Making a home your own
Are you a council or housing association tenant? You could be eligible to buy your home! The Right to Buy Scheme was set up by the government to help tenants become homeowners and, with hefty discounts available, could open the door to a whole host of opportunities for you. When getting a Right to Buy mortgage to buy your council property, you will still be subject to the same Mortgage Affordability Conditions (e.g. credit checks, monthly outgoings) as everyone else, but, don’t worry, we’re here to help! Speak to us today to check your affordability and see if you qualify for a Right to Buy mortgage.
How does Right to Buy work?
Usually when getting a mortgage, you will be required to pay a deposit (this is between 5% - 10% of the property value). The biggest advantage of a Right to Buy mortgage is that some lenders let you use your discount as your deposit payment.
Let’s say that you’re buying a property worth £100,000 and your Right to Buy discount is 35%, you would then need a mortgage for £65,000. Despite this incredible saving, it’s important to note that you will also need to pay any other upfront costs e.g. your mortgage broker, surveys and solicitors.Close
The most exciting part of the Right to Buy scheme is finding out just how much discount you are entitled to, and to do this we will need to know; how long you have you lived in your home, where in the UK you live, and whether you live in a flat or house.
As well as great discounts, it’s important to remember that you are making an investment that could open up exciting doors and lead to you making bigger steps on the property ladder in the future.Close
Lending with big names
Ensuring that your Right to Buy mortgage is perfect for you, our whole of market access to a wide array of lenders means that you’ll be in safe hands when it comes to getting your deal secured.
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Questions about Right to Buy
The Right to Buy process is never straight forward, so don’t worry if you still have some questions to ask. Take a look at our handy FAQs and, if you can’t find what you’re looking for, give us a call today.
Yes, a joint mortgage is possible and the great thing is that some lenders will even allow up to three other people – including joint tenants and/or family members who have lived with you in the property – to contribute.
Yes you can, however sometimes there is a requirement of the scheme that means you have to pay back some of the discount if you choose to sell your property within three to five years of purchasing it.
There are separate Right to Buy Schemes in England, Wales and Northern Ireland which each have their own rules and discount limits. It’s also worth noting, and this is perhaps the biggest drawback of a Right to Buy mortgage, that you can only buy the house or flat that you already live in. The good news is most council and housing association tenants in Essex are eligible providing they meet all other requirements.
Get your Right to Buy mortgage
Speak to one of our advisers today and see how we can help you with a stress-free mortgage.
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