Right to Buy Mortgage Advice in Sunderland

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What is Right to Buy in Sunderland?

If you are currently living in a council house and named on the tenancy agreement, you may qualify for the right to purchase your current rental property from the local authority (typically council or housing association) at a discounted price. Usually you'll find that due to the purchase price being discounted, no deposit will be required (though this isn't a guaranteed perk).

The Right to Buy Scheme is a government ran scheme that will allow any tenants who are eligible and residing within England, to purchase the property that they are currently renting, from the council for a partially discounted price.

Providing that you have spent at least 3 years (not always continuous) renting from a local authority and are secure tenants of a council or housing association owned property, you may find yourself qualifying for the government Right to Buy Scheme. When purchasing a property via Right to Buy, the property will be valued at the full market price with the government discount applied before the purchase is made.

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Right to Buy Mortgage Advice in Sunderland

How is the Right to Buy discount worked out?

The percentage of the property price that will be used as a discount would entirely depend on varying factors, such as where it is you live and are looking to buy, as well as the length of time you’ve been a council tenant.

One of the things that is seen as a major advantage of Right to Buy is that because you are utilising an applied discount, there is often existing equity in the house already. How much equity, like the discount, will also be dependant on various factors. These include how much your discount is and how much the property you're looking to buy is actually worth.

Generally speaking, we find that those who are looking to use the Right to Buy Scheme are first time buyers in Sunderland. As a mortgage broker in Sunderland, our job is to help you through your mortgage process and we love what we do! We will be 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 the mortgage lenders we have on panel.

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FAQs for Right to Buy in Sunderland

Does Right to Buy in Sunderland still exist?

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Despite the fact that the scheme was introduced in the 1980s, Right to Buy is still available for homebuyers. The scheme has changed a fair bit over the years, with an increasing number of local authority areas now allowing tenants to purchase their council property. It is not available in every part of the country, so be cautious when applying for a Right to Buy mortgage in Sunderland and make sure that you are eligible in your area.

As a mortgage broker in Sunderland, we are able to assist you on your Right to Buy journey and make sure that you match the scheme's requirements. You want to make sure that your application looks the best that it can do in front of a lender.

How much can I borrow for a Right to Buy mortgage in Sunderland?

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The amount that you can borrow for your Right to Buy mortgage in Sunderland is calculated through your income, expenditure and overall affordability. Your credit score will also be checked, so it is important to check your score and try and get it the best that it can be before applying for a Right to Buy.

Do I need a deposit for a Right to Buy mortgage in Sunderland?

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There may be some cases where you do not need a deposit for your Right to Buy mortgage, and this is due to the Right to Buy discount. Not all local authorities will let you use this, so you may need to provide a deposit for your property.

Can my children buy my council home for me with a Right to Buy in Sunderland?

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Technically, yes, it is possible for any family member to buy the council house you live in for you through Right to Buy in Sunderland. Although, the family member has to have been attached to the lease for at least 1 year. If you are married or have a civil partner and you live with them, the lease can also be transferred to them as long as they definitely live with you.

Can you buy your council house with a Right to Buy in Sunderland, if you are on benefits?

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Being on benefits should not impact your eligibility too much for a Right to Buy in Sunderland. If you are on benefits though, you have to remember that you will have to keep up with monthly mortgage repayments. This could be difficult if you have a low income coming in.

Getting a mortgage on benefits can be difficult though, it is recommended that you speak with an expert mortgage advisor in Sunderland before applying for any kind of mortgage with benefits.

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Our Simple Mortgage Process

Confirm Your Right to Buy Eligibility

Discuss your current Right to Buy situation with a mortgage advisor in Sunderland.

You can talk to a mortgage advisor in Sunderland during your free mortgage appointment and see whether you are eligible for the scheme.

Submit Your Right to Buy Application

If you are eligible for the Right to Buy scheme, your mortgage advisor in Sunderland will help you with your application.

Once you submit your Right to Buy application, all that is left to do is to wait for an offer!

Submit Your Mortgage Application

If you have received an offer and are happy to purchase the property at that amount, you can continue to the next step - finding a mortgage product!

Our advisors will help you find an appropriate mortgage for your personal and financial situation. If you are happy to continue with this mortgage product, we can submit your Right to Buy mortgage application!

Protecting You and Your Mortgage

Our 5-star service doesn't stop there. As well as securing you a mortgage product that is tailored to you, we will also try and find you the most relevant insurance products to take out alongside your new mortgage. We want to make sure that you and your family are protected in the future.

We will also be back in touch when your Right to Buy mortgage needs renewing and you need to remortgage. This is all part of the Sunderlandmoneyman service.

Reasons to Choose Us

5-Star Service

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As a long-standing and well-respected mortgage broker in Sunderland, we always aim to help every person that reaches out to us. We encourage you to give us a call, send us a message or book an appointment online if you are looking at your Right to Buy options.

Dedicated Case Manager

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From the very first time that you get in touch with us, all the way through to the completion of your mortgage, your dedicated mortgage advisor in Sunderland will be alongside you, ready to answer all of your mortgage queries and concerns.

1000s of Mortgage Deals

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Unlike what would occur when you go and speak with an advisor at a bank or building society, our team of mortgage experts in Sunderland have the ability to search through 1000s of mortgage deals on your behalf, working hard to try and find the best deal that is available, based on your personal and financial circumstances.

We also have the ability to provide assistance when it comes to dealing with conveyancing solicitors, helping you to decide on which survey would be the best option to go forward with. If you require any help with other additional services, please do not hesitate to ask your mortgage advisor and we'll see if there's anything we can do to help you.

7 Days a Week

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Our loyal and dedicated team will be here to provide help and guidance to you anytime you need us, every single day of the week! The Right to Buy process isn’t always easy and we will aim to help you over any hurdles you face. It's our goal to be open & honest and take away your stress, making you feel relaxed and excited for the eventual outcome.

Mortgage advice in Sunderland is available in the morning, afternoon, evening or weekend. Whichever time slot fits in with your work schedule, family schedule or anything else, we will have someone ready to speak to you as soon as they possibly can. No matter what, it's the same service either way!

Malcolm and Amy Davidson - Mortgage Advice in Sunderland

Helping You Through Your Right to Buy Mortgage in Sunderland

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Pepper Money
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Principality Building Society
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Skipton Building Society
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Together Mortgages
TSB Mortgages
Vida Homeloans
Pepper Money Mortgages
Virgin Money & Mortgages
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Right to Buy Mortgage Scenarios in Sunderland

Checking Eligibility

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Firstly, you must get in touch with either your local council or housing association (also referred to as “local authority”). This will help you find out whether you qualify for a Right to Buy in Sunderland or not.

If you qualify for Right to Buy, get in touch with one of our mortgage advisors in Sunderland and we will help you begin your Right to Buy process.

Purchase Price

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Once you receive the green light for your Right to Buy mortgage in Sunderland, the local authority will present you with a purchase price offer for the property. You will receive a set period of time to accept or decline this offer.

Start Your Application

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After you have accepted your offer from the local authority, it is time to start preparing your mortgage application!

We can help you get started on your mortgage application by making sure that you have the correct evidential documents in place to support your income and affordability. We will also help you find the best deal for your Right to Buy property in Sunderland.

Using a Mortgage Broker in Sunderland

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If you need help finding out whether or not you qualify for a Right to Buy mortgage in Sunderland, we recommend speaking with a professional mortgage advisor in Sunderland.

You can book a free Right to Buy mortgage appointment online or by giving us a call. Our Right to Buy mortgage advisors in Sunderland have over 20 years of Right to Buy experience and would love to try and help you through your mortgage process.

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Sunderlandmoneyman.com & Sunderlandmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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