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