Right to Buy Mortgage Advice in Manchester

Mortgage Advice for Right to Buy Scheme

Right to Buy Mortgage Advice in Manchester

What is Right to Buy?

Right to Buy is a government scheme that allows eligible tenants in England to purchase their property from the council for a discounted price.

If you have spent at least 3 years (not always continuous) renting from the public sector as opposed to privately and are secure tenants of a council property, you may be eligible for the Right to Buy Scheme. In a Right to Buy sale, the property will be valued at the full market price, with a government discount applied to it.

How The Discount Is Worked Out

The discount percentage depends on varying factors, such as where you are in the country and how long you’ve been a council tenant. A big advantage of Right to Buy is that due to the discount, there will usually be equity in the house already. How much equity again depends on varying factors, such as how much your discount is and the value of the property.

We often find that those who utilise the Right to Buy Scheme are First Time Buyers. We love working alongside First Time Buyers and are here throughout every step of the process. This starts with your initial enquiry, all the way through to your completion.

The Right to Buy Process

  • Firstly, you’ll need to contact the council and ask for an application form – This confirms your eligibility!
  • Once you’ve been accepted, you’ll receive a purchase price, of which you’ll have a set amount of time to accept.
  • Lastly, once a purchase price has been agreed on, we can get the ball rolling with your mortgage application!

Working out your monthly outgoings may be greatly beneficial to you if you are thinking of buying your council home.

Our recommendation is to work out what you have now as a tenant, then compare that to what it would be like if you were a homeowner. We are more than happy to help you out with this part.

Are you looking for a Mortgage Advisor in Manchester?

As a knowledgeable and experienced mortgage broker in Manchester, we are able to look through 1000’s of Right to Buy mortgage deals for you, tailored to your circumstances.

Throughout the whole process, we’ll offer a multitude of help and guidance, answering any questions you may have. We even aid with other local services when necessary, such as conveyancing.

Our brilliant team are incredibly proud of the service levels we provide day in and day out – This is reflected in our genuine customer reviews.

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The Financial Conduct Authority does not regulate most buy to let mortgages.

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