Right to Buy is a government scheme that allows eligible tenants in England to purchase their property from the council for a discounted price.
To see if you meet the criteria of the scheme, then please visit the council’s website and/or give them a call and they will advise you on the right way to go about approaching the entry requirements for the scheme.
Usually, due to a large amount of equity in the property, a deposit is not often needed. Meaning, for some tenants, this can be a very good way of getting on the property ladder.
There are also options with several mortgage companies to borrow additional funds to fund home improvements. These include new double glazed windows, new doors, conservatory, extensions, conversions etc. A Mortgage Advisor in Hull, like us, can advise you on these accordingly.
The discount percentage depends on varying factors, such as where you are in the country and how long you’ve been a council tenant. A big advantage of Right to Buy is that due to the discount, there will usually be equity in the house already. How much equity again depends on varying factors, such as how much your discount is and the value of the property.
We often find that those who utilise the Right to Buy Scheme are First Time Buyers in Hull. We love working alongside First Time Buyers and are here throughout every step of the process. This starts with your initial enquiry, all the way through to your completion.
Working out your monthly outgoings may be greatly beneficial to you if you are thinking of buying your council home.
Our recommendation is to work out what you have now as a tenant, then compare that to what it would be like if you were a homeowner. We are more than happy to help you out with this part.
Get in touch to book your free mortgage consultation in Hull.
If so, we can help! We are experienced Mortgage Broker in Hull so will search thousands of mortgage deals trying to find the most suitable Right to Buy mortgage deal for you.
Both help and guidance are provided throughout your whole home buying process. We’ll answer all and any questions you may have and help you get organised with other local services, such as conveyancing, when required.
We pride ourselves on the high level of customer service we provide. Please read our genuine customer reviews to learn more about us and our amazing Mortgage Advice in Hull.
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 Hull are able to answer your right to buy deposit questions.
Your free mortgage consultation in Hull will last around 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 Hull, 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 Hull. 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.
There may be a chance to obtain a second mortgage on your home for things like debt consolidation or Home Improvements. There may also be a possibility for you 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 applicants. 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.
Contact the council for an application form and check your eligibility for the scheme.
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.
From there your dedicated advisor will work by your side, ensuring the process goes smoothly.
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.
