyer mortgage beforehand. Used aptly, mortgage can be key to your first home, and key to all enjoyment ensuing out of marriages, births and many more events, which this home will witness.