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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.
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.