We can Help you buy Your House Under the Right to Buy Scheme
The Right to Buy scheme help tenants in England to buy their council property partially discounted, granted they are eligible for the scheme.
You need to have spent 3 years renting from the local council or housing association and have been secure tenant of council property, however, it all depends on your personal circumstance.
When it comes to the three years, these do not need to be continuous, but this does vary depending on your circumstances. Getting in touch with a Mortgage Advice in Newcastle is helpful if you are wanting to know if you are eligible. To keep up-to-date on the latest rules with the scheme, look on the government Own Your Home website.
The way the sale of the property will work is by valuing the property at full market price and then apply a government discount on the property before purchase.
Here at Newcastlemoneyman, our Mortgage Advisors in Newcastle strive in achieving your home-owning goals. By utilising their rich knowledge and extensive experience within the industry, they are here to provide you with expert Mortgage Advice in Newcastle.
How much deposit will I need?
It’s common for lenders to take the discount as a deposit, but you might find some lenders will want you to put money down as well. It can be helpful to get in touch with a Mortgage Broker in Newcastle, like ourselves, to find an appropriate mortgage for your personal situation.
There is set criteria issued by the local authority to help them work out the discount. This includes how long an applicant has been a tenant within the public sector, the type of property they are looking to purchase and how much the property is worth.
You could look at borrowing additional funds for home improvements like new windows, door and conservatories, however, this does involve you getting permission from your local authority.
Right to Buy Mortgage Process
Firstly, you need to see if you are eligible. This can be done by requesting an application form from the council. When you are qualified, you will get an offer notice that sets out the property value and your discount and you will have a set period to accept this offer.
Being an open and honest Mortgage Broker in Newcastle, our team can with not only your mortgage but, solicitors and surveys when necessary. Within your initial free mortgage appointment, your dedicated Mortgage Advisor in Newcastle will give you an idea of how much your mortgage will cost and if you qualify.
How does it work? Get a quote nowMeet your advisor