The Right to Buy scheme was brought in by the government to allow eligible tenants in the UK to purchase their council house for a discounted price.
If you wanted to see whether or not you qualify for the Right to Buy scheme, visit your council’s website and give them a call and they should tell you what the entry requirements are. Once you find out if you are able to access the scheme, it’s time to get the ball rolling and begin the Right to Buy process!
Usually, you don’t need to put down a deposit for your council home due to the large amount of equity that has been built up inside the property. Meaning, for some tenants, this can be a great way of getting onto the property ladder. The amount of equity that is inside the house depends on how much your discount is and the value of the property.
Depending on your lender, you may be able to borrow additional funds to use for home improvements. This could be an option worth considering, especially if you have already saved money by not needing a deposit as it could balance out in the future. When we say home improvements, we mean anything ranging from new double glazed windows to extensions or conversions. A Mortgage Advisor in Cambridge can advise you on these accordingly.
The discount percentage is worked out using a variety of different factors such as where you live in the country, how long you’ve been a council tenant/long you’ve lived within the country.
From our experience with Right to Buy mortgages in Cambridge, the applicant is normally a First Time Buyer. Whether you are a First Time Buyer or not, we know that the mortgage process can often come with some difficulties and stress, and that’s exactly why we want to help you! Your Mortgage Advisor in Cambridge will be right by your side from your initial Right to Buy enquiry all the way through to your completion.
You may want to start thinking about your monthly outgoings too, there is nothing wrong with getting prepared for a mortgage early. We would always recommend that you work out what you have now as a tenant, then compare that to what it would be like if you were a homeowner. Remember, your Right to Buy Mortgage Broker in Cambridge is always available to help you with this.
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The discount provided by the council will often be used by lenders as your deposit. Some lenders however, will require you to put down a deposit in addition to the discount. This is sometimes the case if you’ve been struggling with credit problems. Our Mortgage advisors in Cambridge are able to answer your right to buy deposit questions.
Your initial mortgage consultation will usually take around an hour. A Mortgage Advisor in Cambridge will then do some research and recommend a potential mortgage for you, which you can then choose to proceed with or decline – There is not any obligation!
As your dedicated Mortgage Broker in Cambridge, we will gather some information about you and your personal circumstances by carrying out a Fact Find. The next step would be looking to obtain an Agreement in Principle which can be granted after a credit check. Once your Mortgage Advisor in Cambridge has gathered all the appropriate information, and a valuation of the property has been undertaken, a formal mortgage offer can then be issued.
To avoid possible disappointment, we recommend you obtain an Agreement in Principle before you begin viewing properties in Cambridge. At the very latest you should obtain one prior to making an offer to assist your bargaining position.
An Agreement in Principle typically lasts around 30 to 90 days depending on the Lender you have gone with. If your Agreement in Principle expires, you can always get another one.
If you are interested in things such as debt consolidation or home improvements, then you may be eligible for a second mortgage. Second mortgages may also be relevant if you are hoping to use it for yourself, a family member, a holiday home, or a Buy to Let mortgage.
If you have a poor credit history you may still be able to obtain a mortgage, but this will often require a higher deposit than you would normally need, sometimes around 15% of the property purchase price.
You are able to progress with a possible mortgage whilst Self Employed in Cambridge once you have submitted at least one years’ account. Most lenders use your salary plus dividend to calculate what your maximum mortgage, could be. Other lenders may opt to go off your net profit.
For an employee to prove income you would need the last 3 payslips and if you are Self Employed you will need the last 2 years of accounts. You will also need to provide us with proof of ID, address, and 3 months’ bank statements.
Our free consultations in Cambridge normally take around 1 hour. A Mortgage Agreement in Principle can usually be sorted within 24 hours of the appointment. A formal mortgage offer takes about three weeks on average, depending on the situation.
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 Cambridge.
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.
