What is a Right to Buy in Manchester?
The Right to Buy is a Government scheme that enables eligible tenants to purchase their council property, sometimes with a discount, and sometimes even without a deposit.
Eligible tenants have matched the requirements of spending at least 3 years (not always continuous) renting from a local authority and are secure tenants of a council or housing association owned property.
Being able to fund the purchase and having a good credit score, the scheme is available to all council tenants as long as they meet the full criteria for a Right to Buy mortgage in Manchester.
When you are looking to purchase your property via a Right to Buy in Manchester, the property will be valued at the full market price, with the government discount applied before the purchase is made.
Purchase Your Council Property Under the Right to Buy Scheme
Here at Manchestermoneyman, our team of dedicated Mortgage Advisors in Manchester aim to assist those who get in touch. By utilising their knowledge and experience working in the mortgage industry, we deliver a high standard of providing open and honest Mortgage Advice in Manchester.
This doesn’t happen to all tenants, but it has been known to happen that due to the sheer amount of deposit being offered to the home render, the property purchase will not require a deposit.
Different factors come into play to determine the homebuyers discount, this includes the length of time that you’ve been a tenant within the public sector, the kind of property you’re hoping to purchase under the Right to Buy Scheme and the actual value of the property in question.
Anyone familiar with the scheme in question and used it in the past will be aware that the discount applied may be lower. On top of this, there might be further options added on this to borrow additional funds for any home improvements.
Right to Buy Manchester, the Mortgage Process
First, you need to see if you are eligible for a Right to Buy in Manchester, you can check eligibility by requesting an application form, from your local housing authority.
Once they have received this back, they will inform you of the property purchase price and the discount that is to be applied.You don’t have to make a decision straight away, here is a set amount of time to accept their offer.
While we go above and beyond to help you throughout your 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 maxium mortgage costs and match you up to the appropriate deals.
How does it work? Get a quote nowMeet your Mortgage Advisor