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Right to Buy Mortgage Advice in Grimsby

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Buy Your Council House Under the Right to Buy Scheme

Right to Buy gives council tenants the opportunity to purchase their council property at a discounted price. In a Right to Buy sale, the property is given a market valuation and then a government discount is applied. Most lenders will accept your Right to Buy discount as a partial or total mortgage deposit.

 

Your right to buy process will start with checking your eligibility and applying for an application form from the council. Once you have received an offer notice which sets out the property value and your discount, you then have a set time to accept the offer. We are able to help you source the best mortgage deal for your right to buy purchase as well as solicitors and surveys when required.

 

How The Discount Is Worked Out

The discount percentage depends on varying factors, such as where you are in the country and how long you’ve been a council tenant. A big advantage of Right to Buy is that due to the discount, there will usually be equity in the house already. How much equity again depends on varying factors, such as how much your discount is and the value of the property.

 

We often find that those who utilise the Right to Buy Scheme are First Time Buyers in Grimsby. We love working alongside First Time Buyers and are here throughout every step of the process. This starts with your initial enquiry, all the way through to your completion.

 

How does it work? Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

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The Right to Buy Process

  • Firstly, you’ll need to contact the council and ask for an application form – this confirms your eligibility!
  • Once you’ve been accepted, you’ll receive a purchase price, of which you’ll have a set amount of time to accept.
  • Lastly, once a purchase price has been agreed on, we can get the ball rolling with your mortgage application!

 

Working out your monthly outgoings may be greatly beneficial to you if you are thinking of buying your council home. Our recommendation is to work out what you have now as a tenant, then compare that to what it would be like if you were a homeowner. We are more than happy to help you out with this part.

 

Get in touch to book your free mortgage consultation in Grimsby.

Why choose us for Right to Buy Mortgage Advice in Grimsby?

  • As a knowledgeable and experienced Mortgage Broker in Grimsby, we are able to look through 1000’s of Right to Buy mortgage deals for you, tailored to your circumstances.
  • It is our job to take the stress away and make the whole process as stress-free as possible. Right through from your enquiry, to owning your own home.
  • Unlike your high street bank, we are able to search 1000s of mortgage deals to find you the best mortgage for your individual circumstances.
  • We work for you! We are not tied to any estate agents, bank or builder.

What our customers say

Common mortgage
questions

The majority of lenders will use the discount as a deposit for your mortgage. In some cases, lenders will require you to provide a deposit to add to the discount. This usually happens when you have credit issues. If you have any right to buy deposit questions, get in touch with our Mortgage Advisors in Grimsby.

The free mortgage consultation will last approximately an hour. When your Mortgage Advisor in Grimsby has evaluated the situation, they will advise a mortgage for you with no obligation for you to begin the process. From this, you can decide if you want to proceed with us or not.

An agreement in principle usually lasts between 30 and 90 days but this can change depending on your lender. You can renew your agreement in principle if it expires.

Before you start viewing a property in Grimsby, we always suggest that you obtain an agreement in principle. If you want to be prepared ahead of time, you need to get one before making an offer.

The process of a trusted Mortgage Broker in Grimsby starts by conducting a fact find to support your needs before recommending a mortgage deal. When a Mortgage Advisor has evaluated your situation, they will carry out a credit check on you, this is needed for an agreement in principle. A formal mortgage offer can be provided when you have evidenced all of the relevant documentation and a valuation of the property has been completed.

You can get a second mortgage even if this is for debt consolidation or home improvements. You may have the choice to take out a second mortgage on a second property for your own use or a family member’s use, a holiday home or a Buy To Let.

Due to having previous credit problems, it may be harder, however it isn’t impossible. To show you can afford a mortgage, you will need to put down a higher deposit, probably 10% or 15% of the purchase price.

If you are self employed, you can still get a mortgage however you must provide at least one years’ accounts. To calculate the maximum mortgage, the majority of lenders would use your salary + dividend, whilst other lenders could base it of your net profit.

If you are an employee, you will need to provide three payslips to prove your income. If you are self employed, you will have to prove for the latest 2 years’ accounts. Along with this, you must produce proof of ID, address and 3 months’ bank statements.

You will need to provide three payslips if you are an employee to prove your income, though you will have to provide the latest 2 years’ accounts if you are self employed. As well as this, you must provide a proof of ID, address and 3 months’ bank statements.

The process of our free consultation can last up to an hour and when it comes to an Agreement in Principle, we can have this ready for you within 24 hours. A formal mortgage offer has been known to take about three weeks on average.

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We make it so easy!
Our 4 step process

Step 1

Contact the council for an application form and check your eligibility for the scheme.

Step 2

You'll receive a purchase price and from there we can take some initial details and book you in with a Mortgage Advisor in Grimsby.

Step 3

From there your dedicated advisor will work by your side, ensuring the process goes smoothly.

Step 4

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.

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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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