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The Right to Buy Scheme is a government initiative that enables qualifying tenants in England to buy their council property at a discounted price.
If you’ve been a secure tenant of council property for at least 3 years (not necessarily continuous) or have rented from a local housing association, you may be eligible for this scheme.
When opting for Right to Buy, the property’s value is assessed at the full market price, with the government discount applied before the purchase.
Living in a council house and being named on the tenancy agreement may grant you the right to buy the property at a discounted rate, typically eliminating the need for a deposit due to the reduced purchase price.
Our knowledgeable mortgage advisors in Grimsby are here to help you in realising your homeownership aspirations.
Drawing on their expertise in the mortgage industry, they can provide expert advice on Right to Buy mortgages in Grimsby.
The process commences with eligibility confirmation and a request for an application form from the council
Upon qualification, you’ll receive an offer notice specifying the property’s value and your discount. You then have a defined period to accept the offer.
As a transparent and trustworthy mortgage broker in Grimsby, we can support you with your mortgage, solicitors, and survey as needed.
During our initial free mortgage consultation, we can provide insights into your potential mortgage costs and assess your eligibility.
In the context of the Right to Buy scheme, many lenders accept the discount provided by the scheme as a deposit, though some may require additional personal funds.
Consulting with a mortgage advisor in Grimsby, like our team, can help identify a mortgage solution that aligns with your specific requirements.
The Right to Buy scheme offers eligible council or housing association tenants the opportunity to purchase their property at a discounted rate, often serving as a deposit equivalent.
However, it’s important to note that ancillary costs, including legal fees and survey expenses, may still be applicable. For a tailored understanding based on your circumstances, seeking advice from a mortgage broker is advisable.
The mortgage process for a Right to Buy in Grimsby encompasses several pivotal steps. Initial confirmation of eligibility for the Right to Buy scheme is followed by a property valuation to ascertain its market price and applicable discount.
The local council then extends an offer to sell the property, prompting engagement with a mortgage broker in Grimsby to secure an Agreement in Principle (AIP) and determine the borrowing amount.
Upon acceptance of the offer, a formal mortgage application is submitted to the lender, who assesses both your financial situation and the property’s value. Simultaneously, legal aspects are addressed with solicitors, covering the transfer of ownership.
After approval, the lender issues a mortgage offer detailing terms and conditions. Subsequent steps involve contract exchange, purchase completion, and the official transfer of legal ownership.
Maintaining regular communication with a mortgage broker throughout this process ensures a smooth and tailored transaction aligned with your unique circumstances.
The discount percentage in the Right to Buy scheme varies based on factors such as location and the duration of your council tenancy.
An advantageous aspect of Right to Buy is the potential equity already present in the property due to the discount.
The amount of equity, like the discount, depends on various factors, including the discount rate and property value. Typically, Right to Buy Scheme participants in Grimsby are first-time buyers.
Our dedicated team supports customers from the initial enquiry through to completion, offering capital-raising options for home improvements, such as new conservatories, windows, or extensions through select mortgage lenders.
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Tony
Exceptionally easy, great communications throughout the whole process. Just received our mortgage offer!
1 month ago
Umu
Thank you with all the team for the hard work.
6 months ago
Paul
We were difficult clients because of our circumstances, but you guys smashed it out of the park! Thank you very much, we are eternally grateful Paul and Umu
7 months ago
Ben
Very good fast efficient service everybody was so helpful
7 months ago
Neil
Great service highly recommended
8 months ago
David
The whole process went very smoothly. There was no sense of any pressure being applied at any stage which was appreciated. It was made clear that any future advise sought would be forthcoming as the advisor intended to be there for the duration.
8 months ago
Samantha
Chris was our advisor, from start to finish he has been amazing. He got us exactly what we wanted. Explained everything to us and has been quick and patient throughout! Would recommend him to anyone!
9 months ago
Anonymous
Great service, would use again.
1 year ago
Lucy
Absolutely lovely team of people! Leo has been really friendly and helpful throughout the process! Would highly recommend.
1 year ago
Anonymous
great service, thanks
1 year ago
Bryn
Couldn’t recommend moneyman enough. Went from thinking we wouldn’t get a mortgage due to being told so by another broker, to getting approved for our dream first house. We dealt with tom and stacey, and both was brilliant. From the initial...
1 year ago
Angela
It is our 1st time getting a mortgage and they where extremely helpful. There was confusion at the the beginning that was there fault but our solicitors and estates agent and they where so helpful they couldn't do enough to help us and reassure us....
2 years ago
Patrick
Very nice and frendly Staff, helped me with anything i need. Thank you Patryk, Patrycja Datkiewicz.
2 years ago
Steven
Tom and Jo were very friendly and helpful throughout the process! They took the stress out of applying for our mortgage and we’re very quick to process everything. Highly recommend :)
2 years ago
Georgia
Tom & Jo did a fabulous job at helping us get our first mortgage, we weren’t sure whether we would qualify for a mortgage given that I had only been self employed for two years and had been turned down by other lenders. Both Tom & Chloe kept us up...
2 years ago
Kevin
Extreamly satisfied with the service. Ryan made us feel comfortable from the start, which made the whole process a little less daunting. Lyndsey was fab and answered any questions we had. Will be recommending to all in future!
2 years ago
Samantha
Huge huge huge Thankyou to Matt and Louise for securing me a mortgage on my first home. I never thought I’d be able to get a mortgage given a few issues with my credit rating but they worked tirelessly with different mortgage companies to ensure...
2 years ago
Jane
Excellent service and advice, made the process of securing a mortgage stress free and quick. Joe Dewsbury my mortgage advisor could not have been more helpful and Kayleigh Stewart my case manager was friendly, easy to comunicate with, quick and ...
2 years ago
Kyle
Very happy with the service provided by everyone on the team and the speed in which they got things mooving. Was always available when you was needed and made it hassle free for me, thankyou again and all the best. Kind regards, Kyle Thain.
2 years ago
kenneth
Matt Collinson and his team lead us through this process with effortless ease. Communication was always clear and we were kept up to date at each stage of the process. The team are polite and professional and nothing is to much trouble. We highly...
3 years ago
Engaging in a discussion with a knowledgeable mortgage advisor in Grimsby is important to explore and address your specific mortgage situation.
A diverse range of lenders provides tailored products for individuals leveraging the Right to Buy scheme, offering a wide array of specialised options.
Our dedicated mortgage advisor in Grimsby takes charge of the seamless submission of your mortgage application and ensures all necessary documentation requested by the lender is well-organised.
Beyond securing the most fitting mortgage deal, we excel in aiding individuals seeking insurance coverage to provide financial protection for themselves and their loved ones.
At our mortgage broker in Grimsby, we are dedicated to helping all customers, including those exploring the Right to Buy Scheme. Your committed mortgage advisor in Grimsby will accompany you from the initial phone call to the completion, ready to address any queries you may have.
Unlike traditional banks or building societies, our team of mortgage experts in Grimsby can meticulously explore thousands of mortgage deals, seeking the best fit for your unique circumstances. We also offer support with conveyancing solicitors and help you decide on the most suitable survey.
Our mortgage advice in Grimsby is available at your convenience - whether in the morning, afternoon, evening, or during the weekend, accommodating your work and family schedule. Your satisfaction and the quality of service you receive are paramount, as reflected in our genuine customer reviews.
We provide help and support seven days a week, ensuring that you can reach out whenever you need help! The Right to Buy process may present challenges, and we are here to guide you through any hurdles. Our commitment is to be transparent and alleviate your stress, leaving you relaxed and excited about the eventual outcome.
To kickstart the Right to Buy process, your first step is to contact the council and request an application form while they assess your eligibility for the scheme.
Subsequently, upon determining your eligibility, you will be provided with a purchase price, and you’ll have a specific timeframe to accept the offer.
Once a mutually agreed purchase price is in place, we can initiate the mortgage application process without delay.
If you are contemplating the purchase of the property you currently rent through your local authority or housing association, and you have confirmed your eligibility for the Right to Buy Scheme along with the applicable discount, it’s time to get in touch with a Mortgage Advisor in Grimsby.
We will assess your mortgage eligibility, taking into account your income and expenses to ascertain affordability.
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Grimsbymoneyman.com & Grimsbymoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Grimsbymoneyman.com & Grimsbymoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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