Right to Buy Mortgage Advice in Scunthorpe

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What is a Right to Buy in Scunthorpe?

The right to buy scheme is a government-run scheme that allows eligible tenants in Scunthorpe and throughout England to buy the property they are currently renting from the board for a partially discounted price.


If 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 in Scunthorpe.


When purchasing a property via right to buy mortgage in Scunthorpe, the property will be valued at the full market price with the government discount applied before the purchase is made.

What is the process of a Right to Buy in Scunthorpe?

The percentage of the property price that will be used as a discount would entirely depend on varying factors, such as where your currently living, the property you are looking to buy, as well as the length of time you’ve been a tenant under the council or housing association.


One of the key advantages of the right to buy scheme is that because you are utilising an applied discount, there is often existing equity in the house already. The amount of equity, such as the discount, will also depend on various factors, like the value of your discount and the value of the property you want to buy.


We find that those who are looking to use the Right to Buy Scheme are first time buyers in Scunthorpe. As a mortgage broker in Scunthorpe, love helping customers get onto the property ladder. We will be here at every stage of the mortgage process, starting with your first enquiry, all the way to your completion.


Here at Scunthorpemoneyman, with some of the mortgage lenders we have on panel we can look at your options for capital raising options for home improvements, such as a new conservatory, windows or extension.

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FAQs for Right to Buy in Scunthorpe

Does Right to Buy in Scunthorpe still exist?

The Right to Buy scheme, initially introduced in the 1980s, remains available for prospective homebuyers. However, this scheme has evolved over time, and its availability can vary from one location to another. Therefore, it’s essential to confirm your eligibility within your local authority area before pursuing a Right to Buy mortgage in Scunthorpe.


As your trusted mortgage broker in Scunthorpe, we’re here to guide you in navigating the Right to Buy process, ensuring you meet the scheme’s specific requirements and enhancing your prospects of securing approval from a lender.

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

When determining the amount you can borrow for a Right to Buy mortgage in Scunthorpe, various factors come into play, including your income, expenses, and overall financial capacity. Additionally, your credit score will be evaluated. Therefore, it’s advisable to review your credit score and take steps to enhance it before applying for a Right to Buy mortgage.

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

In many cases, lenders are willing to consider the discount offered through the Right to Buy scheme as part or all of the required deposit. However, some lenders might expect you to contribute additional funds. Consulting with a Mortgage Advisor in Scunthorpe can help identify a mortgage solution that aligns with your specific financial situation.


Local authorities employ specific criteria to determine the discount, taking into account factors like your duration as a tenant in the public sector, the type and value of the property you intend to purchase. Some lenders on our panel may even permit borrowing extra funds for home improvements like windows, doors, or conservatories, but you should seek approval from your local authority for such enhancements.

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

Concerning eligibility, it’s worth noting that any family member can potentially purchase a council property through the Right to Buy scheme in Scunthorpe, provided they have been associated with the lease for at least one year. Additionally, if you are married or in a civil partnership and cohabit with your partner, you may have the option to transfer the lease to them, provided they reside with you.

Common Right to Buy Mortgage Scenarios

What steps do I need to take to get a Right to Buy in Scunthorpe?

Drawing upon more than two decades of experience within the mortgage industry, our dedicated mortgage advisor in Scunthorpe has helped numerous council house renters in their quest to become homeowners through the government’s Right to Buy Scheme. Below, we outline the essential steps to help you secure a mortgage under this scheme.

Checking Eligibility

Your journey begins with a crucial conversation. Reach out to your local council or housing association, depending on the property’s ownership, to initiate the Right to Buy process in Scunthorpe. During this initial interaction, they will pose relevant questions to determine your suitability based on the scheme’s criteria.

Purchase Price

If you meet the eligibility criteria, the local authority will extend an offer for you to purchase the property at a specified price. Typically, you will have a reasonable amount of time to deliberate, so there’s no immediate rush to make a decision.

Start Your Application

As you progress through the Right to Buy process and agree to purchase the property at the offered price, it’s advisable to reach out to us. Our expert Mortgage Advisor in Scunthorpe is ready to guide you through the mortgage journey, ensuring you secure the necessary financing.

Useful Tips from a Mortgage Broker in Scunthorpe

If you aspire to buy the property you currently rent through your local authority or housing association, it’s vital to assess your eligibility and determine the applicable discount. We recommend contacting a Mortgage Advisor in Scunthorpe as soon as you have a specific purchase price in mind. When you reach out for mortgage advice in Scunthorpe, your advisor will conduct a comprehensive assessment, examining your income, expenses, and financial conduct to confirm the feasibility and affordability of your mortgage. This step is crucial in ensuring your homeownership goals are within reach.

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Common mortgage

The discount provided to you by the council will typically be used by lenders as your deposit towards the property. In some cases though, lenders will require you to put down a deposit as well as the discount, especially if you’ve got a poor recent credit history. Our experienced team of mortgage advisors in Scunthorpe are able to answer your right to buy deposit queries.

Your free mortgage consultation in Scunthorpe with a dedicated advisor will last for approximately 30 mins. From that point, we will then recommend a mortgage for you, with no obligation to accept and proceed if you change your mind at any point.

We will carry out a Fact Find to establish your individual circumstances and needs prior to recommending the most suitable mortgage. A credit check is something that will be required for an Agreement in Principle. Once you have given all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can then be issued to you.

To avoid facing disappointment at a later stage, we recommend you obtain an Agreement in Principle before you begin any property viewings in Scunthorpe. At the very latest you should obtain one before you start making offers, as that will assist your bargaining position.

An Agreement in Principle will generally last for anywhere between 30 and 90 days depending on the mortgage lender. If your Agreement in Principle expires, your mortgage advisor in Scunthorpe can refresh this for you.

It may be possible to get a second mortgage on your home if you’re looking to work towards debt consolidation or any home improvements, as well as if you’re wanting to use it for yourself, a family member, a holiday home or a potential Buy to Let.

If you have a recent history of credit problems, it’s not impossible for you to get a mortgage, though you may possibly be required to put down a slightly higher deposit than typically expected, perhaps 15% of the property purchase price.

The documents you will need if you are an employee are three payslips to prove income and for self employed, you will need the latest 2 years’. As well as this, you will also need proof of ID, address and 3 months’ bank statements.

A free consultation usually lasts up to 30 mins or so. An agreement in principle can be ready for you within 24 hours. It takes on average three weeks for a formal mortgage offer.

You will be eligible for a mortgage but only once you have submitted at least one year’s accounts. Many Lenders calculate the maximum mortgage by taking your salary plus dividend, however, others are known to go off your net profit.

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 Scunthorpe.

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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Authorised and Regulated by the Financial Conduct Authority.
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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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