Right to Buy Mortgage Advice in Cardiff

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What is Right to Buy in Cardiff?

The Right to Buy Scheme is a government ran scheme that allows home renters who are eligible across England to purchase their property from their local authority (typically the local council or housing association) for a fraction of the value. The amount of discount depends on the length of time that you’ve been renting your property for.

If you have been a local authority property renter for at least 3 years (this doesn’t necessarily have to be consecutive), you could be eligible for using the government Right to Buy Scheme as a means of getting onto the property ladder.

When you are looking at your options for purchasing your home utilising a Right to Buy in Cardiff, your home will be valued at the full market price, with your discount from the government applied to that purchase price.

As open & honest mortgage advisors in Cardiff, we always work hard to help those who contact us. Making use of over two decades of both knowledge and experience within the world of mortgages, we aim to provide top quality Right to Buy mortgage advice in Cardiff.

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Right to Buy Mortgage Advice in Cardiff

How is the Right to Buy discount worked out?

As a open and honest mortgage broker in Cardiff we find that because the renter will be receiving a sizable discount on their home purchase, they often won’t require a deposit. This isn’t always the case, though it has been something that we have come across in the past.

The homebuyers discount that is applied will be determined due to various factors, such as how long you have been renting within the public sector, the type of property that you are looking to purchase, and how much the property is actually worth.

If you have used a Right to Buy in Cardiff at some point previously, the discount that is applied to the purchase price may be lower than it otherwise would’ve been. You may also have other potential options available to you, as a means of making the necessary funds for home improvements.

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FAQs for Right to Buy in Cardiff

Does Right to Buy in Cardiff still exist?

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The Right to Buy scheme, introduced in the 1980s, is still available for homebuyers. However, the scheme has undergone several changes over the years, and it may not be available in all areas. Therefore, it is crucial to ensure your eligibility in your local authority area before applying for a Right to Buy mortgage in Cardiff.

As a mortgage broker in Cardiff, we can guide you through the Right to Buy process, helping you meet the scheme's requirements and increase the likelihood of securing a lender's approval.

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

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To determine the amount you can borrow for a Right to Buy mortgage in Cardiff, your income, expenditure, and overall affordability will be assessed. Additionally, your credit score will be checked, so it's crucial to review your credit score and work on improving it before applying for a Right to Buy mortgage.

Do I need a deposit for a Right to Buy mortgage in Cardiff

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While you may not need a deposit for your Right to Buy mortgage due to the Right to Buy discount, not all local authorities allow for this, and you may be required to provide a deposit.

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

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Regarding eligibility, it is possible for any family member to purchase the council property through Right to Buy in Cardiff, provided they have been attached to the lease for at least a year. Additionally, if you are married or in a civil partnership and live with your partner, you can transfer the lease to them as long as they live with you.

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

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Being on benefits should not significantly affect your eligibility for Right to Buy in Cardiff. However, it is essential to remember that you will be responsible for monthly mortgage repayments, which could be challenging on a low income. Therefore, it's recommended to seek advice from a mortgage advisor in Cardiff who is experienced in dealing with applications from people on benefits before applying for any mortgage.

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Our Simple Right to Buy Process

Confirm Your Right to Buy Eligibility

Step 1

To start your Right to Buy journey, consult an expert mortgage advisor in London and discuss your current situation and goals. During the appointment, the advisor will assess your income and expenditure to determine your affordability for the scheme.

Submit Your Right to Buy Application

Step 2

If you are eligible for the Right to Buy scheme, your mortgage advisor in London will assist you in submitting your application. Once your application is submitted, all you need to do is wait for an offer.

Submit Your Mortgage Application

Step 3

Upon receiving an offer to purchase your Right to Buy property, your mortgage advisor in London will help you find a suitable mortgage product for your new home. After you have chosen a mortgage product that meets your needs, your mortgage application will be submitted.

Throughout the process, a dedicated case manager will keep you informed every step of the way until you receive your formal mortgage offer and complete your Right to Buy purchase.

Protecting You and Your Mortgage

Step 4

In addition to finding the best mortgage deal for you, we will also recommend relevant insurance policies to ensure you and your family are protected. We will also reach out to you when your mortgage is due for renewal to ensure that you always have the best deal available.

Our Simple Right to Buy Process

Free Mortgage Appointment

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Our team will always be available to help those who need mortgage advice in Cardiff, every day of the week! The process of obtaining a mortgage for a Right to Buy in Cardiff can often be challenging. Worry not, as we will work hard to help you overcome any hurdles and be free from stress.

1000s of Deals

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Unlike the mortgage advisors you would speak to at a bank or building society, our expert mortgage advisors in Cardiff are able to take a look through 1000s of mortgage deals that on your behalf, finding the best one that suits you for your circumstances.

We can also help you out with making arrangements on conveyancing solicitors, advising on the best survey for you to take. If you need help with anything else, please contact your mortgage advisor and they’ll do their best to help you out.

Our Service

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As a mortgage broker in Cardiff that works hard to provide top quality mortgage advice, we will always do anything that we can to help our customers to achieve mortgage success. This includes helping out those who are looking to make use a Right to Buy in Cardiff.

Your dedicated and trusted mortgage advisor in Cardiff will support and guide you, from your first point of contact, right the way through until completion. They will always remain on hand to answer all of your mortgage questions.

7 Days a Week

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Mortgage advice in Cardiff is available from early until late, every weekday and even on weekends. No matter how busy life gets for you, there will be someone ready to answer your questions at times that best suit you, subject to availability.

Take a look at our genuine customer reviews whilst you’re here. They are a true reflection of the levels of service we provide, and we’re very proud of the hard work we put into helping home buyers and homeowners alike to achieve their mortgage goals.

Malcolm and Amy Davidson - Mortgage Advice in Cardiff

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Common Right to Buy Mortgage Scenarios

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

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Throughout our many years of work as open & honest mortgage advisor in Cardiff, we have helped countless housing association or council home renters in purchasing their current rental property, taking that step onto the property ladder.

They are able to achieve this by making use of a Right to Buy in Cardiff, which was introduced by the government. Below we have compiled the steps you need to take in order to get a Right to Buy in Cardiff.

Checking Eligibility

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First of all, before anything else, you need to contact the local housing association or council (whoever owns the property). This is generally referred to as the local authority by people within the mortgage world.

The reason you’ll need to do this, is so you can see if you qualify for taking out a Right to Buy in Cardiff. This local authority will make sure that you meet the criteria for the Right to Buy Scheme.

Purchase Price

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Once you have confirmed your eligibility for the scheme, the local authority will present you with an offer of the property purchase price. You will have a specific amount of time of which you can accept this offer.

Start Your Application

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Now that you have agreed to buy your rental home from the local authority, at the offered price, it’s time for the best part of your process! Book your free mortgage appointment and we will get started on your mortgage process!

Useful Tips from a Mortgage Broker in Cardiff

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If you are considering purchasing your current rental from the local authority, definitely make sure that you’re eligible first and find out the property purchase price discount.

Once you have determined the amount that you will be purchasing the property for, your next step will be to get in touch with a mortgage advisor in Cardiff, who will be able to find a suitable deal for you based on the criteria that you are matched up with.

This process will include learning more about the amount of money you make and what your spending habits are like, so that they can determine whether or not you are able to afford to take out a mortgage.

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Cardiffmoneyman.com & Cardiffmoneyman 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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