What is Right to Buy?
Right to Buy is a government scheme designed to help council and housing association tenants purchase their home at a discounted price. The scheme has been offered by the government since 1980 but since April 2012 the maximum discounts have significantly increased.
Discounts are available for those who have been a council tenant for at least 3 years and increase for each extra year. Depending on how long you have been a tenant, it is currently possible to obtain a maximum discount of 70% of the properties value up to a maximum of £77,900 (£103,900 in London). You can find more infomation about Right to Buy and find out if you are eligible on the Government’s Right to Buy website.
Mortgages for Right to Buy Properties
If you decide to apply for Right to Buy and receive an offer letter, you will then need to start thinking about a mortgage. A mortgage broker, such as The Mortgage Hut can help you with all aspects of your mortgage from finding the best deal to completing the paperwork and making sure the process runs smoothly and you own your home as soon as possible.
The Mortgage Hut for your Right to Buy Mortgage
Most lenders will accept the Right to Buy discount as a deposit, meaning you will have access to a wide range of lenders and offers. We can help search for the best deal to suit your circumstances.
The Mortgage Hut can help find you the lowest possible rate to keep your monthly payments down which will be important as owning a home comes with extra costs and makes you ineligible for housing benefit.
We can help you calculate the additional costs involved in home ownership for example stamp duty, legal fees and related insurance cover such as buildings insurance and life cover.
If you have a poor credit score it could affect how easy it is to get a mortgage. Mortgage Brokers know which lenders are likely to be more generous towards those with bad credit history and can support your application.
The Mortgage Hut can provide help and advice with all aspects of your mortgage - ideal for those unfamiliar with the mortgage application process.
Whether you are just considering Right to Buy, have made an application or received an offer, come and speak to a friendly mortgage adviser at The Mortgage Hut Eastleigh which is located at 97 Leigh Road.Not local to Eastleigh? The Mortgage Hut have branches located throughout the Southeast including Southampton, Basingstoke, Winchester, Newbury, Andover and London. We can also provide mortgage advice over the telephone, so please get in contact.