Buy your New Addington council with the help of a Right to Buy mortgage
It’s common for Right to Buys for council tenants in New Addington to want to become homeowners and as such our Admin Office is based in the heart of Addington to help verify original documents to support you with the Right to Buy Mortgage in New Addington and the CR0 Postcode.
The first mortgage stage will be to complete a short form to gather information by email so we can access your eligibility. We will normally check this through and call you back the on the same working day.
Frequently Asked Right to Buy Mortgage questions by residents in New Addington:
- Can I borrow on a property I do not live in?
A. No, Right to Buys are intended for home owners.Q. Do the applicants have to mirror the same persons on the Right to Buy papers?
A. Yes.Q. Can I borrow more than the discounted purchase price?
A. Yes, depending on the Mortgage Lender. The money much be used for home improvements.Q. I’m on the Right to Buy papers with my elderly parent can you help?
A. Yes, we have Mortgage Lenders that will work off your age if you are the income earner.Q. I’m on state benefits can I excise my Right to Buy in New Addington?
A. One applicant must have a job.
Q. I’ve missed my rent with the council, can I still qualify for a Right to Buy mortgage?
A. Yes, provided no payments have been missed in the last 12 months.
Q. I want to purchase my Right to Buy flat in New Addington can you help?
A. Potentially, please send us the details such as: number of bedrooms; how many storeys there are in the block; which floor you are on; whether there is a working lift; and postcode. You can do this via the online enquiry form on this page.
Q. What will you charge me for arranging my Right to Buy mortgage in New Addington?
A. We do not charge a penny upfront. Once the mortgage has been fully agreed and the purchase goes through we will then charge 1% of the loan size. So if you borrow £60,000 we will charge £600.
Q. I have a bad credit rating can I buy my council home in New Addington?
A. Potentially, we have many Mortgage Lenders that will lend to customers with credit blemishes on a Right to Buy basis, including county court judgements; defaults; rent arrears; debt management plans. We also have some solutions for discharged bankrupts and IVAs.
Q. How much can I borrow towards my Right to Buy purchase?
A. Potentially up to 5 times your annual income. Most Right to Buy Mortgage Lenders operate around 4 times though.
To find out more on how Niche Advice can help you secure a Right to Buy Mortgage in New Addington, or other areas, please call T: 020 7993 2044 or complete the contact form on this website.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Finance Brokers In London. His role is very much focused on Property financing both on residential and commercial lines.