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Right to Buy Mortgage Advice in Birmingham

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We can Help you buy Your Council House Under the Right to Buy Scheme

You may have the right to purchase your property from the council at a discounted price if you are living in a council house and named on the tenancy agreement. Usually, due to the purchase price being discounted, no deposit will be required.

What is a Right to Buy in Birmingham?

The Right to Buy Scheme is a government ran scheme that allows eligible tenants in England 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 secure tenants of council property, you may be eligible for the 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 prior to purchase.

How is the discount is worked out?

The percentage of this discount depends on varying factors, such as location and the length of time you’ve been a council tenant. One of the big advantages of Right to Buy is that due to the discount, there is often equity in the house already. How much equity, like the discount, also depends on varying factors. These include how much your discount is and the value of the property.

 

Generally speaking, we find that those who utilise the Right to Buy Scheme are first time buyers in Birmingham. We love working alongside our customers and are here throughout every step of the mortgage process, starting with your initial enquiry, all the way through to your completion. Capital raising options for home improvements, such as a new conservatory, windows or extension are also available with some of our mortgage lenders.

How does it work? Get a quote nowMeet your advisor

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Over our many years as Mortgage Advisors in Birmingham, we’ve encountered a great deal of council home renters looking to buy their home from their local council. They seek to do this utilising the Right to Buy Scheme, in which this scenario becomes possible. Below are the steps necessary to achieve this:

  • 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.

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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

We recommend you obtain an Agreement in Principle before you start viewing properties in Birmingham, to avoid disappointment. At the very latest you should obtain one prior to making an offer to assist your bargaining position

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.

It can be possible to get a second mortgage on your home 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 can still get a mortgage but you may need to put down a higher deposit than usual, perhaps 15% of the purchase price.

You can get a mortgage 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 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.

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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.

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