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.
Get in touch to book your free mortgage consultation in Cambridge.
We can’t wait for you to get in touch, receive a free Right to Buy mortgage consultation today.
Firstly, you need to fill out our Fact Find to get an idea of your current personal and financial situation. Next, our team will pass over this information to your dedicated Mortgage Advisor in Cambridge, and they will keep in touch to schedule your free mortgage consultation. You will get asked a series of questions to help build up a profile; this will help them pick out a mortgage deal tailored to you.
Secondly, once the consultation is over, a credit check will carry out, and this will help you obtain an Agreement in Principle. Granted, if you are okay with everything and happy to proceed, we will then ask for some documentation to help strengthen your application.
Lastly, with your Agreement in Principle, submitted evidential documentation and a comprehensive mortgage offer that you’re happy to continue with, you can move onto the last stage – mortgage application submission!
The time scale can alter depending on the Lender but on average, an Agreement in Principle will likely last around 30-90 days.
If you’re Agreement in Principle expire, worry not. It’s an easy process to renew. Speak to one of our Mortgage Advisors in Cambridge or your current Lender to arrange a renewal of your Agreement in Principle.
You sure can! If you are wondering why someone might want a second mortgage, here are some popular situations:
🏠 Debt Consolidation
🏠 Home Improvements
🏠 Buy to Let
🏠 For a second home/holiday home
If you are looking for a second mortgage, contact our mortgage team in Cambridge today, and see how they can help you.
It may be harder for you to obtain a mortgage with past credit problems, but not impossible depending on circumstances. You may get asked to put down a larger deposit, which will vary depending on your lender.
If you are suffering from bad credit, give us a call, and our advisors will be more than happy to try and help. We have a wide variety of specialist mortgage lenders who may have the perfect mortgage deal for your financial situation.
Yes, the good news is it is possible to obtain a mortgage as a self-employed worker depending on circumstances. First. You need to produce at least one year’s accounts.
To work out the maximum mortgage amount you can borrow, Lenders will use your salary + divided, whereas others might go off your net profit.
Whether you’re applying for a mortgage or looking to remortgage, there are a few documents lenders will always want to see during the process. You will get asked to provide some evidential documents to back up your mortgage application. For example, you’ll need things like ID, bank statements, payslips.
Don’t worry if you forget any of these documents listed; your assigned Mortgage Advisor in Cambridge will run through all of this with you, so nothing gets missed.
Your free mortgage consultation in Cambridge can take approximately an hour; within the hour, we take an in-depth look into your personal and financial situation.
Once your consultation gets concluded, we will try to turn around an Agreement in Principle within 24-hours. An Agreement in Principle is essential when making an offer on a property, as estate agents and sellers often accept those who already have an AIP than those who haven’t.
The final step is to submit your mortgage application and wait for a formal mortgage offer. Usually, this will take about 2 -4 weeks – provided the process goes smoothly, and your application is relatively straightforward.
Our Mortgage Advisors in Cambridge job is to gather personal, financial and financial mortgage situation information from you during your free mortgage consultation because they need to build an in-depth understanding of your mortgage needs to try and find you the most suitable mortgage.
Once your consultation is complete, your Mortgage Advisor in Cambridge will begin searching for mortgage products on your behalf to match your personal and financial situation, saving you time and money.
We recommend you get an Agreement in principle before viewing any houses in Cambridge. Doing so may increase your chance of your offer getting accepted and will put yourself in front of other buyers who don’t have an Agreement in Principle in place.
Lenders will often use the discount provided by the council 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 readily available to answer any Right-to-Buy deposit questions you may have.
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.
