Right to Buy Mortgage Broker
Right to Buy was first introduced by the Thatcher government in the 1980s and has remained popular ever since. It allows council house tenants to purchase their home with a discount. The discount on the purchase price could be used to help put down the deposit required to purchase the council property.
The discount applied differs based on location, property type and the length of time you’ve lived in the council property. The minimum discount you can be given is 35% off of the valuation of a council house, and a minimum of 50% discount off the valuation of a council flat. The maximum in each case is 70%.
A Right to Buy mortgage is a type of mortgage whereby the lender accepts your discount as a deposit for the property. This means you could purchase your council home without having to save any money for a deposit. The scheme and these mortgages together enable people to buy their home when they might have otherwise struggled to get on the property ladder.
Who qualifies for a Right to Buy mortgage?
To qualify for the Right to Buy scheme and therefore Right to Buy mortgages, you must:
- Have lived in your council property for at least three years and it’s your main residence
- Have no debt problems, including bankruptcy
- Live in a council property that isn’t part of sheltered accommodation, including for the elderly
- Not be living in a property that is scheduled to be demolished
- Not be subject to a Possession Order
Things to consider when using Right to Buy
Before you try to apply for a Right to Buy mortgage, you must work out if you qualify for the Right to Buy scheme. If you do qualify, you must then consider the pros and cons of using a Right to Buy mortgage in your current circumstances. This includes a full understanding of how these mortgages work and what your ongoing financial responsibilities will be.
Benefits of getting Right to Buy mortgage advice
Getting the help of a Right to Buy mortgage adviser can be beneficial. These professionals can:
- Assess you to make sure you qualify for Right to Buy
- Explain the scheme clearly and answer all your questions accurately
- Consider the scheme for your circumstances, including an explanation of its pros and cons for you
- Help you prepare for a mortgage application
- Find the most suitable Right to Buy mortgage products on the current market
- Make an application on your behalf, saving you worry and time
Right to Buy mortgage broker services
Allow the Taylor James team to assess your suitability for a Right to Buy mortgage and find the most suitable mortgage for your needs. We take a personalised approach to find you the most suitable and beneficial Right to Buy options, which could save you money.
Contact us now to schedule a friendly chat.
Call us today for a no obligation chat about planning your financial future.
Call: 0203 859 3320
Email: contact@taylorjamesfs.co.uk
Please note:
- Your home may be repossessed if you do not keep up repayments on your mortgage.
FAQs
Mortgage advice is provided by qualified financial advisers to help the client find and secure the most suitable loan to buy residential or investment property. The mortgage adviser will take into account the client’s individual circumstances to discuss mortgage options. The adviser will then search the mortgage market to identify real-time suitable options and make an application. Thus, mortgage advice usually includes mortgage brokering services to provide a holistic and convenient service from start to finish.
There are several benefits of using a mortgage adviser. A mortgage adviser can provide clarity to clients which should make the process of getting a mortgage more efficient and less stressful in some cases. They can also help people with unique situations find options when the client may have believed it impossible. Moreover, the mortgage adviser could ensure the client secures the most beneficial type of mortgage for their situation and preferences, perhaps avoiding costly mistakes. Some mortgage advisers can secure better rates and deals due to their connections.
Mortgage advisers can help people seeking a mortgage with bad credit in different ways. Our advisers can provide advice to clients on how to improve their credit rating and therefore improve their chances of getting accepted for a better mortgage deal. We can also search for lenders that are more willing to provide credit to applicants with a below-average credit history. Every situation is different and there are never any guarantees but we have helped people with bad credit to get a mortgage. Speak to our team to learn more.
Taylor James welcomes all clients to use our mortgage advice services, including those that may have unique situations. Whether you have multiple income streams or other complex issues regarding pay and employment, it’s unlikely that we won’t have seen your situation before. Our advisers can assist in finding the right lender swiftly, including support regarding providing evidence and other possible application process hurdles. Don’t put off seeking a mortgage due to a non-standard situation and speak to our team today.
FAQs
Mortgage advice is provided by qualified financial advisers to help the client find and secure the most suitable loan to buy residential or investment property. The mortgage adviser will take into account the client’s individual circumstances to discuss mortgage options. The adviser will then search the mortgage market to identify real-time suitable options and make an application. Thus, mortgage advice usually includes mortgage brokering services to provide a holistic and convenient service from start to finish.
There are several benefits of using a mortgage adviser. A mortgage adviser can provide clarity to clients which should make the process of getting a mortgage more efficient and less stressful in some cases. They can also help people with unique situations find options when the client may have believed it impossible. Moreover, the mortgage adviser could ensure the client secures the most beneficial type of mortgage for their situation and preferences, perhaps avoiding costly mistakes. Some mortgage advisers can secure better rates and deals due to their connections.
Mortgage advisers can help people seeking a mortgage with bad credit in different ways. Our advisers can provide advice to clients on how to improve their credit rating and therefore improve their chances of getting accepted for a better mortgage deal. We can also search for lenders that are more willing to provide credit to applicants with a below-average credit history. Every situation is different and there are never any guarantees but we have helped people with bad credit to get a mortgage. Speak to our team to learn more.
Taylor James welcomes all clients to use our mortgage advice services, including those that may have unique situations. Whether you have multiple income streams or other complex issues regarding pay and employment, it’s unlikely that we won’t have seen your situation before. Our advisers can assist in finding the right lender swiftly, including support regarding providing evidence and other possible application process hurdles. Don’t put off seeking a mortgage due to a non-standard situation and speak to our team today.