What is a Right to Buy in Coventry?
The Right to Buy Scheme is a government ran scheme that allows tenants who are eligible to purchase the council property that you are currently renting with a discounted purchase price, oftentimes removing the need for a deposit to be put down.
In order to meet the requirements for passing eligibility, you have to have been a local authority tenant for as least 3 years (not always continuous), living in properties owned by the local council or housing association.
So long as they can meet the affordability requirements for the property and have a good credit score, along with having the aforementioned 3 years of being a tenant, the Right to Buy Scheme may be available to you as a first time buyer looking to get onto the property ladder.
When you look at purchasing your property by taking out a Right to Buy in Coventry, your home will be valued at the full market price, with a discount from the government being applied prior to your purchase of the property.
Purchase Your Council Property Under the Right to Buy Scheme
At Coventrymoneyman, we have an incredible team of dedicated mortgage advisors in Coventry who work hard to help as many customers as they can. Making use of their in-depth industry knowledge and experience, our team pride themselves on providing fast & friendly Mortgage Advice in Coventry.
Because of the amount of discount that is on the property, the property purchase will typically not need the home buyer to put down a deposit. This is not always the case though, and some mortgage lenders may still ask for this.
A variety of factors come into play to determine how much discount the home buyer receives, including how long you have been a tenant within the public sector, the type of property you are looking to buy with a Right to Buy in Coventry, as well as how much that property is worth.
Anyone familiar with a Right to Buy in Coventry that has used it before, may not benefit from as high of a discount as they otherwise would have gotten. There may be further options you could add on, to allow you to borrow funds for any home improvements.
The Mortgage Process of a Right to Buy Coventry
First of all, you will need to determine whether or not you are eligible for taking out a Right to Buy in Coventry, which can be achieved by asking for an application form from your local housing association or council.
Once they have gotten this back from you, they will be able to let you know how much the property is worth and the discount that you can have applied to it. There is no need to make a decision immediately, though be advised there is a time limit to accept their offer.
Our service goes beyond just your mortgage, providing you with advice on solicitors and any property surveys you need to be undertaken, when appropriate. During your free initial mortgage appointment, we will work with you to determine how much roughly you’ll be able to afford per month and match you up with the best mortgage deals for your circumstances.
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