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Right to Buy Mortgage Advice in Bristol

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Buy Your Council House Under the Right to Buy Scheme

If you have been a Local Authority tenant for a while, you may qualify for the Right to Buy. Not only will you receive a discount from the open market value if you decide to go for it, but that also acts as your deposit. The only cash you will need to find is for your fees. In any case, some Lenders will allow you to borrow additional money for Home Improvements. Just bear in mind the Local Authority must permit you to do the works.

What is a Right to Buy in Bristol?

The Right to Buy Scheme is a government ran a scheme that allows eligible tenants in England to purchase their property from the council for a partially discounted price. If you have spent at least three years (not always continuous) renting from a local housing association and are secure tenants of council property, you may be eligible for the government’s Right to Buy Scheme.

 

When purchasing a property via Right to Buy, the property will get valued at the full market price with the government discount applied before purchase.

How is the discount worked out?

The percentage of this discount depends on varying factors, such as location and the length of time you’ve been a council tenant. One advantage of the Scheme is that due to the discount, there is often equity in the house already. How much equity, like the discount, also depends on varying factors. These include how much your deal is and the value of the property.

 

Additionally, we find that those who utilise the Right to Buy Scheme are usually First Time Buyers in Bristol. We love working alongside our customers and are here throughout every step of the mortgage process, starting with your initial enquiry, all the way through to your completion. Capital raising options for home improvements, such as a new conservatory, windows or extension are also available with some of our mortgage lenders.

How to obtain the application form?

If you want to get a Right to Buy Mortgage, first you need to see if you qualify to buy the property. You need to obtain an application form (RTB1), and then the Local Authority will send someone out to value your property to let you know how much it is worth. They will then calculate the percentage discount you are entitled to and write to you to offer you the chance to proceed.

 

The amount that you can borrow gets calculated in the same way as any other mortgage and gets based on your income and expenditure. Hence, it’s essential that you cut out any unnecessary spending, such as unused subscriptions and memberships before making an application. You should also check your credit score online.

 

How does it work? Get a quote nowMeet your advisor

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The necessary step you need to take

Over our many years as Mortgage Advisors in Bristol, we’ve encountered a great deal of council home renters looking to buy their home from their local council. They seek to do this utilising the Right to Buy Scheme, in which this scenario becomes possible. Below are the steps necessary to achieve this:

  1. The first thing you’ll need to do is contact the council for an application form and for them to check that you are eligible for the Scheme.
  2. From there you’ll receive a purchase price. You then have a set period to accept their offer.
  3. Finally, once a purchase price has been agreed. We can get the ball rolling with your mortgage application.
  4. If you are thinking of buying your council home, it may be useful for you to work out your current monthly outgoings.

We’d recommend doing this as a tenant and then compare that with the costs of being a homeowner.  We’re happy to help you with this exercise for more information. Get in touch to book your free mortgage consultation and speak with one of our friendly Mortgage Advisors in Bristol today, and we look forward to hearing from you.

Why choose us for Right to Buy Mortgage Advice in Bristol?

It’s our goal as a Mortgage Broker in Bristol to help any customers that come our way, including those looking to utilise the Right to Buy Scheme. From your initial phone call through to completion, your dedicated Mortgage Advisor in Bristol will be alongside you, ready to answer any questions that you may have.

 

Unlike a bank or building society, our team of Mortgage Experts in Bristol can search through 1000s of mortgage deals for you, aiming to find the best fit for your circumstances. We are also able to assist with conveyancing solicitors, helping decide on which survey would be the best.

What our customers say

Common mortgage
questions

Typically, our free consultation will last up to an hour or so. Our team can turn around an agreement in principle within 24 hours of speaking to an advisor. A formal mortgage offer can take around three weeks on average.

It’s typically three payslips for an employee to prove their income and the latest 2 years’ accounts for a Self Employed applicant. You will also need to provide the lender with proof of ID, address, and 3 months’ bank statements.

Once you have submitted a minimum one year’s accounts, you can get a mortgage. Most Lenders use your salary plus dividend to calculate the maximum mortgage, whereas some other lenders are known to go off your net profit.

Even if you have had credit problems, you may still be able to get a mortgage, though you may be required to put down a higher deposit than you otherwise would’ve, often 15% of the property purchase price.

You may find that it is possible to get a second mortgage on your home for things like debt consolidation or Home Improvements. If you are looking to take out a mortgage on a second property, either to use it for yourself, a family member, a holiday home, or a Buy to Let, this may also be possible.

An Agreement in Principle will usually last between 30 and 90 days, depending on the lender you go with. If your Agreement in Principle expires, you can always have it refreshed.

To avoid being disappointed if an offer falls through, we recommend that home buyers obtain an Agreement in Principle before you begin viewing properties in Bristol. At the very latest you should obtain an AIP prior to making an offer to assist your bargaining position with a seller.

As a trusted and hard-working mortgage broker in Bristol, we will carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for your situation. A credit check will be required for an Agreement in Principle. Once you have given the lender all the relevant documentation and a valuation of the property has been completed, a formal mortgage offer can be issued.

Your free mortgage consultation with a trusted member of our mortgage advice team in Bristol will last around one hour. From there, your advisor will then recommend a mortgage for you with no obligation for you to proceed and you can decide whether you wish to take it or step back.

Lenders will often use the discount given to you by the council or local authority as your deposit. This isn’t always the case though, as some lenders, will still require you to put down a deposit in addition to this deduction. This may even be the case if you’ve been struggling with credit problems. A dedicated mortgage advisor in Bristol will do their best to answer your right to buy deposit questions.

We make it so easy!
Our 4 step process

Step 1

Contact the council for an application form and check your eligibility for the scheme.

Step 2

You'll receive a purchase price and from there we can take some initial details and book you in with a Mortgage Advisor in Bristol.

Step 3

From there your dedicated advisor will work by your side, ensuring the process goes smoothly.

Step 4

We’ll try to find you the most appropriate mortgage deal. We’ll be there to support you, right through to completion.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

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