Right to Buy Mortgage Advisor in Sunderland
Stop renting and become a homeowner, expert mortgage advice in Sunderland and the surrounding area.
If you’ve been a tenant in your council property for at least two years then there is a great likelihood that you will be able to purchase your home at a discounted price.
When it comes to the right to buy, the mortgages work the same way as a regular mortgage and anyone using the right to buy scheme will have access to the same mortgage deals. As with a traditional mortgage, the amount that you can borrow will depend on the size of your deposit, the market value of the property you wish to purchase and of course the affordability and credit criteria.
What Are The Benefits of Right To Buy?
Having the option to buy the property that you’ve been renting and make your home is always a good idea. For many people, taking advantage of the right to buy scheme is a better long-term option than renting.
There is also the question of the deposit. As there is a discount applied to the purchase via the scheme, this means that usually there is no deposit required to be able to purchase your own home.
How can we help you?
The Right to Buy scheme was relaunched in 2016 and was designed to help eligible council and housing association tenants in England buy their own home with a substantial discount. This has meant that the right to buy mortgage market has exploded creating hundreds of different options.
And we know how confusing that can be.
But don’t worry, we can help you with that. Our mortgage advisors are experts in right to buy mortgages and will provide you with tailored advice from our panel of lenders. We will work with you from the start of the process through to budgeting and even complete the application on your behalf, leaving you safe in the knowledge that you’re getting the best deal on the market.
Do You Have The Right To Buy Your Council or Housing Association Property?
This varies from area to area. The best thing to do is to contact your local council or housing association and ask them what their criteria is for the Right to Buy scheme.
Generally, it is for people who have been tenants for at least two years for tenancies starting prior to the 18th January 2005 or 5 years for tenancies that began after 2005. The discount you receive increases in proportion to the years that you’ve been paying the rent. This scheme is perfect for those who have lived in their council or housing association home for some time, have a stable income and plan to stay in the property for the foreseeable future.
If your current property is…
- Owned by the Local Authority Council
- Non-charitable housing association
- let out by a registered social landlord
- part of the housing action trust
You will have the right to buy your home.
What Steps Do You Need To Take To Purchase Your Home Via the Right To Buy Scheme?
Your first step should be to contact us for a free, no-obligation consultation where we can work with you to make the whole process as easy as possible.
You then need to send a formal letter and an RTB1 form to inform the council that you are intending to apply for the right to buy.
Once the local authority or housing association receive this form, they will have a certain timescale in which to consider your application and to determine if you’re eligible to buy the current property. They will write back with their decision and if you’re eligible, send you a form called the RTB2.
You’ll then have to have the property valued. This can take some time as the council/housing association will instruct their own firm to undertake the valuation. The council will then proceed to issue a document called Section 124 (which is an open market valuation), the discount amount and the price which you can purchase the property for. From this point, you’ll have 12 weeks to make your decision about moving forward.
At this point, we can help you secure the right mortgage deal. We won’t do the hard sell, just get in touch for a free, consultation. The first steps in owning your dream home.
Mortgage Brokerage Services On Offer
We offer a whole host of services. The best thing to do is to get in touch with us with your individual needs and we can advise you on the next steps. But here are just a select few services we have on offer…
- Advice for first-time buyers
- Advice if you are interested in the help to buy scheme
- Right to Buy mortgage advice
- Advice on remortgaging and getting a better deal
- Mortgage advice for home movers
- Advice for Buy to Let or Let to Buy mortgages
- Advice if you have poor credit or past money issues
- Specialist mortgage advice
- Advice for the self-employed
Take a look around the website and when you’re ready to proceed just give us a call, send us an email or if it’s more convenient drop us a text.
We are here for you from 8 am – 10 pm, 7 days a week.