Right to Buy Mortgage Advice in Essex | Essexmoneyman

Right to Buy Mortgage Advice in Essex

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What is a Right to Buy in Essex?

The Right to Buy Scheme is a government ran scheme that provides eligible home renters in the UK the opportunity to buy the home they have already been living in, from their local authority (typically the council or a housing association) for a discounted price. The discount you receive, depends entirely on your property and your circumstances.


In order to be eligible, you have to be renting your local authority home for at least 3 years, though this doesn’t always need to be consecutive years. If you can meet this criteria, you’re certainly in with a chance of obtaining a Right to Buy in Essex.


When you are looking to purchase your rental home by taking out a Right to Buy in Essex, your home will be valued at full market price, with the government discount being applied to the overall purchase price before you commit to buying the property.

Purchase Your Council House Under a Right to Buy in Essex

Here at Essexmoneyman, we are a trusted team of mortgage advisors in Essex and surrounding areas, always working hard to make sure we help our customers as best as we can.


We are able to use our many collective years of real world experience and knowledge of providing expert mortgage advice to customers, especially those who need Right to Buy Mortgage Advice in Essex.


Generally speaking, we find that because of the size of the discount that is to be applied to the property purchase price, the home renter will not always need to put down a deposit on the property. That being said, though uncommon, it can happen.


The homebuyers discount is decided based on a wide spectrum of different factors, including how long you have been renting your property from within the public sector, the type of property you’re looking to purchase by using the Right to Buy Scheme, and how much the property is actually worth.


If you have made a purchase using a Right to Buy in Essex previously, you may potentially be offered a lower discount amount. You may also have more options available for you outside of this, in order for you to borrow the necessary funds for potential home improvements.

How does the process of a Right to Buy in Essex work?

The first thing you’ll need in order to make use of a Right to Buy in Essex, is to confirm your eligibility with the local authority and request an application form from them. Once they have received your form back from you, they will let you know how much the property is worth and what the discount will be.


There is a limited amount of time for you to accept their offer.


We will make sure we are present and available throughout the duration of your mortgage and beyond, advising on solicitors and property surveys when you need us to. As part of your free mortgage appointment, we’ll take the time to run through what the potential costs may be, as well as finding you suitable mortgage deals.

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

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Common Mortgage Scenarios for Right to Buy in Essex

Throughout our many years of working hard within the mortgage world as trusted expert Mortgage Advisors in Essex, we have helped many different and unique council home renters to purchase their home from their current rental property, whether that home be owned by the local council or local housing association.


These customers are able to achieve this by making use of a Right to Buy in Essex, something that was introduced by the government as a means of helping prospective first time buyers in Essex to purchase their home. Below are the necessary steps to take if you want to obtain a mortgage with a Right to Buy in Essex.

Checking Eligibility

First and foremost you will need to speak with the local authority who owns your rental property, this being either the local council or local housing association. The reason for this, is you will need to confirm whether or not you are eligible for a Right to Buy in Essex. They will review the criteria and be able to see if you are a fit.

Purchase Price

Once you have been able to confirm your eligibility for using the Right to Buy Scheme, you will be informed of the properties purchase price by the local authority, with a discount attached. There is a specific amount of time in which you will be able to accept this offer.

Start Your Application

The next step after accepting to purchase your rental property from your local authority at the price they have offered, is the most exciting part of all! Get in touch with our expert team of mortgage advisors in Essex and we’ll get started on the process of your mortgage application!

Useful Tips from a Mortgage Broker in Essex

If you are considering purchasing your home from either the local council or local housing association, you should definitely check to make sure that you are eligible first, and make sure you are aware of the property discount that is to be applied.


Once you have figured out what the purchase price of the property is going to be, the next step for you to take will be to contact a mortgage broker in Essex, so that you can speak with a qualified and experienced mortgage advisor in Essex who will be able to match you up with various lending criteria, finding you the most suitable mortgage.


This process includes your advisor gathering pieces of information from you, such as how much money you make, the types of spending habits you have, all to determine whether or not taking out a mortgage on a home is a viable financial decision for you to make.

Speak With an Expert Mortgage Advisor For a Right to Buy in Essex

As a mortgage broker in Essex that has a strong reputation for providing customers with a high tier of expert mortgage advice in Essex and surrounding areas, we will always work hard to make sure that our customers are as close to mortgage success as they can be, something with extends to customers who wish to make use of a Right to Buy in Essex.


The mortgage advisor in Essex who is assigned to your case, will be there to provide guidance and support across every step of your mortgage journey, from your initial point of contact with them, all the way through until your mortgage completes and even beyond. They will be there to answer any and all mortgage questions that you have.


Unlike the level of service you would receive from going to high street banks or building societies, we are able to make a choice of mortgage product from more than just one source, working with a large panel of lenders and being able to search through 1000s of deals, to find the perfect one for you.


We can also help you out with arranging conveyancing solicitors, advising on the most appropriate survey to take. Further to this point, we may also be able to help with other services, so if you need your advisor to take a look at something, let them know and we’ll see how we are able to help you.


Your dedicated mortgage advisor in Essex will be readily available to help everyone who is in need of mortgage advice in Essex, every day of the week and even weekends! The process of a Right to Buy in Essex can sometimes be quite tricky, so your advisor will work hard to ensure you are as close to mortgage success as you can be, free from as much stress as possible.

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Common mortgage

Your free initial mortgage consultation in Essex will last roughly around one hour. Your mortgage advisor will then recommend a mortgage for you with no obligation for you to proceed and you are then able to decide whether or not you wish to go ahead with the mortgage.

The discount that the council provides will often be used as your deposit by lenders. Depending on the lender though, some will require you to put down a deposit in addition to the discount you are given. This is sometimes the case if you’ve credit struggles in the past. Our experienced and knowledgeable Mortgage advisors in Essex will be able to answer your right to buy deposit questions.

As your mortgage broker in Essex, we will need to carry out a Fact Find to establish what your needs are, prior to us recommending the most suitable mortgage for you and your circumstances. A credit check will be required for an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you will be able to receive a formal mortgage offer.

To avoid the potential of having an offer rejected, we recommend you obtain an Agreement in Principle before viewing properties in Essex. We recommend that at the very latest, you should obtain one before you look at making an offer, as this can assist your bargaining position.

Your Agreement in Principle will usually last for between 30 and 90 days, depending on the lender that you go with. If it happens to expire, your mortgage broker in Essex can easily refresh this.

If you’re thinking about the future of your property, whether you’re looking at debt consolidation or home improvements, you may eligible for a second mortgage. This may also be a possible option if you’re wanting to use it for yourself, a family member, a holiday home or a Buy to Let.

If you have had previous credit problems, the good news is you can still get a mortgage, though you may possibly have to put down a higher deposit than those with good credit, often around 15% of the property purchase price.

Once you have put forward at least one year’s accounts, you will be able to get a mortgage. A vast amount of lenders will use your salary plus dividend to determine the maximum mortgage you are eligible for, whereas others may go off your net profit.

For an employee to prove their income, they’re usually required to provide three payslips, whilst for self-employed applicants they’ll need the latest 2 years’ accounts. You will also need to present the lender with proof of ID, address and the latest 3 months’ bank statements.

When you engage in a free mortgage consultation with one of our Mortgage Advisors in Essex, your discussion will take around one hour. Our team can usually produce an Agreement in Principle within 24 hours of your appointment and achieve a formal mortgage offer within three weeks.

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 Essex.

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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Authorised and Regulated by the Financial Conduct Authority.
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The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
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