The Right to Buy scheme is currently available for council tenants to purchase their properties at a discounted rate from their local authority. Our mortgage advisors in Essex will be able to help you throughout your whole homebuying process. From your initial enquiry to completing the purchase of your council property.
Often, due to the sizeable amount of discount offered, no deposit will be required for your purchase. As the discount or “Equity in the property” will be used as your deposit.
Some lenders will also allow for you to borrow extra funds for home improvements, such as new windows, kitchen, and conservatories etc. This will be completely dependent on your individual circumstances. If you raise this with your mortgage broker in Essex they will be able to help ascertain whether this is possible for you.
Firstly, you will need to check your eligibility and request an application form from your local council. Once this application form has been submitted, you will then receive your discounted purchase price. Once you have received your purchase price figure, you will then have a certain time frame to accept this. It is then time to look at a mortgage to fund your purchase.
This is where we can help. As a mortgage broker in Essex, we can search 1000s of mortgages to find you the best deal for your right to buy purchase. We can also help with recommending a conveyancing solicitor, surveys and relevant insurance products.
Get in touch to book your free mortgage consultation in Essex.
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.
Contact the council for an application form and check your eligibility for the scheme.
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.
From there your dedicated advisor will work by your side, ensuring the process goes smoothly.
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.
