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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.
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.
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.
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.
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.
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.
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.
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.
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.
4.99 Rating97 Reviews
Hannah
Matt and Stacey were really helpful in sorting our remortgage out. Matt was quick to get back to us when we had questions and Stacey was always on hand as support
Alexander
Dinah has always been available and communicated any changes or good advice we needed. We really appreciate your support
Emma
Quick, efficient, informative service
Milly
Charlie Bryson has been fantastic, supporting me as a first-time buyer from getting an agreement in principle to viewing houses and then through to a mortgage offer in just two weeks! It was a pleasant surprise to find a broker who could explain...
Tori
My mortgage broker was Leo! He’s always been amazing and Iv been dipping in and out for a few years. He really helped me and found the best deals and explain everything I didn’t understand. He was always there on hand and if he had any...
Matthew
Very quick and helpful service.
Andrew
Very helpful and efficient
Michael
Had the good fortune of having Louise H handling our mortgage/sale and she was fantastic throughout. Often filling gaps in communication from our solicitor and regularly engaged from start to finish.
Gordon
I used Lincolnmoneyman when the Nationwide seriously let me down with their offer of a mortgage. Dan Osman was immediately helpful and explained the system and facilitated the set up of our equity release mortgage. With the help of his assistant...
Jordan
‘Great service as usual’
Justin
Daniel was so helpful, he gave us several options despite the worst time to change mortgages! We highly recommend them.
Gareth
Chris and Debbie provided an excellent customer service and their knowledge and expertise in the Specialist lending market was second to none. Both have an easy, friendly manner and they went more than the extra mile to ensure our dream home became...
Kirsty
Myself and my fiance would absolutely recommend this company to anyone! Charlie and Lyndsey have been amazing from day one. Understand how nervous we were as first time buyers and have communicated with us every step of the way. We genuinely...
Shona
Fantastic and professional all the way through helpful when needing questions answered and gave great advice will definitely use again and recommend to everyone
Francesca
Matt and Debbie were both great. Matt was my advisor and was extremely thorough and rapid, particularly given the challenging climate of rising interest rates. Debbie was my case manager, she was friendly and approachable and helped me with my many...
Rosie
This is the second time we have used money man mortgage brokers. We never have any issues with them, keep you up to date with all issues, assist in any way they can and have friendly staff who are always there if needed. We will definitely use...
Charlotte
Great! Really friendly and very knowledgeable!
Caitlin
As first time buyers, my partner and I were completely clueless on what we needed to do however after talking to Tom, we have felt fully supported throughout the whole process and couldn’t be more grateful for his help with all our questions and...
Louise
Excellent service from Charlie at Lincolnmoneyman, thorough and prompt in collecting all information to look at deals, and coming back with recommendations for remortgage. Great Communication, and supported by a great processing team, our...
Mark
Both Kayleigh and Malcolm were extremely helpful. They made the mortgage application process stress free, kept us up to date throughout, and got us a better mortgage rate than we could have got ourselves.
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 30 mins. 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.
Contact the council for an application form and check your eligibility for the scheme.
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.
From there your dedicated advisor will work by your side, ensuring the process goes smoothly.
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.
