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Right to Buy Mortgage Advice in Newcastle

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7 days a week, 8am - 10pm

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Right to Buy Mortgage Advice in Newcastle

Transition from tenant to homeowner with a Right to Buy in Newcastle. Speak to mortgage expert today to discuss your options.

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What is Right to Buy in Newcastle?

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.

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Right to Buy Mortgage Advice in Newcastle

How is the Right to Buy discount worked out?

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.

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 much can I borrow for a Right to Buy mortgage in Newcastle

To determine the amount you can borrow for a Right to Buy mortgage in Newcastle, your income, expenditure, and overall affordability will be assessed. Additionally, your credit score will be checked, so it’s crucial to review your credit score and work on improving it before applying for a Right to Buy mortgage.

Get in touch with our mortgage advisors in Newcastle and we will be able to carry out an affordability assessment to see whether or not you fit the criteria.

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FAQs for Right to Buy in Newcastle

Does Right to Buy in Newcastle still exist?

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The Right to Buy scheme, introduced in the 1980s, is still available for homebuyers. However, the scheme has undergone several changes over the years, and it may not be available in all areas. Therefore, it is crucial to ensure your eligibility in your local authority area before applying for a Right to Buy mortgage in Sunderland.

As a mortgage broker in Newcastle, we can guide you through the Right to Buy process, helping you meet the scheme’s requirements and increase the likelihood of securing a lender’s approval.

Do I need a deposit for a Right to Buy mortgage in Newcastle

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While you may not need a deposit for your Right to Buy mortgage due to the Right to Buy discount, not all local authorities allow for this, and you may be required to provide a deposit.

Can my children buy my council home for me with a Right to Buy in Newcastle

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Regarding eligibility, it is possible for any family member to purchase the council property through Right to Buy in Newcastle, provided they have been attached to the lease for at least a year. Additionally, if you are married or in a civil partnership and live with your partner, you can transfer the lease to them as long as they live with you.

Can you buy your council house with a Right to Buy in Newcastle, if you are on benefits?

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Being on benefits should not significantly affect your eligibility for Right to Buy in Newcastle. However, it is essential to remember that you will be responsible for monthly mortgage repayments, which could be challenging on a low income. Therefore, it’s recommended to seek advice from a mortgage advisor in Newcastle who is experienced in dealing with applications from people on benefits before applying for any mortgage.

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Our Simple Right to Buy Process

Checking Eligibility

Step 1

In order to find out if you are eligible for the scheme, you need to get in touch with the council or housing association that owns your property. As well as this, you will be asked a series of questions to see if you match up against the criteria.

Purchase Price

Step 2

As soon as you know you qualify for the scheme, your local authority will offer you a price to buy the property. From this, you get a set time to make a decision so there is no need to make a choice straight away.

Start Your Application

Step 3

When you have got your discounted purchase price from the local authority, you then need to speak to your mortgage broker in Newcastle to check our eligibility and affordability for a mortgage.

As soon as our team have found you an appropriate deal, you will be able to apply to your local authority stating that you would like to purchase the property, then it’s time to process your full mortgage application.

Mortgage Broker in Newcastle

Step 4

By getting in touch with a reputable Mortgage Broker in Newcastle, like ourselves, you can see if you are eligible by requesting information about your income, expenditure and financial management to see if a mortgage is achievable and affordable.

It would be beneficial that you contact a mortgage advisor in Newcastle when you know the precise amount you are looking to buy the property for.

Our Simple Right to Buy Process

Free Mortgage Appointment

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As an open and honest mortgage broker in Newcastle, we pride ourselves on providing expert mortgage advice in Newcastle to people looking to start their mortgage journey, including those interested in the Right to Buy scheme.

1000s of Deals

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Your designated mortgage advisor in Newcastle is there to provide a tailored service and helping hand from the very start of the process to the end of getting your mortgage.

Our Service

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One factor that differentiates us from a bank or building society is your Mortgage Advisors in Newcastle have access to a large panel of lenders who provide varying mortgage products. This allows them to find you the most appropriate deal for your circumstance.

As well as this, we can help with conveyancing solicitors, supporting you on the best survey for you.

7 Days a Week

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We understand the Right to Buy process can come with its obstacles which we always aim to overcome these. Our team are here available to provide Mortgage Advice in Newcastle 7 days a week from early in the morning until late at night to provide a service that works around you.

Malcolm and Amy Davidson - Mortgage Advice in Newcastle

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Common Right to Buy Mortgage Scenarios

What steps do I need to take to get a Right to Buy in Newcastle?

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Throughout our many years of work as open & honest mortgage advisor in Newcastle, we have helped countless housing association or council home renters in purchasing their current rental property, taking that step onto the property ladder.

They are able to achieve this by making use of a Right to Buy in Newcastle, which was introduced by the government. Below we have compiled the steps you need to take in order to get a Right to Buy in Newcastle.

Checking Eligibility

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First of all, before anything else, you need to contact the local housing association or council (whoever owns the property). This is generally referred to as the local authority by people within the mortgage world.

The reason you’ll need to do this, is so you can see if you qualify for taking out a Right to Buy in Newcastle. This local authority will make sure that you meet the criteria for the Right to Buy Scheme.

Purchase Price

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Once you have confirmed your eligibility for the scheme, the local authority will present you with an offer of the property purchase price. You will have a specific amount of time of which you can accept this offer.

Start Your Application

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Now that you have agreed to buy your rental home from the local authority, at the offered price, it’s time for the best part of your process! Book your free mortgage appointment and we will get started on your mortgage process!

Useful Tips from a Mortgage Broker in Newcastle

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If you are considering purchasing your current rental from the local authority, definitely make sure that you’re eligible first and find out the property purchase price discount.

Once you have determined the amount that you will be purchasing the property for, your next step will be to get in touch with a mortgage advisor in Newcastle, who will be able to find a suitable deal for you based on the criteria that you are matched up with.

This process will include learning more about the amount of money you make and what your spending habits are like, so that they can determine whether or not you are able to afford to take out a mortgage.

Free Mortgage Guides & Newcastlemoneyman 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.

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