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