Right-to-Buy Mortgage Advice in Birmingham

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Purchase Your Council House with a Right to Buy in Birmingham

The Right to Buy Scheme allows tenants in England to purchase their council property partially discounted if they fit the criteria to be eligible for the scheme.

 

To be eligible for a Right to Buy in Birmingham in the first place, you need to have spent at least 3 years renting from the local council or housing association and are secure tenants of council property.

 

These years do not have to be consecutive, though this will vary depending on your situation. By speaking to a Mortgage Advisor in Birmingham, they can help check if you are eligible for the scheme. Alternately, to keep yourself updated with the rules and regulations, you can also check out the government Own Your Home website.

 

In the right to buy sale, the property will be valued at full market price and then a government discount applied before purchase.

Having a Mortgage Advisor in Birmingham by your side can help you achieve your home-owning goals. Our advisors utilise their knowledge and experience within the mortgage industry to provide expert Right to Buy Mortgage Advice in Birmingham.

 

How much Deposit will I Need?

We tend to find that most lenders will take the discount as a deposit. However, others might require you to put in your own money too. It’s worth speaking to a Mortgage Advisor in Birmingham to find you a suitable mortgage that best suits your financial circumstances.

 

The local authority has set criteria that help them work out the discount, such as how long you’ve been a tenant within the public sector, what type of property you are looking to purchase and the properties value.

 

We do have some lenders on the panel that may allow you to borrow additional funds for home improvements such as new windows, doors and conservatories. Still, you will need to seek permission from your local authority.

 

What is the process of a Right to Buy in Birmingham?

First, you need to know if you are eligible for the scheme and request an application form from the council. Next, you will get an offer notice which shows you the property value and your discount. You then have a set period to accept this offer.

 

As Birminghammoneyman, we can help with your mortgage, solicitors and survey as and when required. As part of your initial free mortgage appointment, your Mortgage Advisor in Birmingham will be able to help you work out your mortgage costs and match you up to the appropriate deals.

How does it work? Get a quote nowMeet your advisor

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

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Common Right to Buy Mortgage Scenarios

Utilising over 20 of experience working in the mortgage industry, our Mortgage Advisors in Birmingham have encountered various council house renters who are looking to purchase the property they are currently renting.

 

As we said, the government introduced the Right to Buy Scheme so council house renters can achieve their mortgage goal. Below we have listed the steps you will need to take in order to obtain a mortgage under the Right to Buy Scheme.

Checking Eligibility

First, you need to reach and speak to either the council or housing association depending on who owns your property and see if you are suitable for a Right to Buy in Birmingham. Next, they will ask you a series of questions to make sure you match up against the scheme’s criteria.

Purchase Price

Once accepted for the scheme, you will be offered a specific price to buy the property for by the local authority. You usually get a set time to decide, so you don’t need to give them an answer straight away.

Start Your Application

Lastly, you need to contact us, and we can help you get started on your mortgage journey as soon as you have agreed to purchase the property by the local authority at the offered price.

Valuable Tips from a Mortgage Broker in Birmingham

Suppose you are looking to purchase the property you are currently renting via your local authority or housing association. In that case, you should look into whether or not you qualify for a Right to Buy in Birmingham and find out how much discount will be applied.

 

We recommend you get in touch with a Mortgage Advisor in Birmingham as soon as you have a precise amount you want to buy the property for.

 

When you contact a Mortgage Advisor in Birmingham, they can check if you are eligible by gathering information on your income, expenditure, and financial conduct to ensure your mortgage is achievable and affordable.

Are you looking to speak with a Right to Buy Mortgage Advisor in Birmingham?

Here at Birminghammoneyman, we have a reputation for providing expert Mortgage Advice in Birmingham throughout your mortgage journey. Our advisors work hard to support customers achieve their mortgage goals, Right to Buy customers included.

 

At the start of your mortgage journey and when you get in touch with us to complete your mortgage, an expert Mortgage Broker in Birmingham like ourselves will be there every step of the way, answering any mortgage queries.

 

Our Mortgage Advisors in Birmingham can search 1000s of mortgage deals for you and find you the most suitable one that fits your circumstances. When looking for a conveyancing solicitor, we can help you get some quotes. Our mortgage advisors will also help with what survey is suitable.

 

If you have any mortgage-related enquiries or looking for any help with other additional services, our Mortgage Advisors in Birmingham will do their best and help in any way they can 7 days a week. Our dedicated team will be by your side whenever you need them and work hard to clear any hurdles you may face.

 

We aim to provide open and honest Mortgage Advice in Birmingham and offer our services to give you peace of mind throughout the entire process. There will always be someone here, from early to late, ready to support you on your mortgage journey.

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Common mortgage
questions

Most lenders will use the discount as a deposit for your mortgage. However, some lenders will require you to put down a deposit in addition to the discount. This is sometimes the case if you have credit problems. Our Mortgage Advisors in Birmingham will be able to help answer all of your right to buy deposit questions.

Your free mortgage consultation in Birmingham will last approximately one hour. We will then recommend a mortgage for you with no obligation for you to proceed and you can decide whether or not you wish to go ahead.

As your Mortgage Broker in Birmingham, we carry out a Fact Find to establish your needs prior to recommending the most suitable mortgage for you. A credit check is then required for an Agreement in Principle and then once you have provided all the relevant documentation and a valuation of the property has been carried out a formal mortgage offer can be issued

Our Mortgage Advisors in Birmingham recommend that you try and get your Agreement in Principle before you take up the decision of starting to view properties in Birmingham, to avoid disappointment. At the very latest you should obtain one prior to making an offer to assist your bargaining position with the seller.

An Agreement in Principle typically lasts for between 30 and 90 days depending on the lender. If your Agreement in Principle expires it can always be refreshed. If you need help obtaining one, our Mortgage Advisors in Birmingham can usually get one sorted for you within 24 hours of your application.

It can be possible to get a second mortgage on your home in Birmingham for debt consolidation or home improvements. It may also be possible to take out a mortgage on a second property if it is for your own use, the use of a family member, a holiday home or a Buy to Let.

If you have had credit problems you may still be able to get a mortgage but you will likely need to put down a higher deposit than usual, perhaps 15% of the purchase price.

You can get a mortgage in Birmingham once you have submitted at least one year’s accounts. Most lenders use your salary + dividend to calculate the maximum mortgage whereas others go off your net profit.

To prove income it’s usually three payslips for an employee and the latest 2 years’ accounts for Self Employed. In addition, you will need to produce proof of ID, address and 3 months’ bank statements.

Our free consultation in Birmingham typically lasts up to an hour or so. We can turn round an agreement in principle within 24 hours and a formal mortgage offer takes about three weeks on average. Before you know it, you will be moving into your new property in Birmingham!

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 Birmingham.

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.

Handy quick links

Birminghammoneyman.com & Birminghammoneyman 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

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

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