This is a scheme that allows you to buy the local authority home that you are currently living in. This is based on English scheme only. Right-to-Buy rules differ in NI and Right-to-Buy is not available in Scotland or Wales.
The local authority will give you a discount, and this discount will depend on how long you have lived in the property.
To check your eligibility and the amount of discount, contact your local authority for further information.
Your home may be repossessed if you do not keep up repayments on your mortgage
Would I be eligible for a mortgage?
The overall eligibility will depend on your income and underwriting by the lender. The good news is that some lenders will take the discount as your ‘deposit’, so you may not need to put any savings towards the deposit.
The mortgage lender will need documentation to confirm this. that the local authority has agreed to sell you the property, with the local authority providing you documentation to confirm this..
How can RNR Mortgages help with a Right to Buy purchase?
At RNR Mortgages, as we specialise in supporting first-time buyers, we can help you purchase your Right to Buy property, which is most likely going to be your first home purchase. We will use our expertise and experience to approach the correct lender after taking into account your income and personal circumstances.
We hold your hand throughout the process. We will complete the application and talk to the solicitors to make sure that we provide the stress-free, hassle-free and anxiety-free mortgage journey that is part of our mission statement.
As part of our right to buy support service, some of the features include:
Helping you work out how much you can borrow in your circumstances
Helping you work out how much you would like to budget for the mortgage and protecting the debt from unforeseen situations in life
Completing your mortgage application and supporting you throughout the process
Providing a recommended protection portfolio to make sure that your mortgage debt and family are from unforeseen situations in life
Recommending a solicitor to help you with the conveyancing
Providing regular updates on the conveyancing process once the offer has been issued.
Contact Us Today
Contact our Mortgage and Protection Brokers today to discuss the right to buy support service we offer to people in Leicester and beyond. We will use our experience and expertise to help you find the correct mortgage and protection portfolio to meet your needs.
