The Right to Buy scheme was introduced by the government to allow people living in council-owned properties the opportunity to buy them at a discounted price. You are eligible for the Right to Buy scheme if you are a secure tenant of council property and have spent at least 3 years as a public sector tenant. These three years don’t have to be consecutive.
There are multiple factors that will determine what price you will pay for the property. The government are most likely to take into account things like how long you’ve lived there, where you are in the country and how long you’ve been a council tenant etc.
One big advantage of a Right to Buy mortgage is that it is most likely that there is already equity in the house, this could knock some off your house price or be used as part of your deposit. Often when purchasing a Right to Buy you will be a First Time Buyer, we love working with first time buyers! As your friendly Right to Buy Mortgage Broker in Halifax, we are here through every step of the process, from your initial enquiry through to completion.
Working out your monthly outgoings may be greatly beneficial to you if you are thinking of buying your council home. Our recommendation is to work out what you have now as a tenant, then compare that to what it would be like if you were a homeowner. We are more than happy to help you out with this part.
Get in touch to book your free mortgage consultation in Halifax.
Our free consultation will most likely last around an hour. A dedicated mortgage advisor in Halifax can turn round an agreement in principle within 24 hours of this consultation, with a formal mortgage offer taking about three weeks on average.
The discount that is provided to you by the council will often be used by mortgage lenders as your deposit. In some cases though, a lender may require you to put down a deposit of your own in addition to the discount. This occurs often in cases where customers may have been struggling with credit problems. Our trusted and experienced Mortgage advisors in Halifax are here to answer your right to buy deposit questions.
A dedicated mortgage advisor in Halifax will carry out a Fact Find to work out what your personal needs are prior to recommending the most suitable mortgage for you. In order to get an Agreement in Principle, you’ll be required to have a credit check. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you can be formally issued a mortgage offer.
Your free mortgage consultation in Halifax with an advisor will last for roughly around one hour. Once this has been undertaken, they will then recommend a mortgage for you. You’re under no obligation to accept this and have the freedom to walk away still, should you feel that’s the better option.
To avoid being disappointed down the line, we suggest that you obtain an Agreement in Principle prior to property viewings in Halifax. You should obtain one no later than the point before you start making an offer in order to assist your bargaining position.
An Agreement in Principle will most likely last between 30 and 90 days depending on who you take one out with. If your Agreement in Principle expires, come back to us and we’ll get this refreshed for you.
If you are looking at some future financial planning or home renovation like debt consolidation or Home Improvements, you may be eligible for a second mortgage. It can be possible to take out a mortgage on a second property for your own use, for a family member, for a holiday home or even for a Buy to Let.
If you have had a recent history of credit problems a mortgage may still be within reach, though you may possibly be required to put down a higher deposit than usual. We find that this figure is commonly around 15% of the property purchase price.
Once you have submitted at least one year’s accounts to the mortgage lender, you are eligible to get a mortgage. Most Lenders will use a calculation of your salary plus your dividend to determine the maximum mortgage amount you can take out, whereas others may go off your net profit.
It will typically be the last three payslips for employees to prove their income to the lender and the latest 2 years’ accounts if you’re a Self-Employed applicant. You will also need to provide your mortgage lender with some proof of ID, address and 3 months’ bank statements.
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 Halifax.
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.
