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Right to Buy Mortgage Advice in Leicester

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7 days a week, 8am - 10pm

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Right to Buy Mortgage Advice in Leicester

Transition from tenant to homeowner in Leicester with Right to Buy. Speak to mortgage expert today to discuss your right to buy options.

0116 296 2977

What is Right to Buy 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.

To be eligible for a Right to Buy in Leicester in the first place, how long you have stayed living in the property, the type of property you are looking to buy and the property value.

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.

These years do not have to be consecutive, though this will vary depending on your situation. By speaking to a mortgage advice in Leicester, they can help check if you are eligible for the scheme. Alternately, to keep yourself updated with the rules and regulations, you can also check out the government Own Your Home website.

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Right to Buy Mortgage Advice in Leicester

What is the process of a Right to Buy discount in Leicester?

First, you need to know if you are eligible for the scheme and request an application form from the council. Next, you will get an offer notice which shows you the property value and your discount. You then have a set period to accept this offer.

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

Does Right to Buy in Leicester still exist?

The Right to Buy scheme, originally introduced in the 1980s, remains accessible to homebuyers; however, it has undergone various changes and may not be available in all areas. Hence, it is vital to ensure your eligibility in your local authority area before considering a Right to Buy mortgage in Leicester.

As a mortgage broker in Leicester, we can provide expert guidance throughout the Right to Buy process, helping you meet the scheme’s requirements and enhancing your chances of obtaining lender approval.

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FAQs for Right to Buy in Leicester

How much can I borrow for a Right to Buy mortgage in Leicester

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To determine the amount you can borrow for a Right to Buy mortgage in Leicester, your income, expenditure, and overall affordability will be evaluated. Additionally, your credit score will be assessed, underscoring the importance of reviewing and improving it before applying for the mortgage.

Do I need a deposit for a Right to Buy mortgage in Leicester

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While many lenders accept the discount as a deposit, some might require additional funds from you. Engaging with a Mortgage Advisor in Leicester can help identify a suitable mortgage that aligns with your financial situation.

The local authority follows specific criteria to calculate the discount, considering factors like your duration as a public sector tenant, the property type you aim to purchase, and its value. Some lenders on our panel may even permit borrowing extra funds for home improvements like windows, doors, or conservatories, but gaining permission from your local authority will be necessary.

Can you buy your council house with a Right to Buy in Leicester, if you are on benefits?

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Being on benefits should not significantly impact your eligibility for Right to Buy in Leicester. However, it’s essential to remember that monthly mortgage repayments can pose challenges on a low income.

Therefore, seeking advice from a mortgage advisor experienced in handling applications from individuals on benefits is highly recommended before proceeding with any mortgage application.

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Our Simple Right to Buy Process

Checking Eligibility

Step 1

Firstly you need to see if you qualify for this Scheme, request an application form from the local authority.

Purchase Price

Step 2

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.

Start Your Application

Step 3

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.

Mortgage Broker in Leicester

Step 4

As soon as our team have found you an appropriate deal, you will be able to apply to your local authority stating that you would like to purchase the property, then it’s time to process your full mortgage application.

Our Simple Right to Buy Process

Free Mortgage Appointment

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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.

1000s of Deals

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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 Service

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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.

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.

7 Days a Week

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To speak with a mortgage broker 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).

Malcolm and Amy Davidson - Mortgage Advice in Leicester

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Common Right to Buy Mortgage Scenarios

What steps do I need to take to get a Right to Buy in Leicester?

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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.

Checking Eligibility

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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.

Purchase Price

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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.

Start Your Application

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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.

Useful Tips from a Mortgage Broker in Leicester

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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.

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Leicestermoneyman.com & Leicestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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