What Is The Right to Buy Scheme?

The right to buy scheme can allow local authority tenants who live in England, to purchase their property from the council for a discounted price.

The terms of this mean you are eligible if you have spent at least three years (not always continuous) renting from the public sector rather than privately renting, and are secure tenants of that property. If you are in fact eligible for the Right to Buy Scheme in Sunderland, the property will be valued at the full market price, with a government discount applied onto it.

How The Discount Is Worked Out

The discount percentage will be entirely dependent on different factors, such as where you are in the country and how long you’ve been renting from your local council or housing association. A big advantage of the Right to Buy is that due to the discount, there will usually be existing equity in the house before you’ve even bought it. How much equity again depends on some factors, such as how much your discount is and how much the property is actually worth.

We often find that those who look to use the Right to Buy Scheme are first time Buyers in Sunderland. We love working alongside First-Time Buyers and work hard to support you throughout every step of the process. This starts with your initial inquiry, all the way through to mortgage completion.

The Right to Buy Process

  • First of all, you’ll need to get in touch the council or housing association and ask for an application form – This confirms whether or not you are eligible!
  • Once you’ve been accepted for the scheme, you’ll receive a purchase price, of which you’ll have a set amount of time to agree to.
  • Finally, once a purchase price has been agreed on, we can get started with your mortgage application!

Working out your monthly outgoings will be of a great benefit to you if you are thinking of buying your rented home from the local authority in Sunderland.

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 walk through this with you and ensure you can comfortably afford to proceed with it.

Are you looking for a Mortgage Advisor in Sunderland?

As a fast and friendly Mortgage Broker in Sunderland with a lot of experience dealing with these mortgage types, we can look through 1000’s of Right to Buy mortgage deals on your behalf to make sure you walk away with the most appropriate deal matched to your circumstances.

Throughout the whole process, we’ll offer continuous help and guidance, answering any questions you may have along the way. We even have the ability to provide help with other local services when needed, such as referring to conveyancers.

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

Date Last Edited: 05/01/2023