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Right to Buy Mortgage Advice in Nottingham

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We can Help you buy Your Council House Under the Right to Buy Scheme

Right to Buy is a government scheme that allows eligible tenants in England to purchase their property from the council for a discounted price.

 

If you have spent at least 3 years (not always continuous) renting from the public sector as opposed to privately and are secure tenants of a council 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 a government discount applied to it.

How The Discount Is Worked Out

The discount percentage depends on varying factors, such as where you are in the country and how long you’ve been a council tenant. A big advantage of Right to Buy is that due to the discount, there will usually be equity in the house already. How much equity again depends on varying factors, such as how much your discount is and the value of the property.

 

We often find that those who utilise the Right to Buy Scheme are First Time Buyers in Nottingham. We love working alongside First Time Buyers and are here throughout every step of the process. This starts with 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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The Right to Buy Process

  • Firstly, you’ll need to contact the council and ask for an application form – This confirms 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.
  • Lastly, once a purchase price has been agreed on, we can get the ball rolling with your mortgage application!

 

Working out your monthly outgoings may be greatly beneficial to you if you are thinking of buying your council home.

 

Our recommendation is to work out what 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.

 

Get in touch to book your free mortgage consultation in Nottingham.

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

As a knowledgeable and experienced Mortgage Broker in Nottingham, we are able to look through 1000’s of Right to Buy mortgage deals for you, tailored to your circumstances.

 

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

 

Our brilliant team are incredibly proud of the service levels we provide day in and day out – This is reflected in our genuine customer reviews.

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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