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Right to Buy Mortgage Advice in Middlesbrough

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

For some time now in England and Wales council house tenants have been able to buy the house they have been living. And in many cases, this can prove to be a substantial discount. The scheme – which also applies to Housing Association tenants – is implemented via accessing a special Right to Buy mortgage.

 

The amount of discount you will receive as a tenant is determined by several factors, such as how long you happen to have been a council tenant for, the cost of the house you intend to purchase and what type of property it is ie a semi-detached house, apartment, studio flat etc.

Advantages of obtaining a Right to Buy mortgage

The great benefit of this type of scheme is that you are buying a house you have already lived in for sometimes, is that you don’t have to buy any new furniture or fixtures and fittings since they’re already there!

 

A further advantage is that if you’ve been wanting double glazing, a new front door for some time now then you may be able to arrange to get this put onto the cost of your Right to Buy mortgage. That’s because you’ll already have equity available on the property.

 

And finally, in most cases, there’s no need to save up for a deposit if you qualify for a Right to Buy scheme as the equity already in your property can be used towards your deposit.

How does it work? Get a quote nowMeet your advisor

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How to get a Right to Buy in Middlesbrough?

Over our many years as Mortgage Advisors in Middlesbrough, 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.

 

Get in touch to book your free mortgage consultation in Middlesbrough.

Why choose us for Right to Buy Mortgage Advice in Middlesbrough?

At our Mortgage Broker in Middlesbrough, we’ve been securing Right to Buy mortgages for hundreds of homeowners. Every experience member of our team knows the process inside out so that your mortgage goes through as smoothly as possible and will be able to offer top-quality Mortgage Advice in Middlesbrough.

 

Keen to find out what type of Right to Buy Mortgage you can access? Then wait no longer. Simply get in touch with one of our Mortgage Advisors in Middlesbrough today and we’ll discuss the options with you.

 

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

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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. Our Mortgage advisors in Middlesbrough are able to answer your right to buy deposit questions.

Your free mortgage consultation in Middlesbrough will last round about 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 Middlesbrough, 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 Middlesbrough. 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 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 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.

Once you have submitted at least one year’s accounts, you are able to get a mortgage. 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. You will also need to produce proof of ID, address and 3 months’ bank statements.

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.

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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 Middlesbrough.

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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