We can Help you buy Your Council House Under the Right-to-Buy Scheme
If you are living in a council house and named on the tenancy agreement, you may be eligible to purchase your property from the council at a discounted price. Usually, due to the purchase price being discounted, a lender will not require a deposit from your own pocket.
What is a Right-to-Buy in Birmingham?
The Right-to-Buy Scheme is a government ran scheme that allows tenants in England who qualify for it to purchase their property from the council for a partially discounted price. If you have spent at least 3 years (not always continuous) renting from a local housing association and are a secure tenant of a council property, then you may find yourself being eligible for this government Right-to-Buy Scheme. When purchasing a property via Right-to-Buy, the property will be valued at the full market price with the government discount applied before the point of purchase.
How is the discount is worked out?
The percentage of your discount depends on different factors. These factors include the location you are living in and the length of time you’ve been living as a council tenant. One of the big advantages of utilising a Right-to-Buy, is that due to the discount applied, there is often existing equity in the house already. The amount of equity also depends on particular factors, much like your discount. The factors present here include how much your discount is and the value of the property you’re looking to purchase.
Generally speaking, we find that those who use the Right-to-Buy Scheme are First-Time buyers in Birmingham. We love working alongside our customers, providing help & support throughout every step of the mortgage process. This starts with your initial enquiry, all the way through to your mortgages completion. Capital raising options for home improvements, such as a new conservatory, windows or extension are also available with some mortgage lenders that we have on panel.
How does it work? Get a quote nowMeet your advisor