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Right to Buy Mortgage Advice in Derby

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

The Right to Buy scheme allows council tenants and some public sector homes to be able to purchase the property at a discounted price. It’s worth checking with your local council to see if you qualify. Due to the home being purchased at a discounted price, usually, no deposit is required. This gives first time buyers in Derby a great opportunity to get on the property ladder.

 

If you’re thinking about taking the plunge and purchasing your property from your council or housing association landlord then there are some definite benefits for going down this route.

 

There is a generous discount available under the Right to Buy scheme which you could think of as a reward for all the years that you’ve paid your rent. Owning your own home rather than renting also gives you security and once your mortgage is paid off then you won’t have to worry about paying rent for the rest of your life.

 

There’s also the topic of the deposit. Usually, the deposit is something that can often put a lot of people off purchasing a property. But as there is a discount applied to the purchase when you go through a Right to Buy scheme, usually, there will be no deposit needed if you’d like to purchase your own home under the Right to Buy scheme.

What is Right to Buy?

The Right to Buy scheme was launched back in 1980s and was designed to enable eligible tenants of council and housing association properties to purchase their homes at a discounted price.

 

There are a lot of mortgage options when it comes to the Right to Buy market so it’s important that you seek quality, expert Mortgage Advice in Derby. Our Mortgage Advisors in Derby are on hand to offer this advice and to ensure that you get the best deal on the market.

 

Our professional team have extensive knowledge of the Right to Buy scheme and can work with you on all aspects of your application from budgeting to completing your mortgage application leaving you free to enjoy the knowledge that you’ll soon be a homeowner. Therefore you will have no shortage of Mortgage Advice in Derby available to you.

Are you eligible?

The eligibility criteria vary from area to area. So, the first thing you will need to do is to contact your local council or housing association to find out more information and ask them what the criteria are for their particular Right to Buy scheme.

 

The amount of discount that you will receive will be in proportion to the number of years that you have been paying the rent. This scheme is ideal for those who have been tenants in their council or housing association property for some time and who plan to stay in the property for the foreseeable future.

 

You will still be taking out a mortgage so the usual mortgage criteria such as having a good credit history and a stable income apply.

What steps do you need to take?

You will also need to send a formal letter and a form (RTB1) to inform your social housing landlord that you’re intending to buy the property. Once they receive the form they will have to respond within a certain timescale to let you know if you are eligible for the scheme.

 

 

If you are eligible then you’ll receive a form back (RTB2). You’ll then have to have your property valued and the council will issue you with a document called Section 124 which will let you know how much your house is worth and the discount that they will apply. You will have 12 weeks to make your decision once you receive that form.

 

Contact us today for a free, no-obligation consultation where we can talk through your options and discuss your application to buy your council or local housing association property. We will work with you from the very start right through to getting you a mortgage agreement in principle and then completing your final mortgage application. This is where we can help you find the best deal possible. We will access our panel of lenders to access 1,000’s of different mortgages and getting you on your way to owning your own home.

 

How does it work? Get a quote nowMeet your advisor

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Over our many years as Mortgage Advisors in Derby, we’ve encountered a great deal of council home renters who are seeking get on to the property ladder through buying their home from their local council. They try 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. Our Mortgage Advisors in Derby are able to 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 ahead of time.
  • 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 Derby.

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

 

It’s our goal as a Mortgage Broker in Derby 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 Derby will be more than happy to help at any point in the process and will be ready at anytime to answer any questions that you may want to ask.

 

Unlike a bank or building society, our team of Mortgage Advisors in Derby 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. 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 stress from your mortgage journey so that you feel relaxed and excited for the eventual outcome.

 

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 vast majority of lenders will use the discount given by the local authority as a deposit for your mortgage. That being said, some lenders will still require you to put down a deposit in addition to this purchase price discount. This can occur more often with customers that have had or still have credit problems. A dedicated and hardworking mortgage advisor in Derby will be able to help with your right to buy deposit questions.

Your initial free mortgage consultation in Derby will last for roughly about one hour. An advisor will then recommend a mortgage for you, that you are under no obligation to accept and proceed with, if you decide it’s not for you.

As a dedicated and trusted mortgage broker in Derby, we will carry out a Fact Find to establish your circumstances & needs prior to recommending the most suitable mortgage for you. A credit check will then be required for an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been carried out, a formal mortgage offer can be issued to you.

We would highly recommend you obtain an Agreement in Principle prior to property viewings in Derby, to avoid possible disappointment, especially as this can boost your bargaining position pre-making an offer and can be obtained with the help of one of our mortgage advisors in Derby, free of charge.

A standard Agreement in Principle generally lasts for between 30 and 90 days depending on which lender you are with. If your Agreement in Principle happens to expire, it can easily be refreshed.

If you’re looking to make any potential home improvements or consolidate any debt, then it can be possible to get a second mortgage on your home. Second Mortgages are also usable for if you are wanting to take out a mortgage for a family member, a holiday home or a Buy to Let.

If you have had credit problems, it could still be possible for you to get a mortgage, however, you may need to put down a higher deposit than usual. This could be 15% of the purchase price.

You may still be able to get a mortgage once you have submitted at least one year’s accounts. Typically we find that, for the most part, lenders will use your salary + dividend to calculate the maximum mortgage. Alternatively, some may go off your net profit.

To prove your income to a lender, it’s usually three payslips for an employee. If you are self-employed, it’s the latest 2 years’ accounts. In addition you will need to produce the lender with proof of ID, address and the latest 3 months’ bank statements.

Your free initial mortgage consultation will typically last up to an hour. Our team have the ability to obtain an agreement in principle within 24 hours. A formal mortgage offer will take 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 Derby.

Step 3

From there your dedicated Mortgage Advisor in Derby 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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