Right to Buy

Right to Buy

If you’ve lived at your council house for some time you may be considering your right to buy the property at a discounted price. At Clever Mortgages, we can help.

We can:

 Work with the lenders who offer mortgages for Right to Buy schemes, and find which is right for you

 Find which lender you are eligible to borrow from and where you can get the best deal

 Help even if you’ve got bad credit – for instance historic defaults or CCJs

 Discuss with you some possibilities for options with no deposit

We help customers with bad credit get the Right to Buy mortgage that’s right for them – as we know the lenders that are most likely to say ‘yes’ for their individual situation, and to give the best rates.

How Right to Buy works

If you decide that you want to exercise your right to buy, the first thing you will need to do is ask your landlord for a Right to Buy application form (RTB1). This must be completed and sent back to your landlord. Your landlord will use the information to assess whether you’re eligible for the Right to Buy Scheme, and what percentage discount you are entitled to.

They must then send you a RTB2 form informing you of their decision. If your landlord decides that you don’t have the right to buy, they must explain their decision to you.

Your Section 125 (S125) notice

If your Right to Buy application is accepted, your landlord will send you a Section 125 notice (your offer) within eight to twelve weeks.
The S125 notice will include:

  • The price you should pay for the property
  • The discount you are entitled to
  • A description of the property
  • Estimated maintenance and repair costs (service charges) for the first five years of ownership

Get your Right to Buy mortgage with Clever Mortgages and you could:

 Find the deal that’s right for your individual situation
– we take simple details about your income and outgoings, and match it with the right lender and mortgage product

 Get a mortgage, even if you’re self-employed
– every day we help self-employed customers to find the mortgage perfect for them

 Have your benefits taken into account
– some of our lenders will consider benefits in the calculation of how much they can lend you

 Get a mortgage with bad credit
– even if you’ve a CCJ, DMP, or IVA on your file, we can look for the lender most likely to accept your credit history

With Clever Mortgages you can expect:

  •  Specialists in Right to Buy mortgages
  • A thorough search of the market, for the right deal for you
  • A friendly service, where you’re always kept in the loop

It’s hassle-free and easier than you might think. Let’s get the ball rolling.

What should I do next?

  • If you’ve already got your S125, enquire online with us today 
  • We do all the hard work for you – we’ll find the right deal for you
  • Our expert will keep you informed of progress, all the way to completion
  • If you haven’t yet received your S125, you can find out how to apply to get yours here

Why should I use a mortgage broker?

  • You’re likely to only have to do one application – this will save you time, and more applications from being recorded on your credit file
  • Some Right to Buy mortgages especially for people with bad credit are only available if you go through a mortgage broker
  • Brokers can advise on what would improve your chances – e.g. finding a guarantor or opting for a joint mortgage
  • They can take the hassle of application forms away – talking you through every step, and asking all the right questions

6 reasons to choose Clever

Specialists in bad credit

Every member of our team is trained in bad credit situations and know how to find the right solutions for customers – helping them get the mortgage that’ll get them back on track.

Over 100 lenders

The number and quality of lenders we work with means we have access to a diverse spectrum of best-rate deals. The lenders we use means we have all areas covered – even for those in particularly niche circumstances.

Not every case is the same

As each customer’s situation is unique, we take the time to understand your situation, and we carefully assess your goals and how we’ll make sure the mortgage we get helps you to achieve them.

Access To Exclusive Rates

The relationship we have with our lenders means we have access to products and deals that simply aren’t available to customers going direct. This is true particularly for those in adverse credit situations.

Offering the best support

We know that buying, moving house or remortgaging can be stressful, so we do our upmost to make the process as hassle-free as possible. We’re there for you at every step, always keeping you in the loop.

Excellent Reviews

We’re proud of our long-standing 5 Star Rating on Trust Pilot, and love all the positive feedback we get from customers every day. We feel privileged to help people get a great deal with far less stress.

Understanding credit scores when you’ve been declined a mortgage

All lenders look at information on your credit report such as:

  • Whether you’ve made late payments for bills and loans
  • Any details of debt management plans you have taken out
  • Other details, such as any financial connections with others you’ve had – for instance partners you’ve held joint accounts with

How long is information stored for on your credit file?

Six years is the amount of time a loan you take out will stay on your file, as will CCJs (County Court Judgments), bankruptcy, IVAs (Individual Voluntary Arrangements), and an administration order. Searches and some applications will only remain on your file for a year, but debt collection searches will stay on for two years. Addresses and associations with others can stay on your file indefinitely. 

Credit scores are important – but whatever your situation, we might be able to help – just get in touch and let’s see how we could help. 

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