Right to Buy Mortgage Advice in Newcastle

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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.

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We search 1000s of mortgage deals across a large number of lenders, including:

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The steps you need to take to obtain a Right to Buy Mortgage in Newcastle

Through our 20 plus years of experience working in the mortgage industry, our expert Mortgage Advisors in Newcastle has dealt with numerous people looking to purchase the property from their local council or housing association.

The Right to Buy Scheme, a scheme designed by the government, helps many of these customers. If you are wondering what steps you need to take to obtain a mortgage under the Right to Buy Scheme, check out the section below:


Checking Eligibility

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

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

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 can then apply to your local authority stating that you would like to purchase the property, then it’s time to process your full mortgage application.



Fast & Friendly Mortgage Broker in Newcastle

In the circumstance that you are looking to purchase the property that you are already renting via the local authority or housing association and are eligible to qualify for the Right to Buy Scheme and know the amount of discount that will be applied.


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.


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.


For more information about the Right to Buy Scheme, check out the Government website, ownyourhome.

Why choose us for a Right to Buy mortgage in Newcastle?

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.


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


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.


We understand the Right to Buy process can come with its obstacles is 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.

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Common mortgage

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

Your free mortgage consultation in Newcastle will last approximately about one hour. We will then recommend a mortgage for you, where you have no obligation for you to proceed and then it is your choice whether or not you wish to proceed with the mortgage.

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

To avoid possible disappointment, we would highly suggest that you obtain an Agreement in Principle before you begin viewing a potential new home in Newcastle. At the very latest you should try to obtain one prior to making any offers to help with your bargaining position.

The standard for how long an Agreement in Principle will last is between 30 and 90 days, depending on the lender used. If your Agreement in Principle expires it can be easily refreshed with the help of your advisor.

You may have the option to get a second mortgage on your home in Newcastle for something like debt consolidation or home improvements. It may also be possible for you to take out a mortgage on a second property if you’re looking to potentially use it for yourself, a family member, a holiday home or a Buy-to-Let. If you require the help of a Specialist Mortgage Advisor in Newcastle, we are more than happy to have a chat about your options for a second mortgage.

If you have had credit problems you may still have some options to get a mortgage but this require extra steps, such as being asked to put down a higher deposit than usual, potentially 15% of the property purchase price. If you are having difficulty in trying to obtain a mortgage because of past credit problems, please feel free to get in touch with your Mortgage Broker in Newcastle and we will see how we are able to help!

Once you have submitted at least one year’s accounts, you will be able to begin your mortgage process in Newcastle. Most lenders will use a sum of salary plus dividend to calculate the maximum mortgage, whereas others are known to use your net profit.

You’ll find that the lenders will usually want to see three payslips from an employee to prove their income and the latest 2 years’ accounts for Self-Employed applicants. You will also need to provide the lender with proof of ID, address and 3 months’ bank statements before they will accept you for a mortgage in Newcastle.

Our free consultation will usually last around an hour or so. Our advisors are able to turn round an agreement in principle within 24 hours of your appointment. A formal mortgage offer will on average take about three weeks. Before you know it you will have your mortgage secured in Newcastle.

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 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

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR

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