The Right to Buy Scheme is another government scheme that is designed to help people that live in council houses take the step onto the property ladder. This scheme gives them the right to buy their rented home, often at a generous discount. Over the years we have helped many first-time buyers take the property leap with the Right to Buy scheme. From your initial call, all through the process, your Mortgage Advisor in Cardiff is here to support you.
We often see that due to a large amount of discount being offered, no deposit will be required from the lender, instead just taking the discount as the deposit. Money for home improvements, such as a new conservatory, windows or extension options is also an option with some of the mortgage lenders we work with.
The process begins with a request for an application form from the council, checking your eligibility for the Right to Buy scheme. Once this has been undertaken, you will receive a property price from the council and you will have a period of time in which you can accept this offer.
Once you have accepted, it is worth getting in touch as a Mortgage Broker in Cardiff like us will be able to look at various deals, ensuring you have the most applicable one to your individual situation. We will have your back throughout the whole process, assisting with solicitors, surveys or insurance products if necessary. It’s in our nature to go that extra mile for our customers when providing Mortgage Advice in Cardiff.
Get in touch to book your free mortgage consultation in Cardiff.
Get in touch so we can book you in for your free mortgage consultation in Cardiff.
Your free initial mortgage consultation will last around 30-60 minutes. During your consultation, you will get to speak with your dedicated Mortgage Advisor in Cardiff. Their job will be to get a better understanding of your mortgage needs and situation so that they can search for the perfect mortgage deal for your personal and financial situation.
It can still be possible to get a mortgage, even with bad credit problems in the past. Even though it may be a little harder, it isn’t impossible!
You may have to put down a higher deposit if you have bad credit, this could be 10%-15%.
Your first job is to carry out our mortgage Fact Find so that we can get an idea of your mortgage needs and what sort of deals you want to be looking for.
Afterwards, we will book you in with a Mortgage Advisor in Cardiff who will get a couple more pieces of information from you.
Then we can arrrange an Agreement in Principle for you within 24-hours to increase the chances of the seller accepting your offer.
If you’ve found yoru dream home, and are happy with our mortgage recommendation, we can start the mortgage application process! A formal mortgage offer can take longer than 3 weeks, during which, we will keep you informed with the progress of your application.
As a Mortgage Broker in Cardiff, we recommend that our applicants obtain an Agreement in Principle (AIP) as soon as possible. Having an AIP whilst you’re viewing properties can increase your chances of being accepted by the seller. It may also allow an opportunity for price negotiation.
Once you have an Agreement in Principle (AIP) in place, it should last between 30-90 days. If your AIP expires, you can easily renew it by getting back in touch with your Mortgage Advisor in Cardiff.
First of all, your free mortgage consultation should last around 30-60 minutes. Once this is complete, your Mortgage Advisor in Cardiff will obtain an Agreement in Principle for you within 24-hours. Then, if you are happy to proceed with the deal that your advisor has recommended, we can submit your mortgage application. A formal mortgage offer can take on average around 3 weeks to return.
During your mortgage application, you’ll be asked to provide evidencing documents:
– Latest 3 Payslips (Employed), Last 2 years’ Accounts (Self-Employed)
– Latest 3 Months’ Bank Statements
– Latest P60
– Photographic ID
During your mortgage application in Cardiff, if you’re Self-Employed, you’ll need to submit at least one year’s accounts. As a Mortgage Broker in Cardiff, we’ve found that most lenders use your salary plus dividend to calculate the maximum mortgage amount that you can borrow. Although, some lenders may choose to go off your net profit.
Depending on why you want to get a second mortgage, it may be easier to get one than not.
There are various reasons why someone may want a second mortgage, for example:
– Buy to Let
– Debt Consolidation
– Home Improvements
– Second Home
– Marital / Relationship Breakdown
It’s likely that you’ll be given a council discount on your Right to Buy; as a Mortgage Broker in Cardiff, we’ve found that most lenders will use this as your deposit.
However, we’ve also seen that some lenders will still require a deposit for your Right to Buy mortgage on top of the discount. If you’ve had a poor credit history, lenders are likely to use this approach.
Contact the council for an application form and check your eligibility for the scheme.
You'll receive a purchase price and from there we can take some initial details and book you in with a Mortgage Advisor in Cardiff.
From there your dedicated advisor will work by your side, ensuring the process goes smoothly.
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.
