For some time now in England and Wales council house tenants have been able to buy the house they have been living. And in many cases, this can prove to be a substantial discount. The scheme – which also applies to Housing Association tenants – is implemented via accessing a special Right to Buy mortgage.
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 council 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.
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.
Over our many years as Mortgage Advisors in Middlesbrough, we’ve encountered a great deal of council home renters looking to buy their home from their local council. 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:
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At our Mortgage Broker in Middlesbrough, we’ve been securing Right to Buy mortgages for hundreds of homeowners. 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.
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.
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Your mortgage journey begins as soon as you get in touch with our team. We will send you over a fact find to fill out so we can learn a bit more about your personal and financial situation.
The next step of the process is for us to book you in for our free mortgage consultation so we can begin searching for the perfect mortgage product for you. We will also arrange a mortgage agreement in principle for you.
Once you’ve provided documents to support your agreement in principle, we can start preparing your mortgage application!
For a Right to Buy mortgage, the council will usually provide you with a discount to use as your deposit. However, some lenders may need more evidence that you’ll be able to afford a mortgage and will ask for a deposit on top of the discount. If you’ve had bad credit problems in the past, you may face this scenario.
Your free initial mortgage consultation will roughly last 30-60 minutes. During the consultation, we will examine your current personal and financial situation so that we can get an idea of what sort of mortgage products you’ll match with.
If we manage to find you a deal and you’re happy to continue with it, we can start preparing your mortgage application!
As a Mortgage Broker in Middlesbrough, we would always recommend that you try and obtain a mortgage agreement in principle (AIP) as early in the process as possible. Ideally, you should obtain your AIP prior to viewing properties as it can open you up to being able to negotiate prices.
Your agreement in principle will last between 30-90 days. If your agreement in principle expires, you can easily renew it. Get in touch with your Mortgage Advisor in Middlesbrough to arrange this.
Yes, it may be possible to get a second mortgage. Reasons for getting a second mortgage include debt consolidation, home improvements, for a mortgage deposit for another property such as a Buy to Let property or a holiday home.
It can be still possible to get a mortgage despite having bad credit issues in the past. Although, you should know that some lenders may require you to put down a larger deposit; this could be 10%-15%.
If you are Self Employed and have at least one year’s accounts ready to submit, then yes, you may be able to get a mortgage. Mostly, lenders will go off your salary plus dividend to calculate the maximum mortgage amount that you can borrow. Some are also known to go off your net profit.
During the mortgage process, you will be asked to prove your income, who you are etc. Some of the documents that you’ll be asked to provide include bank statements, payslips, proof of ID and proof of address. This may be slightly different for the Self Employed.
After your free 30-60 minute mortgage consultation in Middlesbrough, we will be able to go away and try and find you a mortgage product that’s perfect for your personal and financial situation. During this timframe, we will also arrange a mortgage agreement in principle for you within 24-hours.
If everything goes to plan and we recive yoru supporting documents, we can proceed to the point of mortgage application preparation. Once your application is submitted, a formal mortgage offer takes around 3 weeks on average.
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 Middlesbrough.
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.
