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The Right to Buy Scheme allows people that live in council houses the right to buy their home at an often generous discount. We’re able to help you with the whole Right to Buy process.
If you have been a Local Authority tenant for a couple of years, you may be eligible for the Right to Buy. You will receive a discount from the open market value if you decide to go for the property, if you have any equity in your property it could act as your deposit.
Additionally, some Lenders will allow you to borrow additional money for Home Improvements. The Local Authority must permit you to do the works. Many council estates have the majority of homes privately owned now; thousands of people opted to buy to benefit from the offer discounts. Many Homeowners got onto the property ladder via Right to Buy.
It's worth speaking to a mortgage broker in London to help find you a suitable mortgage, solicitors and survey as and when required.
Firstly, you need to see if you qualify to buy the property. You need to obtain an application form (RTB1), and then the Local Authority will send someone out to value your property to let you know how much it is worth. They will then calculate the percentage discount you are entitled to and write to you to offer you the chance to proceed.
In terms of how to get a Right to Buy Mortgage, the very first thing you need to do is to fill in an application form (RTB1) to see if you qualify and if you do then the Local Authority will send out a valuer to see how much your home would be worth on the open market. Our mortgage advisor in London. can search 1000's of deals to find you the most suitable Right to Buy mortgage for your circumstances.
If you wish to proceed, the next step is to sign and return the form within the pack sent to you by the Local Authority and then set about trying to get a mortgage.
We have had the pleasure of helping many Right to Buy applicants in the past by finding the perfect mortgage product for their property. We are able to search through 1000s of mortgages on your behalf in order to find a deal tailored to your personal and financial circumstances.
Via our panel of lenders, we have access to high street and specialist products. These products include fixed rates, variable rates, interest only deals, tracker mortgages etc., we will make sure that you are happy with the type of right to buy mortgage we recommend before preparing your mortgage application.
Though it was introduced in the 1980s, home buyers can still use a Right to Buy in London, provided they are eligible. There has been a lot that has changed to the Right to Buy Scheme over the years, with many local authority areas now allowing tenants to purchase a home if it is owned by a housing association too, though this depends on the location. As a mortgage broker in London, we see plenty of prospective home buyers asking to apply for this type of mortgage, with loads of tenants using a Right to Buy in London over the years.
The amount that you can borrow is calculated in the same way as any other mortgage and gets based on your income and expenditure, so it’s essential that you cut out any unnecessary spending such as unused subscriptions and memberships before making an application. You should also check your credit score online, our mortgage advisor in London will be more than happy to help.
In most cases, mortgage lenders will accept the discount applied to your Right to Buy in London as your deposit. It's still worth remembering that you may need to save some of your own money for any fees incurred.
Technically, it is possible for any family member to buy the council house in which you live, for you, provided they have also been attached to the lease for at least 1 year. If you are married or have a civil partner with whom you live, the lease can also be transferred to them as long as they definitely live with you.
In any of these cases, they would be entitled to mortgage advice in London as long as they are the main tenant, although the mortgage would also be on their behalf and not yours.
Being on any type of benefits will not impact your legal eligibility for a Right to Buy in London. Though as with any mortgage, a mortgage lender will need to ensure that you are completely able to maintain your monthly mortgage repayments. Therefore, this is not a guarantee, but being on benefits may hinder your affordability.
If you have received housing benefits, or something specific to tenants, it is important to note that you will no longer receive them once you become a homeowner.
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5.00 Rating15 Reviews
Anonymous
Charlie helped guide me through the process and answered all my questions. Would highly recommend London money man to everyone!
7 months ago
Anonymous
Ryan at London Moneyman made moving home with my mortgage easier. Thank you, 5 stars service.
7 months ago
Laura
I was nervous buying my first home but londonmoneyman were fab! Thank you for helping me 🙏
7 months ago
Jaycee
A+ service. communication was brilliant, helped me find a mortgage. Will definitely be back!
7 months ago
Tamra
Great company. Great service. Recommend 100%
7 months ago
Otto
thank you chloe for help with my mortgage iwill be back next time.
7 months ago
Tabby
Excellent service very helpful with my mortgage 😀
7 months ago
Seb
Very useful and efficient service. Thank you london money man!
7 months ago
Josie
Dinah and the team at London money man were super helpful with a remortgage on our family home. They got us through the process quickly and found me a much better deal than we were on. Thank you again, we'll be back in touch for our next...
7 months ago
Jeb
Great service from Kayleigh & Leo! Made it easy and stress free, thank you both for finding me a suitable product. I would not have got through this without their help.
7 months ago
Derek
Helped me and my partner on our remortgage. Molly was friendly and polite on the phoen and helped us throughout the process. Would reccomend 👍
7 months ago
Marina
Leoand Kayleigh were great during my process. He made everything stressfree for me as a first time buyer. Would definitely recommend to others going through the same process as it helped a lot. Thank you..Marina
7 months ago
James
Thank you Londonmoneyman. From my free mortgage appointment to completion I was kept in the loop. Jason was great and would definitely recommend.
7 months ago
Ruby
Tom and Louise were so helpful throughout the whole process. As First Time Buyers we were almost scared to start looking for a home but the team at Londonmoneyman put us at ease and now we have a lovely new home. Thanks for everything!
7 months ago
John
Amazing service from start to finish. Charlie, Megan and the application team were very helpful throughout, to help with any queries, and kept me up to date with the process at every stage. Couldn't recommend them enough!
2 years ago
Discuss your current situation and what you’re looking to achieve with an expert mortgage advisor in London.
During this appointment, your advisor will take information surrounding your income and expenditure to work out your affordability.
If you qualify for the Right to Buy scheme, your mortgage advisor in London will help you with your application.
Once you submit your Right to Buy application, all that is left to do is to wait for an offer!
Once you have received an offer to purchase your Right to Buy property, your mortgage advisor in London will help find a suitable mortgage product for your new home.
Once they find you a product that you are happy with, we can move on to submit your mortgage application.
Throughout your process, a dedicated case manager will keep you informed across every step, through to when you receive your formal mortgage offer and complete your Right to Buy purchase.
Our service doesn't end here. As well as securing you the best mortgage deal, we will also recommend relevant insurances to keep you and your family protected.
We will also reach out to you when your mortgage is due for renewal to make sure that you are always on the best deal.
If you are considering buying your current rental property from your local authority, definitely take a look to see if you are eligible first and also find out what the discount on the property will be.
Once you have figured out what the purchase price is going to be, you should next look at getting in touch with a Mortgage Broker in London, as our mortgage advisors in London will be able to match you up against various lending criteria, in order to find the most suitable mortgage deal for you.
This process includes collecting information of your income and your spending habits, in order to determine your ability to afford a mortgage on a property.
Unlike the mortgage advisors that are available at a bank or building society, our expert team of mortgage advisors in London are able to access 1000s of mortgage deals that they will search through to match you up against, finding you the best deal for your circumstances.
As a mortgage broker in London with a strong reputation for providing customers with a high level of Mortgage Advice in London, we will always do our best to ensure our customers find mortgage success. This includes those who are looking to make use of a Right to Buy in London.
Your trusted mortgage advisor in London will be there to offer guidance and support, right the way through until your mortgage completes, remaining on hand to answer all of your mortgage queries.
We also can help you out with conveyancing solicitors, advising on the most suitable property surveys to take. If you require any assistance with any other services, please speak to your mortgage advisor and we’ll see how else we are able to help.
We will always be here to help anyone who is in need of mortgage advice in London, every day of the week! The process of a Right to Buy in London can often mean getting over various hurdles. We aim to help you over those on the way to mortgage success. It is always our goal to reduce your stress levels.
The first step to take is to get in touch with either your council or housing association – Whoever owns your home. This is referred to as the “local authority” in the mortgage industry. The reason for doing this is to determine whether or not you qualify for a Right to Buy in London. They will be able to let you know whether or not you are eligible to use the scheme.
Once you know that you can go ahead and use that mortgage scheme, the local authority will present you with a purchase price offer for the property. There is a set period of time in which you have to accept or decline this offer.
After you have made an agreement to purchase your home from the local authority at the offered price, it is time for the exciting part! Get in touch with a member of our team and we’ll get started on processing your mortgage application!
If you are considering buying your current rental property from your local authority, definitely take a look to see if you are eligible first and also find out what the discount on the property will be.
Once you have figured out what the purchase price is going to be, you should next look at getting in touch with a mortgage broker in London, as our mortgage advisors in London will be able to match you up against various lending criteria, in order to find the most suitable mortgage deal for you.
This process includes collecting information of your income and your spending habits, in order to determine your ability to afford a mortgage on a property.
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Londonmoneyman.com & Londonmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Londonmoneyman.com & Londonmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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