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Right to Buy Mortgage Advice in Lincoln

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Purchase Your Council House Under the Right to Buy Scheme

The Right to Buy Scheme allows tenants in England to purchase their council property partially discounted, if they fit the criteria to be eligible for the scheme.

 

As long as you have spent at least 3 years renting from the local council or housing association and are secure tenants of council property, you may be eligible for the government Right to Buy Scheme.

 

These 3 years do not necessarily have to be consecutive, though this varies depending on the situation. It is always worth getting in touch with a Mortgage Advisor in Lincoln to check your eligibility. You can also check the government Own Your Home website to keep updated with rules and regulations regarding this scheme.

 

In the right to buy sale, the property will be valued at full market price and then a government discount applied before purchase.

 

Our Mortgage Advisors in Lincoln can help you achieve your home-owning goal by using their knowledge and experience within the mortgage industry to provide expert Right to Buy Mortgage Advice in Lincoln.

How much deposit will I need?

Most lenders will take the discount as a deposit, however, some will require you to put in your own money too. It’s worth speaking to a Mortgage Broker in Lincoln like us to find a suitable mortgage that best suits your needs.

 

The local authority has set criteria that help them work out the discount, such as how long you’ve been a tenant within the public sector, what type of property you are looking to purchase and how much the property is worth.

 

There are also options to look at borrowing additional funds for home improvements such as new windows, doors and conservatories, but you will need to seek permission from your local authority.

Right to Buy Mortgage Process

The process begins with you checking that you are eligible and requesting an application form from the council. Once you qualify, you will receive an offer notice which sets out the property value and your discount. You then have a set period to accept this offer.

 

As an open and honest Mortgage Broker in Lincoln, we can help with your mortgage, solicitors and survey as and when required. As part of our initial free mortgage consultation, we can give you an idea of how much your mortgage will cost and if you qualify.

 

How does it work? Get a quote nowMeet your advisor

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Common Right to Buy Mortgage Scenarios

With over 20 years of experience working in the mortgage industry, our Mortgage Advisors in Lincoln have come across many people looking to purchase the property from their local council or housing association.

 

They can achieve this by utilising the Right to Buy Scheme, a scheme introduced by the government that allows it to be possible. Below we listed the steps you will need to obtain a mortgage under the Right to Buy Scheme.

Checking Eligibility

First, you need to contact and speak to either the council or housing association that owns your property and see if you are eligible for the Right to Buy Scheme. Next, they will ask you a series of questions to make sure you match up against the criteria.

 

Purchase Price

Next, once you know that you qualify for the scheme, your local authority will offer you a price to buy the property, you don’t need to give them an answer straight away, you usually get a set time to make a decision.

 

Start Your Application

Once you have got your discounted purchase price from the local authority it is then time to contact your Mortgage Broker in Lincoln to check your eligibility and affordability for a mortgage.

 

Once we have found you a suitable deal you can then apply to your local authority confirming that you would like to purchase the property, we can then process your full mortgage application.

 

Open & Honest Mortgage Broker in Lincoln

If you are considering purchasing the property, you are currently renting through your local authority or housing association and have checked if you are eligible to qualify for the Right to Buy Scheme and know the amount of discount that will be applied.

 

Contact a Mortgage Advisor in Lincoln as we can check your eligibility for a mortgage, including gathering information on your income and expenditure to work out if a mortgage is viable and affordable.

 

Find out more information about the Right to Buy Scheme. Check out the Government ownyourhome website.

How would a Mortgage Broker in Lincoln benefit you?

Our goal as a Mortgage Broker in Lincoln is to help anyone who comes to us for Mortgage Advice in Lincoln, and this includes those looking to utilise the Right to Buy Scheme.

 

From your initial phone call to completion, your dedicated Mortgage Advisor in Lincoln will be alongside you, ready to answer any questions you may have.

 

Unlike a bank or building society, our team of Mortgage Advisors in Lincoln can search through 1000’s of mortgage deals to find you the most suitable one for your circumstances.

 

We can also assist with conveyancing solicitors, helping decide on which survey would be the best.

 

The Right to Buy process is not always easy. We aim to help you over any hurdles we face. Our Mortgage Advice in Lincoln are available 7 days a week, morning, afternoon, evening or weekend; we work around you.

What our customers say

Common mortgage
questions

The discount that you are provided with by the council will often be used by lenders as your deposit for a property. Some lenders however, will require you to put down a deposit in addition to the discount. This may be the case if you’ve been struggling with any credit problems. Our Mortgage advisors in Lincoln will be able to answer your right to buy deposit questions.

Your free mortgage consultation in Lincoln will generally last around 60 minutes. An advisor will then recommend a mortgage for you, with no obligation for you to go forward. You are free to decide whether or not you wish to proceed with the mortgage in question.

As a dedicated and experienced mortgage broker in Lincoln, we work on your behalf. We will carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for your circumstances. A credit check will then be required for you to obtain 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 you by the lender.

To avoid any kind of possible disappointment, we would definitely recommend that you obtain an Agreement in Principle before you begin viewing properties in Lincoln. At the very latest you should obtain one prior to making an offer, as it is free of charge and can put you in a much better bargaining position down the line.

An Agreement in Principle will usually lasts for anywhere between 30 and 90 days depending on the Lender that is used. If your Agreement in Principle expires it can always be refreshed with the help of your mortgage advisor.

It may be possible to get a second mortgage on your home if you’re looking to do Debt Consolidation or Home Improvements. You may also find that it’s possible 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 any type of credit problems in the past, you can still get a mortgage but you may possibly be required to put down a higher deposit than expected, perhaps 15% of the properties purchase price.

Once you have submitted at least one year’s accounts, you are then eligible for a mortgage. Most Lenders will be using your salary plus dividend to calculate the maximum mortgage, whereas others have been known to go off your net profit.

It’s usually three payslips that a lender will need to see for an employee to prove income and the latest 2 years’ accounts for Self Employed. You will also need to produce proof of ID, address and the last 3 months’ bank statements.

The general amount of time that your free consultation with an advisor will last is around an hour or so. A mortgage advisor can turn round an agreement in principle within 24 hours of your consultation. A formal mortgage offer will take on average about three weeks.

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 Lincoln.

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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