FAQs

Buying your own home is probably the biggest financial decision you will ever make. We have helped many people in the same situation as you and most share the same concerns. If you have any questions that are not answered here please do not hesitate to contact us we are here to help.

1. What is the Right to Buy?
The Right to Buy scheme was introduced in 1980 to encourage home ownership.Under the scheme you may be able to buy your home at a discount of the open market value.

2. Am I eligible to apply for my Right to Buy?
If you have been a tenant of your current or other public sector landlord before 18th January 2005 the qualifying period is two years.If you became a Tenant for the first time after 18th January 2005 then the qualifying period is five years.

3. What Discount will I get?
If you qualify, this will depend on the period of time you have been a Tenant and will be determined by your Landlord. The Discount will range between 32% and 60% (for Houses) and 44% and 70% (for flats).Please note that the amount of Discount is capped by cash limits depending in which region you live.
In the West Midlands for example the maximum discount is capped at £26,000. Details of the cash limits for other regions are available on request.

4. How do I apply for my Right to Buy?
You can apply by completing the form RTB1 which we are can supply to you or is available from your Landlord. If you need help or any guidance with your application please contact us.

5. How much will my home cost?
Your landlord will issue a Section 125 notice which will confirm their valuation less the amount of discount you are entitled to. This will be the Discounted Purchase Price, the amount you have to pay to buy your home.

6. Can I sell my home when I have bought it?
You may sell your home at anytime. But if you sell within the discount repayment period (which is now usually within five years) you will have to repay a percentage of the resale value of the property (less the value of any improvements you have made to the property) .

If you sell within ten years of having bought it under the Right to Buy scheme you must first offer to sell it back at market value to your former landlord.

7. Can I borrow the full amount?
Most Lenders will advance you the full amount of the Discounted Purchase price. Many will also let you borrow additional funds, usually to a maximum of 85% of the Open Market Value. All loans will of course be subject to Valuation and status.

8. Can I borrow additional funds?
Many lenders will let you borrow additional funds. The amount will depend upon  your personal circumstances and the value of your property. All loans will be subject to status and secured on the property.
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9. How much will a mortgage cost?
This will depend on your requirements and your personal circumstances.We can provide you with personalised illustrations.We will endeavour to find you the most suitable mortgage.
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10. I have rent arrears and credit problems?
Many lenders will now consider applications sympathatically regardless of the clients circumstances. So if you have credit problems, rent arrears, ccjs or have been bankrupt they will help you. 
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11. I am Self Employed and cannot confirm my income?
We have access to lenders who will consider all circumstances. So if you are self employed, a Contract or Temporary Worker we can still help.
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12. Will I have to pay any upfront fees?
There are no upfront fees for using our service but you may need to pay a Mortgage Valuation Fee to the Mortgage Lender.

Our fee of £495 only become payable when you complete your purchase. This can usually be included in your mortgage.

Key Facts about our services are available at the Get Key Facts link on our home page.    
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13. What if I change my mind?
You may cancel your application at any time with no obligation.

14. Where can I get helpful advice and guidance?
Our fully qualified Advisors are on hand to personally deal with any concerns you may have at any stage of the process, so if you need our help?

15. What if my property is a 'Non Standard' Construction?

At Council Homebuyers we specialise in finding mortgages for any kind of property, even if other lenders consider it to be a 'non standard' construction type, so if another lender has turned you down because of the construction of your property then it is time to turn to Council Homebuyers.

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                                   or call us NOW  on 0845 468 0242