Right to Buy Mortgage Advice in Sunderland

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Buy your council house under the Right to Buy Scheme

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).

What is a Right to Buy in Sunderland?

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.

How is the discount is 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, love working alongside our customers. 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.


How does it work? Get a quote nowMeet your advisor

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How the Right to Buy Mortgage Process Works

Throughout our long term tenure as an active, open & honest mortgage broker in Sunderland, we have worked with lots of customers looking to utilise the Right to Buy Scheme. There are a few different instances here this may be possible, but first you need to confirm your eligibility. Here is how this can be achieved:


  • First of all, you will need to get in touch with your local council and fill out an application form.
  • Next is a small wait for them to check whether or not you are eligible for the scheme.
  • Once your eligibility has been confirmed, you will then receive a purchase price.
  • Following on from there, you will have a set period of time to accept their offer.
  • Last of all, once you have agreed on their price, we can get started with your mortgage application.


Something we recommend prior to doing this, is sitting down to work out your monthly outgoings. This can be greatly beneficial in the process of buying your home from the local authority, whether a housing association or the council.


We believe it to be best if you 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 provide some help and guidance when it comes to this, so that you are aware further down the line.


Get in touch to book your free mortgage appointment in Sunderland with a mortgage advisor in Sunderland.

Are you looking to speak with a Right to Buy Mortgage Advisor in Sunderland?

As a long standing and well respected mortgage broker in Sunderland, we always aim to help any and all customers that give us a call or send us a live chat, including those who are looking at their options for using the Right to Buy Scheme.


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.


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.


Our loyal and dedicated team will be here to provide help and guidance 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!


Feel free to take a look at our genuine customer reviews. They are a true and honest reflection of the level of service we always aim to provide our customers here at Sunderlandmoneyman.

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Common mortgage

The discount provided by the council is what lenders will often use as your deposit. Some lenders however, will require you to put down an additional deposit on top of the discount. This is sometimes the case if you’ve been struggling with credit in the past. A trusted mortgage advisors in Sunderland are able to answer your right to buy deposit questions.

Your free initial mortgage consultation with a mortgage advisor in Sunderland will last round about one hour. They will then recommend a mortgage for you, wherein you have no obligation to proceed and you can decide whether or not that particular deal is something you’d like to go forward with.

As a trusted and well experienced mortgage broker in Sunderland, we will first carry out a Fact Find to establish your personal needs, before we begin searching and recommending the most suitable mortgage for you. A credit check will be required for an Agreement in Principle. A formal mortgage offer can be issued once you have provided all the relevant documentation and a valuation of the property has been undertaken.

To avoid any kind of disappointment with a property, we recommend you obtain an Agreement in Principle before you begin property viewings in Sunderland. We would say that at the very latest, you should obtain one before you start to make offers, in order to assist your bargaining position.

A standard Agreement in Principle typically lasts for around 30 to 90 days depending on the Lender. If your Agreement in Principle expires, you can get it easily refreshed.

You may have the option of getting a second mortgage on your home for things like debt consolidation or Home Improvements. This can also be possible if you’re wanting to use it for yourself, a family member, a holiday home or a Buy to Let.

If you have had credit problems previously in life, you may still have a chance at obtaining a mortgage, but you may be required to put down a higher deposit than usual. This could be be 15% of the property purchase price.

Once you have submitted at least one year’s accounts to the lender, you may be eligible for a mortgage. Most Lenders will calculate the maximum mortgage with salary plus dividend, whereas others sometimes go off your net profit.

A lender will usually need three payslips for an employee to prove income and the latest 2 years’ accounts for an applicant who is self-employed. You will also need to provide them with proof of ID, address and 3 months’ bank statements.

Your free consultation with a mortgage advisor in Sunderland will typically lasts up to an hour or so. We have the ability to turn round an agreement in principle within 24 hours. A formal mortgage offer has been known to take roughly about three weeks on average.

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 Sunderland.

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 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

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR

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