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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. For an accurate figure, please get in touch with our mortgage advisors in Halifax.
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.
With the Right to Buy scheme, numerous lenders accept the scheme’s discount as a deposit, although some may require additional personal funds. Engaging with a mortgage advisor in Halifax can aid in pinpointing a mortgage solution tailored to your specific needs.
The Right to Buy scheme extends the chance for eligible council or housing association tenants to acquire their property at a discounted rate, often serving as an equivalent to a deposit. However, it’s crucial to bear in mind that additional costs, such as legal fees and survey expenses, may still apply. For a personalised understanding based on your circumstances, seek advice from a mortgage broker in Halifax.
The mortgage process for a Right to Buy in Halifax involves several crucial stages. Initial steps include confirming eligibility for the Right to Buy scheme and conducting a property valuation to determine its market price and applicable discount.
Following the local council’s offer to sell the property, collaboration with a Halifax mortgage broker becomes essential to secure an Agreement in Principle (AIP) and establish the borrowing amount.
Upon acceptance of the offer, a formal mortgage application is submitted to the lender, who evaluates both your financial situation and the property’s value. Concurrently, legal matters are addressed with solicitors, overseeing the transfer of ownership.
Once approved, the lender issues a comprehensive mortgage offer outlining terms and conditions. Subsequent phases encompass contract exchange, purchase completion, and the official transfer of legal ownership.
The discount percentage within the Right to Buy scheme fluctuates based on factors like location and the duration of your council tenancy.
An advantageous facet of the Right to Buy scheme lies in the potential equity already embedded in the property due to the discount.
The quantity of equity, akin to the discount, is contingent on diverse factors, encompassing the discount rate and property value. Typically, participants in the Right to Buy Scheme in Halifax are often first time buyers.
Our dedicated mortgage advisors in Halifax provide comprehensive support from the initial enquiry to completion, offering options for capital-raising to facilitate home improvements, such as new conservatories, windows, or extensions, through select mortgage lenders.
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Claire
We would use UK Moneyman again, very good with communication and would recommend them to family and friends. They managed to get us a mortgage offer even though we had more 'complex' circumstances than the average lender. Very happy.
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Very helpful, kept me informed and no ‘hard sell’.
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Mrs Angela
Very pleased with the service Matt came back with a offer the following day made it a easy process for me
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Amazing service! Helpful advice and support from a brilliant team - always provided thorough and timely support and answers to any and all queries around property purchasing process via phone calls, messaging and e mail. Cannot recommend their...
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Rachel
Excellent service!! Would definitely use again, the whole process has been stress free. Thank you!
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Jessica
Made us feel so at ease throughout this process and kept me informed and updated during the mortgage application. From start to finish, our options were laid out and Jason always found the best options to suit us and ensured that the product would...
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Peter
Fantastic service from Matt Collinson and Amy kerwick could not rate the service I received highly enough
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Tom and Paula was brilliant at arrange a new moetgage for me. 5 stars
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Very happy with the service I received. The advice was thorough and comprehensive, all my questions were answered. Everything went through to completion very quickly. Would definitely use again and recommend.
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Anonymous
Cannot recommend them high enough. Dan was excellent and took time to explain the full process. Will use again in the future. Many thanks.
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Miss
Dinah has been nothing but incredible! I am so glad that I stumbled across UK Moneyman and that Dinah became our desginated Mortgage Advisor. Her expertise are second to none, she is unbelievably efficient and always keeps to her words. Every...
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Anonymous
Speedy process, took the stress out of searching for mortgages - highly recommended!
1 month ago
Ann
Excellent help and advice. No jargon Easy to understand information. Very friendly and understanding when asked multiple questions. Made the mortgage process almost painless. Highly recommended.
1 month ago
Miss
Leo was fantastic! He was helpful, honest and nothing was too much trouble. The process was simple and the admin team keep you updated throughout. Can’t recommend them enough. Please ask for Leo!!!!
1 month ago
Nastaran
Leo was helpful beyond words. He was so patient, and stayed with me through the panics, the doubts and even a couple of times of me giving up when all else fails! No single question was too big or trivial for him, and he explained everything with...
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Rachael
Quick efficient service, sort everything out for you takes all of the stress out of finding your financial services. Would certainly recommend
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Anonymous
I have used UK Moneyman twice, once for a regular mortgage and second for a buy to let. Wayne is extremely knowledgeable and supportive through the whole process. He’s personable and takes the time to really understand your needs and get the...
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A MUST HAVE! As a first time buyer you see so much online and you do not know what to believe but the way Malcolm and Meghan have attend to our every question, gone above and beyond for us I will be eternally grateful. We could not give this service...
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Anonymous
Great Service. Jason was knowledgable, a very good communicator & always patient with our questions, over an extended house search period, ultimately delivering a product we were happy with. Confidence inspiring & would use again in the future....
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Nardi
Amazing service will definitely use UK Moneyman in near future .
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Engaging in a discussion with a knowledgeable mortgage advisor in Halifax is important to explore and address your specific mortgage situation.
A diverse range of lenders provides tailored products for individuals leveraging the Right to Buy scheme, offering a wide array of specialised options.
Our dedicated mortgage advisor in Halifax takes charge of the seamless submission of your mortgage application and ensures all necessary documentation requested by the lender is well-organised.
Beyond securing the most fitting mortgage deal, we excel in aiding individuals seeking insurance coverage to provide financial protection for themselves and their loved ones.
We offer a free mortgage appointment to every customer, which you can book online via our new booking system. Simply select a date and time that best suits you and your busy schedule. Alternatively, give our team a call and we can book your free mortgage appointment over the phone.
Our mortgage advisors in Halifax can search through 1000s of mortgage deals to find the perfect product for your personal and financial situation. As a Right to Buy applicant, you can access many different kinds of products, let us help you find that deal!
Our friendly mortgage advisors in Halifax are here 7 days a week to answer all of your mortgage questions, getting through to an advisor will never be a problem.
Contact us today for expert Right to Buy mortgage advice in Halifax.
To initiate the Right to Buy process, your initial action is to reach out to the council and request an application form. Simultaneously, they will evaluate your eligibility for the scheme.
Following the confirmation of your eligibility, you will receive a designated purchase price, and you’ll be given a specific timeframe to accept the offer.
Upon establishing a mutually agreed purchase price, we can promptly commence the mortgage application process.
If you’re considering buying the property you currently rent from your local authority or housing association, and you’ve confirmed your eligibility for the Right to Buy Scheme along with the applicable discount, it’s advisable to reach out to a mortgage broker in Halifax.
We’ll evaluate your mortgage eligibility, considering your income and expenses to determine affordability.
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Halifaxmoneyman.com & Halifaxmoneyman 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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Halifaxmoneyman.com & Halifaxmoneyman 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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