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Right to Buy Mortgage Advice in York

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What is a Right to Buy in York?

With the Right to Buy Scheme, eligible home renters across England can purchase their property from the council discounted rate. However, to find out first if you qualify for this scheme check out the Own Your Home website eligibility checker. Then, we are able to help you with your mortgage.

 

If you are thinking about buying your council property in York, this is the information you’ll need and the steps you should take.

 

If you have been renting the property for a minimum of 3 years (this doesn’t always have to be consecutive) and have been renting from the local authority, you may fit the criteria within the government Right to Buy scheme’s criteria.

 

In the Right to Buy sale, the property will be valued at full market price as it would if the landlord chose to put it on the market, and then a government discount is applied before purchase.

Purchase Your Council Property Under the Right to Buy Scheme

Here at Yorkmoneyman, our team of expert Mortgage Advisors in York aims always to help those who get in touch by utilising over 20 years of experience working in the industry to provide open and honest Right to Buy Mortgage Advice in York.

 

Depending on the size of the discount offered to the home renter, their home purchase will not require a deposit. However, this doesn’t always apply to all, but it can happen.

 

The local authority will determine the homebuyers discount from a couple of factors, including the length of time you have been a tenant within the public sector, the type of property you hope to purchase with the scheme and the actual property value in question.

 

If you have previously used the Right to Buy Scheme, you could face a much lower discount.Capital raising options for home improvements, such as a new conservatory, windows or extension are also available with some of our mortgage lenders.

Right to Buy Mortgage Process

Firstly, you need to check if you are eligible for this scheme to get in touch and request an application form from your local authority. You have a set amount of time to accept their offer. Once you have received this back, you will be informed what the property purchase price is with the discount applied.

 

Next, we need to find you a suitable mortgage. We will be on hand to help you throughout the entire mortgage process, advising on solicitors and property surveys when applicable.

 

As part of your initial free mortgage appointment, we can help you work out your potential mortgage costs and match you up to the appropriate deals.

 

Generally speaking, we find that those who utilise the Right to Buy Scheme are First Time Buyers in York. As a fast and friendly Mortgage Broker in York, 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.

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 years of experience working in the industry, our Mortgage Advisors in York have come across many different mortgage scenarios in the past. All people were looking to utilise the Governments Right to Buy Scheme to purchase their property from their local council or housing association and finally be a homeowner.

 

Below we listed the steps you will need to obtain a mortgage under the Right to Buy Scheme.

Checking Eligibility

First, you have two choices: contact and speak to the council or housing association that owns your property or check out the eligibility checker on the Governments Own Your Home website. Next, you will answer any questions they may ask you to make sure you fit the criteria.

Purchase Price

Next, your local authority will offer you a price to buy the property. Usually, you get a set time to decide if you accept the purchase price or not.

Start Your Application

Once you have got your discounted purchase price from the local authority, contact Yorkmoneyman and book yourself in for a free mortgage appointment to speak with one of our Mortgage Advisors in York to check your eligibility and affordability for a mortgage.

 

The perks of using a Mortgage Broker in York is that we can search 1000’s of deals to find you something suitable for your circumstances. Then apply to your local authority confirming that you would like to purchase the property. We can then process your full mortgage application.

Fast & Friendly Mortgage Broker in York

If you are contemplating purchasing the property, you are currently renting through your local authority or housing association and have made sure you qualify for the scheme.

 

Contact a Mortgage Broker in York to speak to a Mortgage Advisor as we can check your eligibility for a mortgage, including gathering information on your income and expenditure to work out if a mortgage is viable and affordable.

 

Find out more information about the Right to Buy Scheme. Check out the Government Own Your Home website.

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

Yorkmoneyman has an excellent reputation for providing expert Mortgage Advice in York. Our mortgage advisors aim to do their very best to help customers reach their mortgage goals. This includes customers looking at using the government Right to Buy Scheme and getting onto the property ladder.

 

Your Mortgage Advisor in York will always be on hand to guide you during the entire process from the first time you get in touch, right the way through to getting the keys, always making sure to be available to answer any questions you have regarding the mortgage process.

 

One of the benefits of using a Mortgage Broker in York like us, when you speak to a mortgage advisor who works for a bank, building society or estate agent, our expert Mortgage Advisors in York can search through 1000’s of mortgage deals, finding the most suitable one for your situation.

 

Another perk is that we can help you arrange conveyancing solicitors, providing advice on what may be the most suitable survey. If you require assistance with anything else mortgage-related, feel free to contact us, and we’ll see how we can help.

 

Our team are always on hand to help our customers who need Mortgage Advice in York, 7 days a week. Any mortgage hurdles we get faced, we aim to help you over these.

 

Mortgage Advice in York will be available throughout every weekday and even on weekends. No matter how busy your personal life is, there should be a Mortgage Advisor in York available at a time that suits you and your situation.

What our customers say

Common mortgage
questions

As your Mortgage Broker in York, we will start with a Fact Find. During this stage of the process, we will get a better view of your personal and financial situation which will help us when selecting a mortgage deal.

You will then have a credit check performed on you, this step is essential in order to obtain an Agreement in Principle. Once you’ve handed us all of the relevent documentation and a valutation of the property has been completed, a formal mortgage offer can be offered.

The council will provide a discount which will likely be used as your deposit. Your lender may use discount as your deposit as well as asking for an additional deposit from your own funds. If you’ve had credit issues in the past, this is the road that the lender is likely to go down.

Your initial mortgage consultation will take around an hour, afterwards, we will try and arrange an Agreement in Principle for you within 24-hours of your consultation. The final step is submitting your application and waiting for a formal mortgage – this can take about three weeks.

As a Mortgage Broker in York, we always recommend trying to have an Agreement in Principle in place prior to viewing properties. An Agreement in Principle could put you in a position that would let you negotiate prices.

Your free initial mortgage consultation will approximately last an hour. During the consultation, we will ask you some questions and get a bigger picture of your personal and financial mortgage situation.

After the consultation, your dedicated Mortgage Advisor in York will begin searching for mortgage products, trying to secure you one that’s more competitive than your current rate. Once we find a product for you, it’s up to you whether you want to take the offer or not. If so, we can get the ball rolling and start the mortgage application submission process.

Yes, you can obtain a second mortgage in some cases. Whether it’s for home improvements, debt consolidation, for a Buy to Let or a holiday home, you should know that our Mortgage Advisors in York can help you with this.

You may find it slighter harder to get accepted for a mortgage with previous credit problems, however, it’s not impossible! The difference is that you may be asked to put down a higher deposit than usual, perhaps 10-15% of the property purchase price.

If you manage to submit at least one year’s accounts, you are able to get a mortgage. As a Mortgage Broker in York, we see that a lot of lenders use your salary plus dividend to work out the maximum mortgage amount that you would be able to borrow. We’ve also seen some lenders go off your net profit.

Here are all of the documents that you’ll need to support your mortgage application in York

  • Photographic ID (Driving license, Passport, etc.).
  • Proof of Address (Utility bills, tax bills, credit card statements, etc.).
  • Latest 3 months’ payslips & Latest P60 (employed applicants)
  • Latest 2 years’ tax calculations and corresponding overviews (self-employed applicants)
  • 3 months’ bank statement proving the deposit being built-up with an explanation for any large credits.

Once you obtain an Agreement in Principle, it should last around 30-90 days. This will depend on the lender that you’ve used.

If your Agreement in Principle expires, you can easily renew it by contacting your Mortgage Broker in York or your lender.

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 York.

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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Yorkmoneyman.com & Yorkmoneyman 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 Yorkmoneyman

Yorkmoneyman, York Hub, Popeshead Court Offices, Peter Lane, York, YO1 8SU.

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