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.
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.
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.
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:
Get in touch to book your free mortgage appointment 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.
5.00 Rating12 Reviews
Martin
Excellent Staff and Service, I would definitely use them again They were very helpful all through the process of my remortgage providing me with the best deal and assisting with any issues or concerns i had, very prompt on replies to my calls and...
Kayleigh
Joe and Chloe have been so helpful sorting out our remortgage. They did all the hard work. I would highly recommend Durham Money Man to anyone! Fab job guys!
Karen
Was very professional and very helpful.
Anonymous
We are very pleased with the service we received. Everything was very simple and the mortgage brokers done everything for us. The mortgage deal they found was significantly less than any we could find ourselves, so it's worth paying the broker...
Niall
Fantastic service! Amazing advice and guidance throughout my mortgage application. Would recommend Durhammoneyman to anyone!
Sarah
Durhammoneyman have been an absolute lifesaver in helping me to get a mortgage. Their support, advice and assistance throughout the process has been above and beyond what I could have expected. Without them I would not have been able to navigate...
Donna
I cannot fault the service I have received from Leo, Wendy and the team. They have made a potentially stressful process very easy, offering support and guidance throughout. I would recommend this team to anyone in need of mortgage advice. Thank...
Sandra
Matt was first of all hugely understanding and quite reassuring in what I knew would prove a difficult task! Under 2 years self employment history, trying to gain a second family home without selling the first and possessing a buy to let which also...
Louis
I had a complex situation and I was nervous about the whole thing. Chris worked his magic and got me a mortgage offer within 2 weeks. I was amazed. Working full time I found the evening appointments terrific.
Michelle
Thank you to Laura and Matt who worked seamlessly to get my remortgage offered. I’m really happy with my new deal, much better rate than what my bank were offering.
Mary
My mortgage broker was easy to get hold of and efficient. Overall my experience was good value for money. As a first time buyer I felt I had support throughout my purchase.
Daniel
We rang these guys when we had been promised a mortgage by our Bank who then changed their minds. To be honest we didn’t know whether or not we’d be able to get a mortgage but during the first call with Durham Moneyman we felt they...
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.
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 Durham.
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.
