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Right to Buy Mortgage Advice in Leeds

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What is a Right to Buy in Sheffield

The Right to Buy Scheme can help you if you are an eligible tenant in England looking to purchase your property from the council for a discounted price.

 

To be eligible for the scheme, you must have spent at least 3 years (not always continuous) renting from a local housing association as well as being secure tenants of council property.

 

Contacting a Mortgage Advisor in Leeds can be best in order to check your eligibility. Another option to check if you can qualify is looking at the government Own Your Home website that keeps you informed with the latest rules and regulations when it comes to the scheme.

 

When you purchase the property via the Right to Buy Scheme, the property will be valued at the full market price and the government discount is applied before the purchase.

Purchase Your Council House Under the Right to Buy Scheme

Our mortgage advisors in Leeds strive to provide Right to Buy Mortgage Advice in Leeds through their extensive knowledge and experience in order to help customers start their Right to Buy journey.

 

In some cases, the lender will treat the discount as a deposit, but you may be required to put forward some of your own money as well.

 

The homebuyers discount depends on a number of factors like how long you’ve been a tenant within the public sector, what type of property you’re looking to buy as well as the value of the home.

 

In the circumstance where you have used the Right to Buy Scheme before, the number may have increased a little. Several mortgages do have the option for you to borrow extra funds in order to carry out home improvements like new windows, doors, conservatories if needed.

 

Right to Buy Mortgage Process

To start with you need to know if you are eligible for the scheme which can be done by obtaining an application form from the council. Next, you will get an offer notice which shows you the property value and your discount. You only get a certain amount of time to accept this offer.

 

At Leedsmoneyman, we can provide assistance with your mortgage solicitors and survey when you need it. Your free mortgage appointment can provide you with the information of the cost of your mortgage and if you are in line with the criteria. How does it work?

How does it work? Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

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Common Right to Buy Mortgage Scenarios

Through our 20 plus years of experience in the mortgage industry as friendly mortgage advisors in Leeds, we have encountered a range of different council house renters wanting to purchase the property they are renting.

 

 

The government introduced the Right to Buy scheme in order for council house renters to achieve their mortgage goal. Below are the steps you will need to take in order to get a mortgage under the Right to Buy scheme.

Checking Eligibility

Firstly, you will need to see if you qualify for the Right to Buy scheme. In order to know this, you will need to contact either the council or housing association that is the owner of your property which is referred to as the ‘local authority’. The council or housing association will match you up against particular criteria.

Purchase Price

As soon as you have been accepted for the scheme, you will be offered, by the local authority, a certain price to buy the property for. You need to accept this offer within a certain amount of time.

Start Your Application

This is where we can help. As soon as you have concurred to purchase the property by the local authority at the offered price, contact us to get started on your mortgage journey.

Useful Tips from a Mortgage Broker in Leeds

In the case where you are looking to purchase the property that you are currently renting via your local authority or housing association, you should start by looking at whether or not you qualify for the Right to Buy Scheme and find out how much discount will be applied.

 

We would then recommend you get in touch with a Mortgage Advisor in Leeds as soon as you have a precise amount you are wanting to buy the property for.

 

When you contact a Mortgage Advisor in Leeds, they can check if your eligible through collecting information on your income, expenditure and financial conduct in order to work out if a mortgage is feasible and affordable.

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

As a mortgage broker in Leeds, we have had a reputation for being the place for fast & friendly mortgage advice.

 

 

We work hard to support customers that get in touch with us achieve their mortgage goals, including our Right to Buy customers.

 

 

At the beginning of your mortgage journey when you get in touch with us all the way through to the completion of your mortgage, your dedicated mortgage advisor in Leeds will be there every step of the way answering any mortgage queries.

 

 

Our expert mortgage advisors in Leeds can search up 1000s of mortgage deals for you and find you the best one that fits both your personal and financial circumstances. When looking for a conveyancing solicitor, we can help you get some quotes. Our mortgage advisors will also help with what survey is suitable.

 

 

Contact us if you are looking for any help with other additional services and your mortgage advisor will try and help in any way they can. 7 days a week our dedicated team will be there whenever you need them. We work hard to clear any hurdles that you may be faced with.

 

 

Our goal to provide you with an open and honest service that will give you peace of mind throughout the full process.

 

 

There will always be someone here if you are wanting any mortgage advice in Leeds. Every day, from early to late, ready to support you on your mortgage journey.

 

 

Check out our genuine customer reviews which will give you an insight of the success of our mortgage advice in Leeds.

What our customers say

Common mortgage
questions

Sometimes a deposit isn’t always required. All lenders have different requirements for how much deposit is required from tenants to get a Right to Buy mortgage. Some lenders will require you to put down a deposit in addition to the discount, depending on circumstances, for example, if you are struggling with credit problems. Thankfully, many lenders offer Right to Buy mortgages in Leeds with no deposit required whatsoever. 

Our free initial mortgage consultation can roughly last up to one hour. As a skilled Mortgage Broker in Leeds, we can get you an Agreement in Principle within 24 hours after we have all the correct information. On average, a formal mortgage offer takes about three weeks. 

If you’re an employee, you will usually have to supply three pay slips to prove your income. If you are Self Employed in Leeds, it is typically the latest two years’ accounts. You will also need to provide proof of ID, address and three months’ bank statements. 

If you can show evidence of at least one year’s accounts, you may be able to get a mortgage. Most lenders in Leeds will use your salary plus dividend to work out your maximum mortgage. However, some can go off your net profit. 

Despite having shown any credit problems in the past, the good news is you may be able to get a mortgage, but it means you may be required to put down a higher deposit, e.g. 10 – 15% of the property purchase price.

You can have two mortgages 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 between 30 and 90 days depending on the Lender used. If your Agreement in Principle expires, it can easily get renewed by speaking to a Mortgage Advisor in Leeds. 

As a committed Mortgage Broker in Leeds, we will carry out a Fact Find to establish your personal needs before we go ahead with advising the most suitable mortgage for your circumstances. From there, you will be credit checked, which is a requirement to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you can be issued a formal mortgage offer. 

Your free mortgage consultation with a Mortgage Advisor in Leeds will last around one hour. Once they have evaluated your circumstances, they will advise a mortgage with no obligation for you to proceed. Based on the deal, you can determine whether or not you want to continue the process. 

To help demonstrate that you are creditworthy and assess your affordability for a mortgage, we recommend getting an Agreement in Principle ready before viewing properties in Leeds. At the very latest, you should obtain one before making an offer to assist your bargaining position and show any seller that you are ready to proceed should they accept your offer. We are typically able to obtain an agreement in principle within 24 hours.

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 Leeds.

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.

Handy quick links

Leedsmoneyman.com & Leedsmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2021 Leedsmoneyman - Mortgage Broker

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