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Right to Buy Mortgage Advice in Nottingham

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Helping tenants become homeowners using the government Right to Buy Scheme.

The Right to Buy Scheme is a government ran mortgage scheme that allows eligible tenants residing within England to purchase their property from the council or local authority for a discounted price.

 

If you lived within a public sector rental property for at least 3 years (not always continuous) rather than renting privately, and are secure tenants of a council or housing association property, you may be eligible for the Right to Buy Scheme.

 

In a Right to Buy sale, the property will be valued at the full market price, with the government applying a discount to it, lowering the overall cost.

How is the Right to Buy discount worked out?

The amount of discount received will be entirely dependant on a few different factors, such as where you are currently living in the country and how long you’ve been a tenant of that property.

 

One of the bigger and more favourable advantages of Right to Buy is that due to the discount, there will usually be existing equity that is present in the house already.

 

How much equity will once again depend on different factors, such as how much your discount is and the value of the property in question.

 

We that for the most part, those who utilise the Right to Buy Scheme are first time buyers in Nottingham.

 

We love working alongside first time buyers and are here to provide help, support and guidance throughout every step of the process, from your initial enquiry, all the way through to your completion.

How does it work? Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

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How does the Right to Buy mortgage process work?

First of all, you’ll need to get in touch with your local council or housing association, depending on where you are and who owns the property you’re renting at the moment.

 

You’ll need to ask them for an application form in order to confirm your eligibility.

 

Once you’ve been accepted, you’ll receive a purchase price, of which you’ll have a set amount of time to accept.

 

Last of all, once a purchase price has been agreed on, your dedicated mortgage advisor can get the ball rolling with your mortgage application!

 

Working out your monthly outgoings is also something that will be massively beneficial to you if you are thinking of buying your council home.

 

Our recommendation is to work out the amount that you have now as a tenant, then compare that to what it would be like if you were a homeowner.

 

We are more than happy to help you out with this part during our free mortgage consultation, offered to all customers.

 

Get in touch to book your free initial mortgage consultation in Nottingham with a dedicated and hard working mortgage advisor today.

Why should you choose us as your dedicated mortgage broker in Nottingham?

As a knowledgeable and experienced mortgage broker in Nottingham, we have helped out lots of different customers with all types of mortgages, including those looking to utilise the government Right to Buy Scheme.

 

Our loyal and hard working team are able to look through 1000’s of Right to Buy mortgage deals for you, tailored to your personal and financial circumstances.

 

Once you get in touch with us, you’ll be booked in to speak with a trusted mortgage advisor in Nottingham who will talk you through the process of your mortgage, from your initial phone call, through to completion.

 

Throughout the whole process, we’ll offer a multitude of help and guidance, answering any questions that may arise. We even provide assistance with other services when necessary, such as conveyancing.

 

Our absolutely fantastic team are incredibly proud of the service levels we provide day in and day out, something that can be reflected in our genuine customer reviews.

 

As part of our service, your mortgage advisor will take a look at your income and analyse all the figures involved, helping you figure out a rough estimate of how much you will roughly be paying back each month.

 

As your mortgage advisor in Nottingham, we are here to help with all your mortgage needs. Get in touch with us today and book your free initial mortgage consultation.

What our customers say

Common mortgage
questions

Usually, mortgage lenders will let you use your Right to Buy discount as a deposit. However, other lenders may expect you to put down an additional deposit to be certain that you’ll be able to afford a Right to Buy mortgage in Nottingham.

Your free mortgage consultation with us will last around an hour. During this consultation, your dedicated Mortgage Advisor in Nottingham will get to learn a bit more about your personal and financial situation.


Once your consultation is finished, your Mortgage Advisor in Nottingham will go away and try and find you a perfect mortgage deal tailored to your circumstances. If you love the mortgage offer that they’ve picked out and want to continue, the next step is to submit your mortgage application!

Our mortgage process consists of multiple different steps:

1. Once you get in touch, we will have you carry out our Fact Find so that we can get a bigger picture of your mortgage situation.

2. You’ll undergo your free mortgage consultation, then your dedicated Mortgage Advisor in Nottingham will begin searching for mortgage deals that are tailored to your circumstances. If we find you an offer that you are happy to proceed with, we can get the ball rolling with your mortgage application.

3. We will perform a credit check on you in order to obtain an agreement in principle. Furthermore, we will get some evidential documents from you in order to back up your mortgage application.

4. We will submit your mortgage application and wait for a formal mortgage offer to be issued.

As a Mortgage Broker in Nottingham, we always advise applicants to obtain an Agreement in Principle before viewing properties. Firstly, you’ll need an Agreement in Principle to make an offer on a property. Secondly, having one in place could put you in a position to negotiate prices.

An Agreement in Principle typically lasts for 30-90 days. This timeframe may change depending on the lender that you are using.


If your Agreement in Principle expires, you can easily renew it by getting back in touch with your Mortgage Advisor in Nottingham or your lender.

It’s possible to obtain a second mortgage; as a Mortgage Broker in Nottingham, here are the most common reasons we see for people wanting a second mortgage:

– Debt consolidation
– Home Improvements
– Buy to Let
– Other, e.g. for a Family Member, Holiday Home, etc.

If you’ve had bad credit issues in the past, you may find it a little harder to get a mortgage, but that isn’t saying you still can’t get one!

Lenders may ask for a slightly higher deposit if you’ve had bad credit in the past. Some lenders may ask for a deposit of around 10-15%.

If you are able to submit at least one year’s of accounts, the more likely you are of being able to obtain a mortgage. Most of the lenders that we use look at your salary plus dividend to calculate the maximum mortgage amount. Others may go off your net profit, it all depends on the lender.

  • Photo ID (Driving license, Passport, etc.).
  • Proof of Address (Utility bills, tax bills, credit card statements, etc.).
  • Latest 3 months’ payslips & Latest P60 (employed applicants)
  • Latest 2 years’ tax calculations and corresponding overviews (self-employed applicants)
  • 3 months’ bank statement proving the deposit being built-up with an explanation for any large credits.

Your free mortgage consultation in Nottingham will usually last around an hour. Following the consultation, we can turn around an Agreement in Principle for you within 24-hours. Now it’s just the case of submitting your mortgage application. A formal offer can take around three weeks on average to come back.

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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 Nottingham.

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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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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© 2021 Nottinghammoneyman

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