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Right to Buy Mortgage Advice in London

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We can Help you 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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The Right to Buy Process

The fees you will have to pay to proceed would typically be:

  • Lender’s valuation fee (some Lenders do this for free)
  • Lender arrangement fee (not all Lenders charge these)
  • Mortgage Broker’s Fee
  • Solicitor’s costs

Please be aware the Right to Buy was not brought in for tenants to profiteer. You must hold on to the property for a few years before you sell it. If you sell it within that period, you will face a penalty for doing so. Get in touch to book your free mortgage consultation in London.

Why choose us for Right to Buy Mortgage Advice in London?

As a knowledgeable and experienced Mortgage Broker in London, we can look through 1000’s of Right to Buy mortgage deals for you, tailored to your circumstances. We’ll be there to support you, right through to completion.

 

Throughout the whole process, we’ll offer a multitude of help and guidance, answering any questions you may have. We even aid with other services when necessary, such as conveyancing.Our brilliant team are incredibly proud of the service levels we provide day in and day out. Get in touch to book your free mortgage consultation in London.

What our customers say

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.

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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.

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