Making a home your own
Are you a council or housing association tenant? You could be eligible to buy your home! The Right to Buy Scheme was set up by the government to help tenants become homeowners and, with hefty discounts available, could open the door to a whole host of opportunities for you. When getting a Right to Buy mortgage to buy your council property, you will still be subject to the same Mortgage Affordability Conditions (e.g. credit checks, monthly outgoings) as everyone else, but, don’t worry, we’re here to help! Speak to us today to check your affordability and see if you qualify for a Right to Buy mortgage.
Your Deposit
Usually when getting a mortgage, you will be required to pay a deposit (this is between 5% - 10% of the property value). The biggest advantage of a Right to Buy mortgage is that some lenders let you use your discount as your deposit payment.
Let’s say that you’re buying a property worth £100,000 and your Right to Buy discount is 35%, you would then need a mortgage for £65,000. Despite this incredible saving, it’s important to note that you will also need to pay any other upfront costs e.g. your mortgage broker, surveys and solicitors.
Your Discount
The most exciting part of the Right to Buy scheme is finding out just how much discount you are entitled to, and to do this we will need to know; how long you have you lived in your home, where in the UK you live, and whether you live in a flat or house.
As well as great discounts, it’s important to remember that you are making an investment that could open up exciting doors and lead to you making bigger steps on the property ladder in the future.
