Right to Buy Mortgage Advice in Hull

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What is a Right to Buy in Hull?

The Right to Buy Scheme is a mortgage and home buying scheme ran by the UK government that allows council home renters who are eligible across England to buy their current home from the council at a discounted price. The amount that will be discounted depends on how long you have been renting that property.


To qualify for a Right to Buy Hull, you need to have been living, renter for at least three years (this doesn’t necessarily have to be one after another) from either a council or housing association.


When you are in the market to purchase your home via the Right to Buy Scheme, the property will be valued at the same full price that it would be put at on the open property market, with the government discount being applied to your purchase beforehand.

Purchase Your Council House Under the Right to Buy Scheme in Hull

As open & honest mortgage advisors in Hull, we always try our very best to help those who contact us, leaning on our wealth of mortgage knowledge and experience to provide our customers with expert Right to Buy Mortgage Advice in Hull.


Generally speaking, because of the amount of discount that is applied to the purchase price for the home renter, they won’t always need a deposit. There are of course cases where this doesn’t happen, but it tends to be quite a common occurrence.


The homebuyers discount has a few different factors that determine how much it’ll be. These can include how long you’ve been a tenant in the public sector, what sort of property you’re looking to buy and how much the property is worth.


If you have already made use of the Right to Buy Scheme in the past, you may receive a slightly lower amount of discount. If you’re looking to fund any home improvements, there may be further options that you can use for this.

What is the process of a Right to Buy in Hull?

First of all, in order to access this scheme you’ll have to take a look and see if you’re eligible and request an application form from your local authority on housing. Once they have your application, they will let you know what the property purchase price  is and how much discount you’re going to receive on it. You have a limited time to accept this offer.


We will be readily available to help you out all throughout your mortgage and beyond, providing you professional advice on solicitors and property surveys when necessary. Included in your free mortgage appointment, our advisors will help you figure out how much you could be spending on your mortgage and help you find the best deal.


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Common Right to Buy Mortgage Scenarios

Throughout our time of working across Hull as trusted Mortgage Advisors in Hull, we have worked alongside a lot of different council/local authority home renters who are perhaps looking to buy the home that they are currently living in.


Customers will be able to purchase their rental home by utilising the Right to Buy Scheme, a mortgage scheme that was introduced by the UK government. Below we have listed a few of the steps you will need to take if you would like to get a mortgage using the Right to Buy Scheme.

Checking Eligibility

First things first, you need to contact your council or housing association, whoever owns your property, to learn more about whether or not you are eligible for a Right to Buy in Hull. You may also see this being referred to as the “local authority”. The person you speak to will be able to see if you match the criteria for the Right to Buy Scheme.

Purchase Price

Once you have been told that you can use the Right to Buy Scheme, the local authority will offer you a property purchase price, of which you have a limited time to accept.

Start Your Application

Once you have agreed to the purchase price and are ready to go ahead and buy your home from the local authority at the price that they have offered, it’s time to get on with the exciting part. Get in touch with a member of our team and we’ll get your mortgage application started!

Useful Tips from a Mortgage Broker in Hull

If you are in the market to buy your current home from your council or local authority, you should absolutely take a look to see if you’re eligible first and also be aware of the property discount.


Once you have a good idea of what the property purchase price will be, the next step for you to take will be to speak with a Mortgage Advisor in Hull. They will look into whether or not you qualify for a Right to Buy in Hull and be able to look at your mortgage situation to find you a good deal that matches your needs and financial circumstances.


In order to do this, we’ll need to know more about how much money you make and what you are like with your spending. We do this so that we can get a better idea of you as a person and to figure out whether or not a mortgage is right for you.

Are you looking to speak with a Right to Buy Mortgage Advisor in Hull?

As an open & honest Mortgage Broker in Hull has a great reputation across the region for providing top quality, expert mortgage advice, we will always do our very best to help our customers achieve their mortgage goals. Our service also extends to helping customers who are looking at using the government Right to Buy Scheme in Hull.


Your designated Mortgage Advisor in Hull will always be on hand to guide you from the first time you get in touch, right the way through until your mortgage completes, always making sure we’re available to answer any questions you have regarding the mortgage process.


Unlike when you speak to a mortgage advisor who works for a bank, building society or estate agent, our expert Mortgage Advisors in Hull are able to search through thousands of mortgage deals, finding the best one for your personal situation.


We are also able to help you arrange conveyancing solicitors, providing advice on what may be the most suitable survey. If you require assistance with any other services, feel free to contact your mortgage advisor and we’ll see how we are able to help.


Our team are always on hand to help our customers who need Mortgage Advice in Hull, every day of the week! The Right to Buy process, from time to time, can include some mortgage hurdles. We aim to help you over these. Rest assured, our service will always be open & honest, with our advisors always looking to reduce your stress.


Mortgage Advice in Hull will be available throughout every weekday and even on weekends. No matter how busy your personal life is at the moment, there will be a mortgage advisor available at a time that suits you and your situation.


Take a look through our brilliant customer reviews from genuine customers. They demonstrate how hard we work to help our customers and how proud we are of our Mortgage Advice in Hull.

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Common mortgage

For your Right to Buy mortgage in Hull, you will be given a discount from the council, which will likely be used as your deposit. Your lender may also ask you to provide an additional deposit, however, this should only be asked if you’ve had previous credit issues.

Our free initial mortgage consultation will last roughly 30 mins. Lucky for you, as an experienced Mortgage Broker in Hull, we can turn around an Agreement in Principle within 24 hours. All we need is a quick phone call to gather the necessary information. A formal mortgage offer takes about three to four weeks on average.

If you’re an employee, you will usually have to supply three payslips and the latest P60 to prove your income. If you are Self Employed in Leeds, it is typically the latest two years’ tax calculations and correspondings overviews. You will also need to provide proof of ID (Driving license or Passport). Proof of Address (Utility bills, tax bills or credit card statements) and three months’ bank statement. You are proving the deposit built up with an explanation for any significant credits.

The good news is it may be possible to get a mortgage if you are self-employed in Hull. To qualify, you need to submit at least one years’ accounts. Doing so will help to increase the likelihood of obtaining a mortgage. Most lenders take a look at your salary plus dividend to calculate the maximum mortgage amount. Others may go off your net profit. It all depends on the lender.

The good news is that you may find it a bit more challenging to obtain a mortgage despite having previous credit issues on your record. But it doesn’t mean it’s impossible, and you may still be able to get one! It just means that some Lenders may ask for a slightly higher deposit of around 10-15%.

The good news is it is possible to have two mortgages in Hull running simultaneously, as long as you can afford to repay the monthly instalments on each of them. If you’re looking to accomplish something like debt consolidation or home improvements, you may be able to place a second mortgage on your home.

An Agreement in Principle typically lasts for 30-90 days. However, this timeframe is up to the Lender. If your Agreement in Principle expires, worry not; you can renew it by getting back in touch with your Mortgage Advisor in Hull.

As a Mortgage Broker in Hull, we recommend that you obtain an Agreement in Principle (AIP) as soon as you can, preferably before you start viewing properties. Having an Agreement in Principle in place when you are viewing houses could potentially allow you to negotiate prices.

Our mortgage process consists of multiple different steps. The first step is to get in touch, and one of our trusted mortgage advisors in Hull will carry out a Fact Find to get a bigger picture of your mortgage situation.

Secondly, you’ll undergo your free mortgage consultation, and your assigned dedicated Mortgage Advisor in Hull will begin searching for mortgage deals that match your circumstances. If they find you an offer that you are happy to proceed with, we can get the ball rolling with your mortgage application.

Next, they will perform a credit check on you to obtain an agreement in principle. Some evidential documents will be required from you to help back up your mortgage application.

Lastly, they will submit your mortgage application and wait for a formal mortgage offer to be issued.

Your free initial mortgage consultation with your dedicated Mortgage Advisor in Hull will last around 30 mins. During this consultation, we will get to learn a bit more about your mortgage needs and what you are looking for. Once we know more about your personal and financial situation, we will start looking for mortgage deals that will match you perfectly.

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 Hull.

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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Authorised and Regulated by the Financial Conduct Authority.
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The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
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