Right to Buy in London | Right to Buy Mortgage Advice in London

Right to Buy Mortgage Advice in London

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Buy Your Council House Under the Right to Buy Scheme

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.

What is the process of the right to buy?

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.

 

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.

How much can I borrow?

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 Advisors in London will be more than happy to help.

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 Mortgage Scenarios for Right to Buy in London

Over our time as a team of dedicated Mortgage Advisors in London, we have worked alongside lots of different council home tenants who are looking to purchase their current rental property from their local authority home.

 

This can be achieved by doing a Right to Buy in London, which was introduced by the government. Here we have put together a list of steps that you will need to take to obtain a mortgage with a Right to Buy in London.

Checking Eligibility

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.

Purchase Price

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.

Start Your Application

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!

Useful Tips from a Mortgage Broker in London

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.

Speak With an Expert Mortgage Advisor For a Right to Buy in London

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.

 

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.

 

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.

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Common mortgage
questions

Your free initial mortgage consultation in London will last roughly one hour. Your dedicated mortgage advisor in London will then recommend a mortgage for you, with no obligation for you to proceed. At this point, it is up to you to decide whether or not you wish to proceed with the recommended mortgage.

If you choose us as your Mortgage Broker in London, then our process will work as the following; One of our Mortgage Advisors in London will carry out a Fact Find to determine your, needs before recommending the most suitable mortgage available for you. A credit check will then be required for an Agreement In Principle.  Once all the relevant documentation has been gathered and the valuation of the property has been undertaken, a formal mortgage offer can be issued.

In order for you to ensure you are prepared as early as possible, our Mortgage Advisors in London recommend that you obtain an Agreement in Principle prior to viewing properties in London. At the very latest you should obtain a Mortgage Agreement in Principle before you make any offers, in order to help with your bargaining position.

An Agreement in Principle will normally last somewhere in the range of 30 and 90 days. This depends on the Lender that is being used. If your Agreement in Principle expires, your advisor can always refresh this for you.

If you are looking to achieve something like debt consolidation or home improvements, you may be able to get a second mortgage. The option for a second mortgage can also be used on a second property if you are looking at using it for yourself, a family member, a holiday home or a Buy to Let.

Obtaining a mortgage if you have had previous credit problems isn’t completely impossible, but you may face certain hurdles, such as some lenders requiring that you put down a higher deposit than usual, perhaps 15% of the property purchase price.

You are able to get a mortgage once you have submitted at least one year’s accounts. The majority of Lenders use your salary plus dividend to calculate the maximum amount you can borrow, whereas others may use your net profit.

Three payslips are generally what is required for an employee to prove their income and if you are Self-Employed, it’s usually the latest 2 years’ accounts. You will also need to produce some proof of ID, your address and the latest 3 months’ bank statements.

If you take up a free initial mortgage consultation with one of our trusted Mortgage Advisors in London, your appointment will last around an hour. Your advisor will be able to turn round an agreement in principle within 24 hours, with a formal mortgage offer taking roughly about three weeks on average.

The discount that the council provides will be used as your deposit, though in some cases, lenders will require you to put down a deposit of your own as well as this discount. If you have been struggling with past or current credit problems, this may be more likely. Speaking to a dedicated Mortgage Advisor in London will hopefully give you the answers you need for any Right-to-Buy deposit questions.

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 London.

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

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