For some time now in England and Wales, council house tenants have been able to buy the house they have been living in for a discounted price. In many cases, this can prove to be a substantial discount. The discount, which also applies to housing association tenants, is implemented via accessing a special mortgage called a Right to Buy in Middlesbrough.
The amount of discount you will receive as a tenant is determined by several factors, such as how long you happen to have been a local authority tenant for, the cost of the house you intend to purchase and what type of property it is ie a semi-detached house, apartment, studio flat etc.
It's worth speaking to a mortgage broker in Middlesbrough to help find you a suitable mortgage, solicitors and survey as and when required.
The great benefit of this type of scheme is that you are buying a house you have already lived in for sometimes, is that you don’t have to buy any new furniture or fixtures and fittings since they’re already there!
A further advantage is that if you’ve been wanting double glazing, a new front door for some time now then you may be able to arrange to get this put onto the cost of your Right to Buy mortgage. That’s because you’ll already have equity available on the property.
And finally, in most cases, there’s no need to save up for a deposit if you qualify for a Right to Buy Scheme as the equity already in your property can be used towards your deposit. Our mortgage advisor in Middlesbrough. can search 1000's of deals to find you the most suitable Right to Buy mortgage for your circumstances.
Though it was originally introduced in the 1980s, home buyers can still very much use a Right to Buy in Middlesbrough, providing they are eligible to do so. There has been a lot that has changed to the Right to Buy Scheme over the years, with many different local authority areas now allowing tenants to purchase a home if it is owned by a housing association as well, though this depends on the location. As a mortgage broker in Middlesbrough, we still see plenty of prospective home buyers asking to apply for this type of mortgage, with thousands of tenants making use of a Right to Buy in Middlesbrough over the years.
In most circumstances, mortgage lenders will accept the discount that is applied to your Right to Buy in Middlesbrough as your deposit. It is still worth remembering that you may need to have some of your own money saved for any fees that are incurred.
It is technically possible for any family member to purchase the council home that you are living in, for you, providing they have also been attached to the tenancy for at least 1 year. If you are married or have a civil partner that you are living with, so long as they definitely do live with you, the tenancy can also be transferred to them. In either of these cases, so long as they are the main tenant, they would be eligible for mortgage advice in Middlesbrough, though the mortgage would also be in their name and not yours.
Being on any type of benefits will not have an impact on your legal eligibility for a Right to Buy in Middlesbrough, though as is the case with any mortgage, a mortgage lender will need to ensure that you are completely able to maintain your monthly mortgage repayments. As such, being on benefits could potentially hinder your affordability, though this is not a guarantee. If you were in receipt of any housing benefits, or something specific to tenants, it is important to note that you would no longer receive those once you become a homeowner.
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Discuss your current situation and what you’re looking to achieve with an expert mortgage advisor in Middlesbrough.
During this appointment, your advisor will take information surrounding your income and expenditure to work out your affordability.
If you are eligible for the Right to Buy scheme, your mortgage advisor in Sunderland will help you with your application.
Once you submit your Right to Buy application, all that is left to do is to wait for an offer!
If you are happy with your offer, our next job is to find you the perfect mortgage deal to go with your Right to Buy property. If you are happy with your mortgage product we can prepare to submit your full mortgage application and evidential documents to the mortgage lender.
Throughout your process, a dedicated case manager will keep you informed across every step, through to when you receive your formal mortgage offer and complete your Right to Buy purchase.
Our service doesn't end here. As well as securing you the best mortgage deal, we will also recommend relevant insurances to keep you and your family protected.
We will also reach out to you when your mortgage is due for renewal to make sure that you are always on the best deal.
Keen to find out what type of Right to Buy Mortgage you can access? Then wait no longer. Simply get in touch with one of our mortgage advisors in Middlesbrough today and we’ll discuss the options with you.
Every experience member of our team knows the process inside out so that your mortgage goes through as smoothly as possible and will be able to offer top-quality mortgage advice in Middlesbrough.
As a mortgage broker in Middlesbrough that has been around for many years, we've worked hard to secure Right to Buy mortgages in Middlesbrough for hundreds of homeowners.
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Over our many years as our mortgage advisor in Middlesbrough , we’ve encountered a great deal of home renters looking to buy their home from their local authority.
They seek to do this utilising the Right to Buy Scheme, in which this scenario becomes possible. Below are the steps necessary to achieve this.
The first thing you’ll need to do is contact the council for an application form and for them to check that you are eligible for the scheme.
From there you’ll receive a purchase price. You then have a set period of time to accept their offer.
Finally, once a purchase price has been agreed. We can get the ball rolling with your mortgage application.
If you are thinking of buying your rental home, it may be useful for you to work out your current monthly outgoings.
We’d recommend doing this as a tenant and then compare that with the costs of being a homeowner. We’re happy to help you with this exercise.