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Right to Buy – Mortgage Advisor advice

Your Local Mortgage Advisor, Mortgages Remortgages – Mortgage Broker brings you the Right to Buy Mortgage Advice for Doncaster First-Time Buyers.

What is Right to Buy?

Your Local Mortgage Advisor, Mortgages Remortgages – Mortgage Broker brings you the Right to Buy Mortgage Advice for Doncaster First-Time Buyers. 

Right to Buy gives eligible people who live in council properties in Doncaster, South Yorkshire the right to buy their home at a discount. – Stephen Kerrigan, Mortgage Advisor at Mortgages Remortgages – Mortgage Broker

The scheme is open to people who are secure tenants of a local council and who have spent at least 3 years as a public sector tenant.

Tenants of housing associations who had secured tenancies when their homes were transferred from the local council to the housing association also have a preserved Right to Buy.

As there is a lot of equity already in the house no deposit is required for the purchase. There are also options with several mortgage companies to borrow additional funds to fund home improvements such as new windows/doors, conservatory etc.

Where can I get “Right to Buy” Mortgage Advice in Doncaster?

Stephen Kerrigan, our Mortgage Advisor at Mortgages Remortgages – Mortgage Broker, recommends that the Council Right to Buy Scheme is the way to go, and has always been popular with people looking to get on the property ladder and own their own property. Local Councils and Housing Associations are also offering tenants that qualify for the scheme big discounts.

Why choose Mortgages Remortgages – Mortgage Broker as your Mortgage Advisor?

All our customers get a free initial mortgage consultation with us.

We pride in ourselves on our 5-star Mortgage Advice Service – check out our Google Reviews here:  Google Reviews

Our Team works from 9am to 5:30pm, every day, to ensure we can fit all our appointments that fit and best suit you!

We can offer face-to-face or telephone mortgage advice, the choice is entirely up to you.

Our Mortgage Advisor, Stephen Kerrigan will compare more than a thousand of mortgage products from a wide variety of lenders, to the hope of finding the best mortgage deal for you.

What else impacts my eligibility for council house mortgages?

Being able to fund the purchase, is also essential (of course!). Although getting a Right to Buy mortgage for a council house is a case of meeting the criteria in the section above, the lender will also want you to meet their affordability and eligibility requirements, so factors including your income and credit rating may be relevant.

Provided you’re eligible, you will be offered a mortgage based on x4.5, x5 or sometimes even up to x6 your salary, in the right circumstances, before the RTB discount is applied, and a specialist lender may be required if any of the following applies to you…

You have bad credit: Specialist lenders may consider your application based on the age and severity of the credit issue. For instance, it may be possible to get a Right to Buy mortgage with debt consolidation on your file if the issue is several years old.

You are retired: Some lenders have a Right to Buy age limit of 75, but others go up to 85 and a minority lend to borrowers even older than this, as long as they are confident, they can keep on top of their payments during retirement

You are self-employed: A specialist lender may be more flexible if your income is non-standard, offering you a deal which takes regular overtime, bonuses and commission into account, for instance. Some mainstream lenders offer less favourable rates to self-employed borrowers or turn them away altogether.

The property has ‘non-standard’ construction: Some of England’s unique council properties (a small minority of this type of housing stock) may have elements of non-standard construction such as thatched roofs and timber frames. A specialist lender may offer you more favourable rates as some providers consider non-standard construction properties higher risk.

If you’re after a mortgage to buy a council house and are concerned you might be turned away because any of the above applies to you, get in touch and the advisors we work with will connect you with the provider best positioned to offer you an attractive deal.

How long you’ve lived in the property for?

If you’re buying a council house via a Right to Buy mortgage and have lived in it for 3-5 years, you will be eligible for a 35% discount on its market value. After five years, the discount will increase by 1% for every extra year you’ve been a public sector resident.

The table below illustrates how much discount you would be entitled to when buying a house with a value of £100,000…

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