If you are currently renting a property from a local council or housing association, you may be eligible for a scheme called a Right to Buy in Oxford. This scheme will give eligible tenants the option of purchasing their home that they live in, from their local authority, at a discounted price.
The price you will be offered to purchase the property at, will be calculated by applying a discount on the overall value of the property as it would be on the open market. This discount is calculated itself, by the length of time you have been a public sector tenant.
In order to use a Right to Buy in Oxford, you generally speaking need to have been renting from the local authority for at least 3 years, though this doesn’t necessarily need to be back to back. For example, you could be a council tenant for 2 years, move into private accommodation for a number of years, then back into council renting for another year, and maybe still find that you are eligible.
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You may actually be able to borrow some additional funds when you take out a Right to Buy mortgage in Oxford, though it is important to have a discussion with your mortgage lender about this if that is something that you are looking to do.
If perhaps you found that you had bad credit, it may still be possible for you to take out a Right to Buy in Oxford with bad credit. The term bad credit is most commonly associated with people that have a lower credit score, which sometimes can make getting a mortgage a little more of a challenge than you’d like. We do have guides relating to ways you can improve your credit score ahead of a Right to Buy in Oxford, so feel free to read those.
Mortgage lenders will always want to take a look at your credit history if you are looking to take out a Right to Buy in Oxford of your own. If at any point in the past you have had something like a CCJ or default, this is something we find could actually put off a mortgage lender or at the very least, been seen as a risk. They want to see how long ago these occurred, what the reason for them happening was and the amount of money it was for.
We truly believe that people looking to use these mortgages will benefit from speaking with a dedicated and reputable mortgage broker in Oxford. They will help you find the most appropriate mortgage for what you are looking to achieve, as well as helping with solicitors and surveys as and when you need it. Book yourself in for a free mortgage appointment today and speak with an experienced mortgage advisor in Oxford.
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Though it was a government scheme that was introduced back in the 1980s, the UK Right to Buy Mortgage Scheme is still very much relevant in the mortgage world, available to tenants in Oxford who are eligible to purchase their local authority home at a discounted price.
The scheme has had various changes over its tenure, yet it still remains a completely valid option for potential first time buyers in Oxford. Thousands of tenants over the years have made use of a Right to Buy in Oxford, on the way to becoming homeowners.
Before you can look at applying for a Right to Buy in Oxford, you will first need to know whether or not you qualify for that particular mortgage scheme. You can do this by requesting an application form from your local authority.
Once that local authority has received your application form, they will respond back accordingly with confirmation of your eligibility, as well as the level of discount you are set to benefit from and what the overall property price is when you apply.
During your free initial Right to Buy mortgage appointment, a member of our dedicated team of mortgage advisors in Oxford will work alongside you to make sure that not only are you eligible, but you are aware of all the potential mortgage costs involved, and that they find you the best mortgage deal for what you’re looking to do.
Across the duration of your home buying journey in Oxford, we will make sure we are always on hand to help, by advising on solicitors and property surveys when we are needed to do so.
As a general rule of thumb, most mortgage lenders are happy to accept a Right to Buy discount as your deposit, though others may still prefer it if you put down a deposit of your own, or make it a combination of deposit and discount.
You must always make sure that you remember that there will still be other fees that are involved in the mortgage process, so it’s still always recommended to have savings kept for this, even if a discount alone will be accepted.
Any family member is able to purchase your council home, though they will have also had to have been on the tenancy for at least one year. If you are married or have a civil partner, so long as they are already living with you at the time, you are able to transfer the tenancy to their name.
Once you have done that, they would be the ones eligible for the Right to Buy in Oxford, though you would not.
Being on any type of benefits does not change that any legal Right to Buy eligibility you have. That being said, from the point of view of a mortgage lender, they will need to know that you are able to afford maintaining your monthly mortgage payments.
One element that could be affected, is whether you can access any benefits that are exclusive to being a tenant, such as Housing Benefit, which you no longer become eligible for once you are a homeowner.
A fast & friendly mortgage broker in Oxford like us has the ability to search through 1000s of deals for your Right to Buy in Oxford, helping you to find the most suitable mortgage deal for what you are looking to achieve. Book yourself in for a free mortgage appointment today and speak to an expert mortgage advisor in Oxford.
We have the flexibility to work around your personal life, with appointments at times that are best suited to you.
There are no hidden fees, nor fees up front. We are only paid upon successfully helping you.
You will have consistency throughout your service, dealing with the same friendly familiar faces, they'll be happy to answer any questions.
Some people can find process a bit daunting when using the right to buy scheme in Oxford, transitioning from home renter to homeowner. We'll be here to guide you through the process.
Your mortgage advisor in Oxford will recommend the most suitable insurance products to make sure you can stay in your home, should you become seriously unwell or unable to work.
Your mortgage advisor in Oxford will search the market for the cheapest, most suitable deal for you and your aspirations!
Over the years, we have worked hard to help many customers in similar situations. It's likely we will have come across a circumstance like yours!
Perks of going to a mortgage broker in Oxford is that we can help recommend property surveys and conveyancing solicitors. We will make sure you are supported all throughout your mortgage journey, right until the end.
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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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