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Right to Buy Mortgage Advisor in Derby

If you’re a Council Tenant then you could qualify for the Right to Buy…

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 a great opportunity to get on the property ladder.

Why should you buy under the Right to Buy scheme?

Buying isn’t the right choice for everyone. But 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.

There is a generous discount available under the Right to Buy scheme which is your reward for all the years that you’ve paid your rent. Owning your own home 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 put a lot of people off purchasing their own home. But as there is a discount applied to the purchase in this 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 advice. 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 will have no shortage of Mortgage Advice in Derby.

Are you eligible?

The eligibility criteria vary from area to area.  The first thing you will need to do is to contact your local council or housing association to 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?

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.

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.

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.

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