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Right to Buy Mortgage Advice in Durham

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We can Help you buy Your Council House Under the Right to Buy Scheme

You may have the right to purchase your property from the council at a discounted price if you are living in a council house and named on the tenancy agreement. Usually, due to the purchase price being discounted, no deposit will be required.

What is a Right to Buy in Durham?

The Right to Buy Scheme is a government ran scheme that allows eligible tenants in England to purchase their property from the council for a partially discounted price. If you have spent at least 3 years (not always continuous) renting from a local housing association and are secure tenants of council property, you may be eligible for the government Right to Buy Scheme. When purchasing a property via Right to Buy, the property will be valued at the full market price with the government discount applied prior to purchase.

How is the discount is worked out?

The percentage of this discount depends on varying factors, such as location and the length of time you’ve been a council tenant. One of the big advantages of Right to Buy is that due to the discount, there is often equity in the house already. How much equity, like the discount, also depends on varying factors. These include how much your discount is and the value of the property.

 

Generally speaking, we find that those who utilise the Right to Buy Scheme are First Time Buyers in Durham. We love working alongside our customers and are here throughout every step of the mortgage process, starting with your initial enquiry, all the way through to your completion. Capital raising options for home improvements, such as a new conservatory, windows or extension are also available with some of our mortgage lenders.

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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Right to Buy Mortgage Advice in Durham

Over our many years as Mortgage Advisors in Durham, we’ve encountered a great deal of council home renters looking to buy their home from their local council. They seek to do this utilising the Right to Buy Scheme, in which this scenario becomes possible. Below are the steps necessary to achieve this:

  • The first thing you’ll need to do is contact the council for an application form and for them to check that you are eligible for the scheme.
  • From there you’ll receive a purchase price. You then have a set period of time to accept their offer.
  • Finally, once a purchase price has been agreed. We can get the ball rolling with your mortgage application.
  • If you are thinking of buying your council home, it may be useful for you to work out your current monthly outgoings.
  • We’d recommend doing this as a tenant and then compare that with the costs of being a homeowner.  We’re happy to help you with this exercise.

Get in touch to book your free mortgage consultation in Durham.

Why choose us for Right to Buy Mortgage Advice in Durham?

It’s our goal as a Mortgage Broker in Durham to help any and all customers that come our way, including those looking to utilise the Right to Buy Scheme. From your initial phone call through to completion, your dedicated Mortgage Advisor in Durham will be alongside you, ready to answer any questions that you may have.

 

Unlike a bank or building society, our team of Mortgage Experts in Durham are able to search through 1000s of mortgage deals for you, aiming to find the best fit for your personal circumstances. We are also able to assist with conveyancing solicitors, helping decide on which survey would be the best.

 

We’ll help and support you anytime you need us, 7 days a week! The Right to Buy process isn’t always easy, we’ll aim to help you over any hurdles you face. It’s our goal to be open & honest and take away your stress, making you feel relaxed and excited for the eventual outcome.

 

Mortgage Advice in Durham is available in the morning, afternoon, evening or weekend – whichever one fits in with your work and family. It’s the same service either way!

 

Please read our genuine customer reviews, the service you receive and your happiness is really important to us.

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Common mortgage
questions

Your free initial mortgage consultation will roughly last 30-60 minutes. During your consultation, you will get the opportunity to speak with a Mortgage Advisor in Durham. They will ask you some questions regarding your mortgage needs and personal and financial situation.

This will then allow them to go and search for the perfect mortgage deal for you. They will always try and pick out the deal that will benefit you most.

Firstly, we will get you to fill out our Fact Find to learn a little more about your mortgage situation. Then we will get you booked in for your free mortgage consultation to learn even more about your mortgage needs. After your consultation, we will arrange a mortgage Agreement in Principle for you within 24-hours.

Then it’s over to you to find your dream home and make an offer. Once you’re ready to proceed and you’re happy to take up the mortgage product that we’ve recommended, we can get your mortgage application prepared!

After your 30-60 minute free mortgage consultation, we will be able to search for mortgage products on your behalf. In the meantime we will also arrange an Agreement in Principle within 24-hours. When you are ready to make an offer on a proprty and want to take up our mortgage product, we will begin planning your mortgage application. Once your application is submitted, a formal offer will take about 3 weeks on average.

You will need to provide a variety of documents to support your mortgage application. You’ll be asked to hand in your photographic ID, bank statements, latest P60 and a couple more things.

If you’re Self Employed, you may need to provide 2 years of accounts’.

Just because you are Self Employed doesn’t mean that you can’t get a mortgage, although, it may be a little more difficult.

As a Self Employed mortgage applicant, you will have to submit at least one year’s accounts. Mostly, lenders will use your salary plus dividend to calculate the maximum mortgage amount that you’ll be able to borrow, whereas others will go off your net profit.

If you’ve suffered from bad credit in the past, you may be required to put down a higher deposit than usual. This could be somewhere between 10%-15% of the property’s purchase price.

We always recommend obtaining an AIP as soon as possible. Preferably, you want to have one in place prior to viewing houses in Durham. You may be allowed to negotiate prices if you have an AIP in place when you are viewing houses.

There a various reasons why someone may want a second mortgage. People may want to consolidate their debts into their mortgage, want to improve their home or journey into the world of Buy to Lets. Whatever your reason is for wanting a second a mortgage, you should get in touch with a Mortgage Broker in Durham like us.

For your Right to Buy mortgage in Durham, you should receive a discount from the council that will often be used as a your deposit. However, not every lender will take this approach and may require you to put down a deposit as well as the discount. This all depends on your lender and whether or not you’ve had bad credit issues in the past.

Your Agreement in Principle should last around 30-90 days. This timeframe could change depending on the lender that you use. If your Agreement in Principle expires, you can easily refresh it by approaching a Mortgage Broker in Durham like ourselves.

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 Durham.

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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