Burger Menu

Right-to-Buy Mortgage Advice in Birmingham

Get Your Free Consultation 7 Days a Week

0121 595 0187

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

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

Mortgage Lenders 001
Mortgage Lenders 002
Mortgage Lender 003
Mortgage Lender 004
Mortgage Lender 005
Mortgage Lender 006

With over 20 years in the industry as Mortgage Advisors in Birmingham, we’ve encountered many different council home tenants looking to buy their home from their local council. The way this works is by utilising the Right-to-Buy Scheme, which allows the tenant, providing they pass eligibility, to buy their rented home with a discount applied. Below are the steps necessary to obtain a Right-to-Buy:

  • The first thing you’ll need to do is contact the council for an application form and for them to check that you are eligible for the scheme.
  • From there you’ll receive a purchase price. You then have a set period of time to accept their offer.
  • Finally, once a purchase price has been agreed. We can get the ball rolling with your mortgage application.
  • If you are thinking of buying your council home, it may be useful for you to work out your current monthly outgoings.
  • We’d recommend doing this as a tenant and then compare that with the costs of being a homeowner.  We’re happy to help you with this exercise.

Get in touch to book your free mortgage consultation in Birmingham.

Why choose us for Right-to-Buy Mortgage Advice in Birmingham?

 

It’s our goal as a Mortgage Broker in Birmingham to help any and all customers that come our way, including those looking to utilise the Right-to-Buy Scheme. From your initial phone call through to completion, your dedicated Mortgage Advisor in Birmingham will be alongside you, ready to answer any questions that you may have.

 

Unlike a bank or building society, our team of Mortgage Experts in Birmingham are able to search through 1000s of mortgage deals for you, aiming to find the best fit for your personal circumstances. We are also able to assist with conveyancing solicitors, helping decide on which survey would be the best.

 

We’ll help and support you anytime you need us, 7 days a week! The Right-to-Buy process isn’t always easy, we’ll aim to help you over any hurdles you face. It’s our goal to be open & honest and take away your stress, making you feel relaxed and excited for the eventual outcome.

 

Mortgage Advice in Birmingham is available in the morning, afternoon, evening or weekend – whichever one fits in with your work and family. It’s the same service either way!

 

Please read our genuine customer reviews, the service you receive and your happiness is really important to us.

What our customers say

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 authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2021 Birminghammoneyman

Birminghammoneyman - Office 1, Izabella House, 24-26 Regent Place, City Centre, Birmingham, B1 3NJ

Moneyman Logo







Moneyman Logo




Moneyman Logo







Moneyman Logo

Book your Free Consultation

7 Days 8am - 10pm

Moneyman Logo

Moneyman Logo

Moneyman Logo

Ask Your Question





    Moneyman Logo