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Right to Buy Mortgage Advice in Newcastle

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We can Help you buy Your Council House Under the Right to Buy Scheme

If you have been a Local Authority tenant for a while, you may qualify for the Right to Buy. You will receive a discount from the open market value if you decide to go for it and that acts as your deposit. The only cash you will need to find is for your fees. Some Lenders will allow you to borrow additional money for Home Improvements. The Local Authority must permit you to do the works.

What is a Right to Buy in Newcastle?

The Right to Buy Scheme is a government ran a scheme that allows eligible tenants in England to purchase their property from the council for a partially discounted price. If you have spent at least 3 years (not always continuous) renting from a local housing association and are secure tenants of council property, you may be eligible for the government’s Right to Buy Scheme.

 

When purchasing a property via Right to Buy, the property will be valued at the full market price with the government discount applied prior to purchase.

How is the discount is worked out?

The percentage of this discount depends on varying factors, such as location and the length of time you’ve been a council tenant. One of the big advantages of Right to Buy is that due to the discount, there is often equity in the house already. How much equity, like the discount, also depends on varying factors. These include how much your discount is and the value of the property.

 

Generally speaking, we find that those who utilise the Right to Buy Scheme are First Time Buyers in Newcastle. We love working alongside our customers and are here throughout every step of the mortgage process, starting with your initial enquiry, all the way through to your completion. Capital raising options for home improvements, such as a new conservatory, windows or extension are also available with some of our mortgage lenders.

 

How to obtain the application form?

If you want to get a Right to Buy Mortgage, first you need to see if you qualify to buy the property. You need to obtain an application form (RTB1), and then the Local Authority will send someone out to value your property to let you know how much it is worth. They will then calculate the percentage discount you are entitled to and write to you to offer you the chance to proceed.

 

The amount that you can borrow gets calculated in the same way as any other mortgage and gets based on your income and expenditure. Hence, it’s essential that you cut out any unnecessary spending, such as unused subscriptions and memberships before making an application. You should also check your credit score online.

 

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The necessary step you need to take

Over our many years as Mortgage Advisors in Newcastle, 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:

  • 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 council 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.

For more information Get in touch to book your free mortgage consultation and speak with one of our friendly Mortgage Advisors in Newcastle today, we look forward to hearing from you.

Why customers have chosen us for there Right to Buy Mortgage Advice in Newcastle?

 

It’s our goal as a Mortgage Broker in Newcastle to help any and all customers that come our way, including those looking to utilise the Right to Buy Scheme. From your initial phone call through to completion, your dedicated Mortgage Advisor in Newcastle will be alongside you, ready to answer any questions that you may have.

 

Unlike a bank or building society, our team of Mortgage Experts in Newcastle are able to search through 1000s of mortgage deals for you, aiming to find the best fit for your personal circumstances. We are also able to assist with conveyancing solicitors, helping decide on which survey would be the best.

 

We’ll help and support you anytime you need us, 7 days a week! The Right to Buy process isn’t always easy, we’ll aim to help you over any hurdles you face. It’s our goal to be open & honest and take away your stress, making you feel relaxed and excited for the eventual outcome.

 

Mortgage Advice in Newcastle is available in the morning, afternoon, evening or weekend – whichever one fits in with your work and family. It’s the same service either way!

 

Please read our genuine customer reviews, the service you receive and your happiness is really important to us.

What our customers say

Common mortgage
questions

The discount provided by the council will often be used by lenders as your deposit. Some lenders however, will require you to put down a deposit in addition to the discount. This is sometimes the case if you’ve been struggling with credit problems. A Mortgage Advisor in Newcastle at Newcastlemoneyman is here to answer all of your Right to Buy mortgage questions.

Your free mortgage consultation in Newcastle will last around one hour. We will then recommend a mortgage for you with no obligation for you to proceed and you can decide whether or not you wish to proceed with the mortgage.

As your Mortgage broker in Newcastle, we carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for you. A credit check is then required for an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued.

To avoid possible disappointment, we recommend you obtain an Agreement in Principle before you begin viewing properties in Newcastle. At the very latest you should obtain one prior to making an offer to assist your bargaining position.

An Agreement in Principle typically lasts for between 30 and 90 days depending on the lender used. If your Agreement in Principle expires it can always be refreshed.

It may be possible to get a second mortgage on your home in Newcastle for things like debt consolidation or home improvements. It may also be possible to take out a mortgage on a second property if you’re wanting to use it for yourself, a family member, a holiday home or a Buy to Let. If you need to talk to a Specialist Mortgage Advisor in Newcastle, we are more than happy to have a chat about your second mortgage options.

If you have had credit problems you can still get a mortgage but you may possibly be required to put down a higher deposit than usual, perhaps 15% of the property purchase price. If you are struggling to get a mortgage because of past credit problems, get in touch with your Mortgage Broker in Newcastle and we will see if we can try and help!

Once you have submitted at least one year’s accounts, you will be able to get your mortgage journey in Newcastle started. Most lenders use your salary plus dividend to calculate the maximum mortgage, whereas others are known to go off your net profit.

It’s usually three payslips for an employee to prove income and the latest 2 years’ accounts for Self Employed applicants. You will also need to produce proof of ID, address and 3 months’ bank statements before you can get accepted for your mortgage in Newcastle.

Our free consultation typically lasts up to an hour or so. We can turn round an agreement in principle within 24 hours. A formal mortgage offer takes about three weeks on average. Before you know it you will have your mortgage secured in Newcastle.

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We make it so easy!
Our 4 step process

Step 1

Contact the council for an application form and check your eligibility for the scheme.

Step 2

You'll receive a purchase price and from there we can take some initial details and book you in with a Mortgage Advisor in Newcastle.

Step 3

From there your dedicated advisor will work by your side, ensuring the process goes smoothly.

Step 4

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.

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Newcastlemoneyman.com & Newcastlemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

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