RIGHT TO BUY MORTGAGES

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"IF WE CAN'T HELP, IT'S NOT POSSIBLE"-

"IF WE CAN'T HELP, IT'S NOT POSSIBLE"-

"IF WE CAN'T HELP, IT'S NOT POSSIBLE"-

Getting a mortgage with right to buy

ams: specialise in providing right to buy mortgages for council & housing association tenants to buy their council house.

A council right to buy purchase is an excellent way to get on the property ladder without having the hassle of saving for a deposit. You must have been a tenant in the public sector for at least two years to be eligible for the right to buy.

The Right to Buy scheme provides an excellent opportunity for public sector tenants to become homeowners, but it is crucial to seek advice from a reputable mortgage broker (such as ams:) to ensure you get the best deal for your circumstances. As well as obtaining a decision for you within an hour, we will handle your application for you until it reaches completion. Our initial advice is free, and our quotes carry no obligation whatsoever, so why not get in touch today?

If we can’t help, it’s not possible.

CALL US NOW 0121 4000 052
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Discuss Right To Buy with us

Looking to buy your council home? Contact us today to learn more about the Right to Buy scheme and how we can help you become a homeowner.

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What Deposit is Required?

Get on the property ladder without saving a deposit. The Right to Buy scheme offers a significant benefit as you probably will not have to save for a deposit since you can use your right to buy discount in its place.

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Mortgage Decision within 1 hour!

Do not let financing slow you down. With our Right to Buy mortgage service, you can receive a decision in just one hour. Contact us today to take advantage of our quick and easy financing options.

Right to Buy Mortgages FAQs

Learn more about right to buy mortgages through our FAQs section, covering eligibility criteria, the application process, and the benefits of purchasing your council property:

What is the Right to Buy Scheme?

The UK Government introduced the “Right to Buy” scheme in the 1980s. This scheme enables public sector tenants (both council and housing associations) to purchase their homes at a reduced rate. Since then, this scheme has helped numerous tenants in becoming homeowners. However, acquiring a right to buy mortgage can be a complex process. This type of mortgage is specifically tailored for those who wish to buy their council property, and several lenders offer it.

It is crucial to shop around for the best deal and provide proof of income and demonstrate affordability along with supporting details of the intended property to be purchased. One of the benefits of the Right to Buy scheme is that tenants can utilise the discount they receive on their property to act in lieu of a deposit.

Who is eligible?

To be eligible for the Right to Buy scheme in the UK, you must have been a council tenant for at least three years, although this does not have to be continuous. You must also occupy the property as your main residence and have no legal issues, such as outstanding debts or possession orders. Additionally, some properties, such as those adapted for disabled tenants, may not be eligible for purchase under the Right to Buy scheme.

How much discount can I get with the Right to Buy scheme?

The maximum discount is typically revised each April, broadly in line with inflation. For full details of the current discount levels, visit the official UK government advice page, by clicking here (https://www.gov.uk/right-to-buy-buying-your-council-home/discounts).

Can I use the discount towards a deposit for right to buy mortgages?

It is possible to use the discount you obtain from the Right to Buy scheme as a contribution towards your mortgage deposit, which is beneficial in reducing the amount you need to save. However, it is important to remember that the discount may not cover the entire deposit amount, and you may still need to provide some of your own funds. Additionally, eligibility criteria from mortgage lenders must be met, and you will need to demonstrate proof of income and affordability to obtain a mortgage.

Can I get right to buy mortgage with bad credit?

It may be more challenging to obtain a right to buy mortgage if you have bad credit, as lenders typically assess your credit history and financial situation before approving a mortgage application. Bad credit could be a red flag for lenders, as it indicates a higher risk of defaulting on mortgage repayments.

We find, it is possible to get a Right to Buy mortgage with bad credit, and some lenders specialise in providing mortgages to borrowers with less-than-perfect credit histories.

If you have bad credit, it is essential to work on improving your credit score before applying for a mortgage. You can do this by paying off any outstanding debts, making all your payments on time, and correcting any errors on your credit report.

Is Right to Buy shared ownership available?

It is possible to apply for the Right to Buy scheme with another person in the UK, such as a partner, family member, or friend. By doing so, both applicants can combine their discounts and income to improve their chances of obtaining a mortgage and reducing the amount they need to borrow.

It is important though to remember that both applicants must meet the eligibility criteria of the Right to Buy scheme and the lender's requirements. Additionally, joint applicants should have a clearly defined agreement outlining their respective property shares, mortgage payment responsibilities, and other related expenses.

Can I have a buying council house mortgage through the Right to Buy scheme if I am already a homeowner?

No. If you are already a homeowner, you are not eligible to purchase a property through the Right to Buy scheme. The scheme is exclusively available to council and housing association tenants who have lived in their property as their primary residence for at least three years.

However, if you are a homeowner, you may still be able to apply for other types of mortgages, such as a standard residential mortgage, to purchase another property. Why not speak to us here at ams: to see which mortgages (including buying council house mortgages) would be most appropriate for your circumstances?

 

If we can’t help, it’s not possible.

MORTGAGE CALCULATOR

HOW MUCH CAN YOU BORROW?

As a guide, you could potentially borrow around:

The figure above is calculated based around current lender criteria and may not be representative of the actual figure you may be able to borrow.

Want to find out more? Call 0121 4000 052

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