Right to Buy

Have you been given the opportunity to purchase the property you live in from your Local Authority?

The Right to Buy scheme was designed to help eligible council and housing association tenants to buy their home.

If you are a secure tenant, and have been in your tenancy for a minimum for 3 years or more, then you may find you are eligible to purchase your property at a discounted rate.

Currently (as at December 2015) the maximum discount sits at £77,900, or £103,900 if you live in London.  This increases every year in April in line with inflation.

The value of the property will of course increase or decrease depending on market forces in the area that you live.

Have you got your Right To Buy?

If you have already been through the process, and have been given the price in which you can buy, then now you need to consider how you are going to fund this purchase.

Many of us do not have the ready funds available to pay cash for our property, so a mortgage could be the route to go.

Complete our enquiry form and we will put you in contact with an FCA Regulated Advisor who will be able to guide you through the process.  Even obtaining you a mortgage ‘decision in principle’ before you need to go back to the landlord to accept their offer.

Why a Mortgage Broker?

For many exercising their Right To Buy, it is the first time that they have ever purchased a property.  It is therefore vital that you spend the time to fully understand the commitment that you are undertaking and take the correct advice, from the right people.

A mortgage broker should be able to offer you a full range of lenders to assist you, and offer you guidance on the best one for your circumstances.

Even if you have previously tried, and failed, to obtain the mortgage yourself, then it may be you were just talking to the wrong lender.  Not every bank and building society offers the same criteria.  An FCA Regulated Advisor will steer you through to the right solution.

What if I have yet to apply for my Right to Buy?

It is never too early to ask for professional help and guidance.

There is a lot of information via the Governments own website at https://righttobuy.communities.gov.uk

Or speak to a Mortgage Broker now if you want a better idea of what a mortgage may cost you, or are concerned that your credit file may not be good enough.

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