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Right to Buy Mortgage Advice in Sheffield

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What is a Right to Buy in Sheffield?

The Right to Buy Scheme is a government ran scheme that allows eligible tenants in England to purchase their property from the council for a partially discounted price.

 

If you have spent at least 3 years (not always continuous) renting from a local housing association and are secure tenants of council property, you may be eligible for the government Right to Buy Scheme.

 

When purchasing a property via Right to Buy, the property will be valued at the full market price with the government discount applied prior to purchase.

Purchase Your Council House Under the Right to Buy Scheme

It’s the goal of our mortgage advisors in Sheffield to help these customers by using our knowledge and experience within the mortgage industry to provide expert Right to Buy Mortgage Advice in Sheffield.

 

Usually, due to a large discount being offered to the tenant, they will not require any deposit for their home purchase. This is not always the case, but we find it happens often.

 

The homebuyers discount is worked out depending on various factors, such as how long you’ve been a tenant within the public sector, what type of property you’re looking to buy and how much the home is actually worth.

 

If you have happened to use the Right to Buy Scheme in the past, this number can possibly be a little lower. There are also options with several mortgage companies to borrow additional funds to fund home improvements such as new windows, doors, conservatories etc if required.

Right to Buy Mortgage Process

The process begins with you checking you are eligible and requesting an application form from the council. Once they have received this back you will receive an offer notice which sets out the property value and your discount.  You then have a set period of time to accept this offer.

 

We are able to help with your mortgage, solicitors and survey as and when required. As part of our initial free mortgage consultation, we can give you an idea of how much your mortgage will cost and if you qualify.

 

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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Common Right to Buy Mortgage Scenarios

Throughout our many years of service as dedicated and hardworking Mortgage Advisors in Sheffield, we’ve come across a great many different and unique council home renters looking to purchase the property they are currently renting, from their local council or housing association.

 

The method of which they can achieve this is by utilising the Right to Buy Scheme, a scheme introduced by the UK Government that allows doing this to be possible. Below are some of the steps you will need to take in order to obtain a mortgage via the Right to Buy Scheme.

Checking Eligibility

The first step you’ll need to take is getting in touch with either the council or housing association that owns your property, often referred to as the “local authority”, and see if you are actually eligible for the Right to Buy Scheme. They will make sure you match up against certain criteria, such as living in that same home for 5 years.

Purchase Price

Once you have had your eligibility confirmed, the local authority will offer you a certain price to buy the property for, of which you have a given period of time to accept.

Start Your Application

Once you have agreed to purchase the property from the local authority at the given price, the exciting part begins. Get in Touch and we’ll get started on your mortgage application process.

Useful Tips from a Mortgage Broker in Sheffield

If you are considering purchasing the property you’re currently renting through your local authority or housing association, the first step would be to check your eligibility to qualify for the Right to Buy Scheme and the amount of discount that will be applied.

 

Once you have an accurate figure of what you can purchase the property for, you can then contact a Mortgage Advisor in Sheffield, who can check your eligibility for a mortgage. This will include gathering information on your income and expenditure to work out if a mortgage is viable and affordable.

How would you benefit from a Mortgage Broker in Sheffield?

As a trustworthy Mortgage Broker in Sheffield with a lot of experience helping Right to Buy Scheme users achieve their home owning dreams. Our mortgage advisors always aim to provide you with the best service we can, going above and beyond wherever possible.

 

We will guide you through the Right to Buy mortgage process and be there with through every step of the way. Here is some information for you regarding our service at Sheffieldmoneyman:

  1. It’s our job to make you feel relaxed, comfortable and stress-free, right from your initial enquiry all the way through to owning your home.
  2. We pride ourselves on our customer service, please read our Genuine Customer Reviews to take a look at what our fantastic customers had to say about the service they receive.
  3. We can provide mortgage advice either through a video call or over the telephone, it’s entirely your choice! We are open 7 days a week and our advisors will work around your work and family commitments.
  4. Unlike your bank, we are able to search 1000’s of mortgage deals on your behalf to recommend the most suitable one for you and your personal needs.

What our customers say

Common mortgage
questions

Most lenders will use the discount as a deposit for your mortgage. However, some lenders will require you to put down a deposit in addition to the discount. This is sometimes the case if you have credit problems. Our Mortgage advisors in Sheffield will be able to help answer all of your right to buy deposit questions.

Your free mortgage consultation with a Mortgage Advisor in Sheffield will last approximately an hour. Once they have evaluated your situation, they will recommend a mortgage for you with no obligation for you to proceed. Based on the deal, you can decide whether or not you want to continue the process with us or not.

As a trusted Mortgage Broker in Sheffield, we carry out a fact find to verify your needs before recommending you with a mortgage deal. After a Mortgage Advisor in Sheffield has evaluated your situation, they will perform a credit check on you, this is required for an agreement in principle. Then after you have provided all of the relevant documentation and a valuation of the property has been carried out, a formal mortgage offer can be issued.

We always advise that you obtain an agreement in principle before you start viewing properties in Sheffield, to avoid disappointment. If you want to get yourselves a head start, you should get one prior to making an offer.

Typically, an agreement in principle lasts for between 30 and 90 days, however, this can change depending on your lender in Sheffield. If your agreement in principle expires, you can renew it quite easily.

Yes, you can get a second mortgage. Whether this is for debt consolidation or home improvements, this is possible. It is also possible to take out a second mortgage on a second property but only if it is own use, the use of a family member, a holiday home or a Buy to Let.

It will be harder but yes you can. You will have to show that you can afford a mortgage by putting down a higher deposit, perhaps 10% or 15% of the purchase price.

Yes, however, you must submit at least one years’ accounts. Most lenders use your salary + dividend to calculate the maximum mortgage, whereas other lenders in Sheffield 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 in Sheffield, 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.

Our free mortgage consultation in Sheffield will take about an hour. Once your consultation is completed, we can arrange an agreement in principle for you within 24 hours. A formal offer takes up to 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 Sheffield.

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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Sheffieldmoneyman.com & Sheffieldmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2021 Sheffieldmoneyman

Sheffieldmoneyman, Courtwood House, Silver Street Head, Sheffield, S1 2DD.

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