Having been looking around the financial sector we found out about the right to buy an option and one of the first questions that came to mind is will this apply to my circumstances? Currently, I get a great discount for my 3-bedroom semi-detached council house so if I can get a right to buy a mortgage there is a very good opportunity to purchase the property.

The right to buy option allows council tenants to purchase their rented property with the help of other potential discounts that are offered at the time. It turns out if you have been a tenant for over 12 months (with three other family members living at the dwelling) then this option could be well suited to you and your situation. With some potential 70% off the open market value, this seems an opportunity not to be missed if you were thinking of organizing this option.

If you have looked into the possibility and have discussed the option with both your family and the properties landlord then you might well be in luck! Buying a property jointly may be the best way forward for you as it will make those monthly repayments much easier to meet each month. More and more people are finding this method the most popular in this kind of a joint venture.

Many lenders can help you get through all of these steps making the whole process much smoother and quicker to complete. Some lenders may even offer you up to a 100% mortgage on the discounted purchase price so long as your situation is acceptable. Should this turn out to be the case, you may not even need to raise the initial deposit.

Like with most mortgages the lender will need to be sure you can afford the mortgage so will also need to look at collective incomes and consider this with ongoing commitments and outgoings like bills etc, You will probably be asked to prove the separate levels for all of the applicants and get this formulated into a breakdown for the lender to see.

It is very important to work through the benefit income, (or a proportion of it) that is directly relevant to your application.

All of the related information needs to be able to tick the right boxes depending on the lender you have chosen to work with and every lender has a varied requirement to make sure your claim fits their bill, so to speak.

Most but not all providers will allow up to four named borrowers on the mortgage and that should be enough for the application relating to the claim. This will allow the lender sufficient allocation and security for you all to buy together on the mortgage but be prepared that some may only allow up to two claimants and prefer to work only from these best options for them and it makes good sense still to seek advice before you take the plunge and see how the numbers stack up.

An additional factor they will potentially be looking into (for the most part) is the age of the individuals involved so this is something you should also be aware of as this can limit the term of borrowing you wish to undertake. Typically the oldest ages they will want to include would be limited to 70-75 years of age whilst incorporating life insurance policies as part of the claim. Remember the shorter the term of the lending the higher the policy will be so it is important to shop around. So there we hope you can be in your castle soon, then, of course, you will be able to do more to make it your own with home renovations