Right to Buy Mortgage Advice in Leicester
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.
Purchase Your Council House in Leicester Under the Right to Buy Scheme
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.
Right to Buy Mortgage Process
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.
How does it work? Get a quote nowMeet your advisor