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Right to Buy Mortgage Advice in Doncaster

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What is a Right to Buy in Doncaster?

The Right to Buy Scheme is a scheme ran by the UK government that allows eligible home renters across England to purchase their property from the council for a fraction of the value. The discount depends on the length of time that you have been renting your property for.

 

If you have been renting your home for at least 3 years (this doesn’t always have to be consecutive) renting from the local authority, you may find yourself within the criteria for the government Right to Buy Scheme.

 

When you are looking to buy your home via a Right to Buy, the property will be valued at the full price it would be on the market, with the government discount being applied to this amount prior to your purchase.

Purchase Your Council House Under the Right to Buy Scheme

As a team of dedicated mortgage advisors in Doncaster, we always strive to assist those who get in touch by utilising our many years of knowledge and experience within the mortgage world in order to provide a high standard of Right to Buy Mortgage Advice in Doncaster.

 

We typically find that due to the size of the discount being offered to the home renter, their home purchase will not normally require a deposit. This doesn’t always apply, but it has been known to happen.

 

The homebuyers discount will be determined from a couple of different factors, including the length of time that you’ve been a tenant within the public sector, the type of property you’re hoping to purchase with the scheme and the actual value of the property in question.

 

If you have used the Right to Buy Scheme at any particular point in the past, the discount applied may potentially be lower. There may also be further options on top of this to borrow the necessary funds for any home improvements.

Right to Buy Mortgage Process

The first thing you’ll need to do to access this scheme, is see if you are eligible and to request an application form from the local authority. Once they have received this back, they will inform you of the property purchase price and the discount that is to be applied. There is a set amount of time to accept their offer.

 

We will be on hand to help you throughout your mortgage and beyond, advising on solicitors and property surveys when applicable. As part of your initial free mortgage appointment, we’ll be able to help you work out your potential mortgage costs and match you up to the appropriate deals.

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 Right to Buy Mortgage Scenarios

Over the years in our work as dedicated Mortgage Advisors in Doncaster, we have worked with a wide variety of council home renters who are wanting to buy the property they are currently renting from their local council or housing association.

 

They are able to do this by using the Right to Buy Scheme, which was brought into the mortgage world by the UK government. Here we have listed some steps you will need to take to get a mortgage via the Right to Buy Scheme.

Checking Eligibility

The first thing you’ll need to do before anything else, is to get in touch with either the council or housing association that owns your property. This is usually called the “local authority” in the mortgage world. The reason for doing this will be to see if you qualify for the Right to Buy Scheme. They will be able to see if you match up with the criteria.

Purchase Price

Once you know that you are eligible for the scheme, the local authority will put forward a property purchase price offer. You will have a set time frame in which you can accept this offer.

Start Your Application

Now that you have agreed to purchase your home from the local authority at their desired price, the exciting part gets underway. Contact our team and we’ll get started on your mortgage application!

Useful Tips from a Mortgage Broker in Doncaster

If you are having thoughts about purchasing the property you’re currently renting from the local authority, definitely check if you’re eligible first and also check the property discount.

 

Once you have worked out what you will be able to buy property for, your next step will be to speak Mortgage Advisor in Doncaster, who can match you up against lending criteria to obtain a suitable mortgage.

 

This process will include gathering information on the amount of money you make and what your spending habits are like, in order to determine whether or not you can afford to take out a mortgage on the property.

Are you looking to speak with a Right to Buy Mortgage Advisor in Doncaster?

As a mortgage broker in Doncaster with a long-standing reputation for providing top quality mortgage advice, we will always work our hardest to ensure customer achieve mortgage success. This extends to customers looking to use the government Right to Buy Scheme.

 

Your designated mortgage advisor in Doncaster will be there to support you from your first point of contact, right the way through until the end, always remaining on hand to answer your mortgage enquiries.

 

Unlike mortgage advisors at a bank or building society, our expert mortgage advisors in Doncaster have access to 1000s of mortgage deals that they can look through for you, pairing you up with the most appropriate one for your personal and financial standing.

 

We also have the ability to help you sort out conveyancing solicitors, advising on which survey we feel would be more suitable. If you need help with any other services, please get in touch with your mortgage advisor and we’ll have a look at any ways we are able to help you.

 

We will be readily available to help all in need of mortgage advice in Doncaster, all throughout the week! The Right to Buy process can often be riddled with hurdles, something we aim to help you jump over as we head towards the end goal. Rest assured, we always aim to provide an open & honest service, free from stress.

 

Mortgage advice in Doncaster is available from early on in the day, until late at night, every weekday and weekend. No matter how busy you feel your life is, there will be someone available at times that best suit you, ready to kickstart the mortgage process with you.

 

Feel free to have a read through our fantastic customer reviews. They showcase the top standard we are proud to hold ourselves to with our mortgage advice in Doncaster.

What our customers say

Common mortgage
questions

Lenders will often use the discount provided by the council as your deposit. In some cases though, there are lenders out there who will require you to put down an additional amount as a deposit, on top of the discount. This can be the case if you’ve been struggling with any particular credit problems. Our dedicated and hard working Mortgage Advisors in Doncaster will do their best to answer your right to buy deposit questions.

Your free initial mortgage consultation in Doncaster will last roughly one hour. We will then be on our way to recommending a mortgage for you, where you have no obligation for you to proceed. If you’d rather not take it and step back for a time, you have every right to do so.

Your mortgage advisor in Doncaster will carry out a Fact Find to establish your personal mortgage needs, before recommending the most suitable mortgage for your situation. A credit check will then be required in order for you to obtain an Agreement in Principle, which we are able to help with. Once you have provided the lener with all the relevant documentation, and you have had a valuation of the property completed, a formal mortgage offer can then be issued.

To avoid finding yourself disappointed when viewing and making offers on properties, we recommend you obtain an Agreement in Principle ahead of time. At the very latest, we recommend that you obtain one prior to making an offer, as this will assist your bargaining position.

An Agreement in Principle will usually last for between 30 and 90 days depending on the Lender that you are with. If your Agreement in Principle expires, you can easily have it refreshed.

You may have the option of taking out a second mortgage on your home for things like debt consolidation or any potential Home Improvements. It may also be possible to take out a mortgage on a second property to use on yourself, for a family member, a holiday home or even a Buy to Let.

If you’ve had credit problems previously, you may still have a chance at getting a mortgage, but you may possibly be required to put down a higher deposit than for the property than you might have if you had with good credit. This can often be 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 mortgage amount you can borrow, whereas others will go off your net profit.

You’ll generally be required to send three payslips if you are a standard employee to prove income and the latest 2 years’ accounts for self-employed. You will also need to produce proof of ID, proof of address and the previous 3 months’ bank statements.

The free mortgage consultation that you receive when getting in touch, will typically last up to an hour. We can help you obtain an agreement in principle within 24 hours of this consultation, with a formal mortgage offer taking 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 Doncaster.

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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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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