Right to buy mortgages
Are you currently living in a council property and dreaming of calling it your own? At Airborne Mortgages, we understand the significance of homeownership and the aspirations you hold for your future. Our dedicated team is here to guide you through the Right to Buy Mortgage process, making your dream home a tangible reality.
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What is the Right to Buy Mortgage Scheme?
At Airborne Mortgages, we specialise in facilitating Right to Buy Mortgages, ensuring you make the most of this significant homeownership scheme.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
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Help-to-buy Mortgages
Eligibility Criteria:
To be eligible for the Right to Buy mortgage scheme, tenants typically need to meet the following criteria:
- Length of Tenancy: The minimum qualifying period for secure council tenants is usually three years, while housing association tenants may need five years.
- Type of Property: The property you’re looking to buy must be your main residence and should be self-contained with your own front door, bathroom, and kitchen.
- Discounted Purchase Price: The discount you receive depends on various factors, including the length of your tenancy, the type of property, and its market value.
- Financial Capability: Lenders will assess your financial situation to determine your capability to afford homeownership. This includes income, credit history, and outstanding debts.
How Airborne Mortgages Can Help:
Navigating the Right to Buy Mortgage process requires expertise, and that’s where Airborne Mortgages excels. Our team will guide you through the intricacies of the eligibility process for specialist mortgages, such as discounted purchase price calculations, including the maximum discount for Right to Buy, and mortgage applications. We ensure a transparent and efficient process, empowering you to embrace homeownership with confidence.
Steps to Right to Buy Homeownership:
Eligibility Assessment: Our experts will evaluate your eligibility based on the tenure and type of property.
Discounted Purchase Price: We’ll assist in determining the discounted purchase price, factoring in the relevant criteria.
Mortgage Application: With eligibility confirmed, we’ll guide you through the Right to Buy Mortgage application, ensuring a seamless process.
Property Valuation: An independent valuation will be conducted to establish the property’s market value and discounted purchase price.
Mortgage Approval: We work towards securing mortgage approval, facilitating a smooth transition from tenant to homeowner.
Right to Acquire vs Right to Buy: What is the Right Mortgage Product for Me?
Right to Buy, applicable to council tenants, demands a minimum period of public sector tenancy, often around three years, and necessitates the property to serve as the tenant’s primary residence. In contrast, Right to Acquire targets housing association tenants, requiring a qualifying residency period, usually ranging from three to five years.
The discount structures vary based on factors such as location and property type. Both avenues necessitate careful consideration of financial aspects, including mortgage affordability and ongoing homeownership costs. Furthermore, homeowners must navigate resale conditions and potential repayment obligations tied to the initial discount.
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