Right to Buy Mortgage Advice in Essex

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What is 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.

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

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Right to Buy Mortgage Advice in Essex

How is the Right to Buy discount worked out?

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.

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.

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FAQs for Right to Buy in Essex

Does Right to Buy in Essex still exist?

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Although Right to Buy was introduced in the 1980s, it is still a viable option for homebuyers today. Over the years, the scheme has undergone several changes, with more local authority areas now allowing tenants to purchase their council property. However, the scheme's availability is not universal across the country, and caution should be exercised when applying for a Right to Buy mortgage in Essex. It is essential to verify your eligibility in your area before proceeding.

As a mortgage broker in Essex, we can provide you with valuable assistance throughout your Right to Buy journey, ensuring that you meet all the scheme's requirements. Our goal is to help you present the most polished application possible to potential lenders.

How much can I borrow for a Right to Buy mortgage in Essex?

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When applying for a Right to Buy mortgage in Essex, the maximum amount you can borrow is determined by several factors, including your income, expenses, and overall affordability. Your credit score will also be assessed as part of the process, making it crucial to review your score and work towards improving it before applying for a Right to Buy mortgage.

Do I need a deposit for a Right to Buy mortgage in Essex?

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In some situations, you may not require a deposit for your Right to Buy mortgage, as the Right to Buy discount can cover this cost. However, this option is not universally available across all local authorities, and you may need to provide a deposit for your property, depending on your area's policies.

Can my children buy my council home for me with a Right to Buy in Essex?

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In Essex, it is technically feasible for any family member to purchase your council house through the Right to Buy scheme, provided they have been associated with the lease for at least a year. If you are married or in a civil partnership and live with your partner, the lease can also be transferred to them if they reside with you permanently.

Can you buy your council house with a Right to Buy in Essex, if you are on benefits?

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Receiving benefits should not significantly affect your eligibility for the Right to Buy scheme in Essex. However, it is crucial to note that if you are receiving benefits, you will be responsible for making monthly mortgage repayments, which may be challenging if you have a low income.

Obtaining a mortgage while on benefits can be challenging, and it is advisable to seek advice from a professional mortgage advisor in Essex before applying for any type of mortgage while on benefits.

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Our Simple Mortgage Process

Confirm Your Right to Buy Eligibility

Step 1

To discuss your current Right to Buy situation, you can consult with a mortgage advisor in Essex. During your free mortgage appointment, you can determine your eligibility for the scheme and receive valuable guidance from your advisor.

Submit Your Right to Buy Application

Step 2

If you are eligible for the Right to Buy scheme, your mortgage advisor in Essex can assist you in completing your application, ensuring that you meet all the requirements.

Once your Right to Buy application is submitted, all you have to do is wait for an offer.

Submit Your Mortgage Application

Step 3

If you receive an offer and are satisfied with the amount, you can move on to the next step, which involves selecting a mortgage product.

Our advisors can assist you in selecting an appropriate mortgage product that suits your unique personal and financial circumstances. If you are satisfied with this mortgage product, we can proceed with your Right to Buy mortgage application.

Protecting You and Your Mortgage

Step 4

Our service doesn't end there. In addition to securing a tailored mortgage product, we strive to find the most relevant insurance products to protect you and your family in the future.

Furthermore, when your Right to Buy mortgage requires renewal and remortgaging, we will be in touch to provide our Essexmoneyman service.

Reasons to Choose Us

5-Star Service

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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.

Dedicated Case Manager

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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.

1000s of Mortgage Deals

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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.

7 Days a Week

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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.

Malcolm and Amy Davidson - Mortgage Advice in Cambridge

We Search 1000s of Right to Buy Mortgages in Essex

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Common Mortgage Scenarios for Right to Buy in Essex

Expert Mortgage Advice in Essex

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Throughout our many years of working hard within the mortgage world as trusted expert mortgage advisor 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

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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

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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

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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

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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.

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Essexmoneyman.com & Essexmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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