The Right to Buy Scheme allows council house or housing association tenants in England to buy their council property partially discounted. The discount applied used under the Right to Buy Scheme can vary depending on a few different factors:
– How long you have stayed living in the property.
– The type of property you are looking to buy.
– The value of the property.
To fit the criteria of the Government’s Right to Buy Scheme, you need to have at least been renting from your local authority for at least 3 years (this doesn’t always have to be consecutive).
When purchasing a property under the Right to Buy Scheme, the property gets valued at full market price with the government discount applied before making any purchases.
Here at Leicestermoneyman, our team of Mortgage Advisors in Leicester will strive to help new/existing customers who get in touch. Utilising over 20 years of experience in the industry, we like to work efficiently and promptly to provide our customers with a high level of Mortgage Advice in Leicester.
One of the significant advantages of the Right to Buy Scheme is that there is often existing equity in the house because you are utilising an applied discount.
As previously stated, how much equity will also depend on various factors. These include how much your discount is and how much the property you are looking to buy is worth.
Remortgaging for home improvements, such as an extension, new windows or conservatory, may also be doable with some of the mortgage lenders we have on our panel.
Firstly you need to see if you qualify for this Scheme, request an application form from the local authority.
Once you hear back, they will notify you of the property purchase price and the discount to be applied. If you are undecided, you have a set amount of time to decide and accept their offer.
Here we can help you find a suitable mortgage, advising on property surveys and solicitors when pertinent. As part of your initial free mortgage appointment, we’ll be able to help you work out your mortgage costs and find you the most suitable mortgage deal.
With over 20 years of experience working in the industry, our Mortgage Advisors in Leicester have helped many customers currently renting from their local council or housing association looking to get onto the property ladder via the Right to Buy Scheme.
They can do this by using the Right to Buy Scheme, which the UK government brought to get more people onto the property ladder. Here we have listed a step by step Right to Buy Scheme process that you will need to take before getting in touch with us to help you with the mortgage aspects.
Before we can help you, you need to make sure to contact either the council or housing association, whoever owns your property, we sometimes refer to them as the “local authority”. The reason for doing this is that they will see whether you are eligible to qualify for the Right to Buy Scheme. They will be able to see if you match up with their criteria.
Once you know that you are eligible for the Scheme, the local authority will offer a property purchase price. You will have a set time frame to accept their offer.
The exciting part gets underway if you agree to purchase your home from the local authority at their desired price. All that’s next is to get in touch to speak with one of our Mortgage Advisors in Leicester, and they will be more than happy to help get you started on your mortgage application.
If you have thoughts about purchasing the property you are currently renting from the local authority, make sure you are eligible first and check the property discount.
Once you have worked out what you will be able to buy property for, your next step will be to speak with one of our Mortgage Advisors in Leicester, who can match you up against lending criteria to obtain the most suitable mortgage for your circumstances.
During your process, our advisors will want to gather some critical information on the amount of money you make and your spending habits to determine whether or not you can keep up with your mortgage payments.
As a fast and friendly Mortgage Broker in Leicester, we aim to help any new/existing customers that call or send us a live chat, including those looking at their options for utilising the Right to Buy Scheme.
From the first time you get in touch with us, all the way through to completing your mortgage, our team of administrators and Mortgage Advisors in Leicester will be with you every step of your mortgage journey, ready to answer any questions, queries and concerns.
Unlike speaking to a bank or building society mortgage advisor, the perks of using a Mortgage Broker in Leicester by your side has the ability to search through 1000’s of mortgage deals on your behalf, working around the clock to find you the most suitable deal that is available, based on your personal and financial circumstances.
We can also assist when dealing with conveyancing solicitors, helping you decide on which survey would be the best option to go forward with. If you require any other additional help, please do not hesitate to ask your Mortgage Advisor in Leicester will do their best to see if there’s anything we can do to help you.
Our team will provide you with open and honest Mortgage Advice in Leicester. The Right to Buy process isn’t always easy, and we will aim to help you over any hurdles you face. We aim to take away your stress, making you feel relaxed and excited for the eventual outcome.
To speak with a Mortgage Advisor in Leicester, book your free mortgage appointment. We have appointments available in the evenings and weekends. Whichever time slot fits in with your work schedule, family schedule or anything else, we will have someone ready to speak to you as soon as they possibly can. (subject to availability).
Feel free to take a look at our genuine customer reviews. They are a true and honest reflection of the level of service we always aim to provide our customers here at Leicestermoneyman.
A vast majority of lenders will use the discount as a deposit for your mortgage. That being said, there are some lenders of whom will still require you to put down a deposit of your own in addition to this discount. This is sometimes the case if you have had problems with your credit. Our Mortgage Advisors in Leicester will be able to help answer your right to buy mortgage & deposit questions.
Your free mortgage consultation in Leicester will last for about one hour. Your advisor will then recommend a mortgage for you and you can decide whether or not you wish to go ahead with it.
As your Mortgage Broker in Leicester, we will carry out a Fact Find to determine your needs prior to recommending a mortgage that is the most appropriate. A credit check is then required for an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued.
We recommend that you obtain an Agreement in Principle ahead of viewing properties in Leicester, to avoid any potential disappointment. At the very latest we believe you should obtain one prior to making an offer to help with your bargaining position
An Agreement in Principle will usually last for between 30 and 90 days depending on the Lender. If your Agreement in Principle expires it can always be refreshed with the assistance of your mortgage advisor.
You may possibly be able to get a second mortgage on your home for debt consolidation or Home Improvements. The usage of a second mortgages extends to using it for yourself, a family member, a holiday home or a Buy to Let in Leicester.
If you have had problems with your credit, you can still get a mortgage, however, you may need to put down a higher deposit than usual, often 15% of the purchase price.
You are able to get a mortgage once you have submitted at least one year’s accounts. Most Lenders use your salary plus dividend to calculate the maximum mortgage amount you can borrow, whereas others go off your net profit.
To prove your income amount, it’s usually the latest three payslips for an employee and the latest 2 years’ accounts for self-employed. On top of this, you will need to produce proof of ID, address and 3 months’ bank statements.
Our free consultation will usually lasts up to an hour or so. Your mortgage advisor can turn around an agreement in principle within 24 hours of this consultation and a formal mortgage offer takes about three weeks on average in Leicester.
Contact the council for an application form and check your eligibility for the scheme.
You'll receive a purchase price and from there we can take some initial details and book you in with a Mortgage Advisor in Leicester.
From there your dedicated advisor will work by your side, ensuring the process goes smoothly.
We’ll try to find you the most appropriate mortgage deal. We’ll be there to support you, right through to completion.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
