Spellman Financial Services

Right to Buy Mortgages Coventry & Warwickshire

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Right to buy mortgage advisers Coventry & warwickshire

Right to Buy Coventry

Right to Buy is a fantastic Government backed Mortgage scheme which enables Council or Housing Association tenants the opportunity to buy the home they currently live in.

Usually at a huge discount to the market value.

If you can do it, you should. Property in general is always a solid investment in the UK.

The minimum discount will be 35% of your Houses market value or 50% if you live in a flat.

Right to Buy Mortgages

There are plenty of Lenders which are happy to Lend on the Right to Buy Scheme.

There’s no need for your own deposit and if you want to, you can even raise funds for Home Improvements or to pay for Legal Fees associated with the purchase.

Will I be eligible for a Right to Buy Mortgage

We often speak to Customers which are worried that the Mortgage part of Right to Buy will let them down. But there’s no need to worry about this.

There are plenty of mainstream and Specialist Mortgage Lenders which are happy to lend on the Right to Buy Scheme which cover most scenarios 

This means there are options for most.

Including those with Bad Credit, Self Employed with 1 Years worth of Accounts (or less in some cases), Low Incomes and those whose income is made up mostly of benefits.

Costs involved with Right to Buy

Firstly and most importantly there shouldn’t be many up front costs, so don’t be put off if you’re on a tight budget.

In many cases there won’t be any upfront fees associated with the Mortgage. Some Lenders charge a Valuation fee of around £200, but there are usually fee free options.

Some Mortgage products come with a fee, but again there are also fee free options which will likely be a better option on smaller Mortgages. Mortgages which come with Fees will usually be no more than £999.

Mortgage Broker Fees. What a Mortgage Broker charges will usually be down to the complexity of your case and the size of the Mortgage you require. Broker Fees tend to be in the region of £195-£495 and won’t be payable until your Mortgage is confirmed and formally approved.

Solicitors Fees. This could be anywhere between £800-£1,400. And will be payable on Completion.

Right to Buy process

Pick a Specialist Right to Buy Mortgage Broker, like us. We’ll be able to guide you through the whole process and be a friendly face on your side.

Apply for Right to Buy. Here you can find the Right to Buy Application form.

Get in touch and a Mortgage Adviser will confirm your eligibility and what the cheapest Mortgage available to you is in the market.

You can then send this to your Landlord, and they will provide you with a Valuation and let you know what discount your eligible.

 Your Mortgage Adviser will then complete your Mortgage Application for you and do all the leg work.

You can then Complete the purchase through your Solicitor.

Congratulations, your now a Homeowner.

The whole process could take as little as 2 months and be as long as 4 months. It usually depends on how quickly your Landlord completes their side of things.

Benefits of Right to Buy

The opportunity to own your own home at a discount significantly below the market value.

You’re able to move at any point still.

If you move within 5 years, you will have to pay some of the discount back.

After 5 years, you won’t pay back any. You’ll be able to move and should have a huge amount of equity in your home.

In many cases your Mortgage payments will be less than your Rent.

Your Mortgage will one day be repaid. Where as rent will be payable permanently.

Bad Credit Right to Buy Mortgages

If you have Adverse/Bad Credit, you may still be eligible for a Right to Buy Mortgage, but this will dependent on the severity.

We will be able to tell you quickly, whether you will be eligible.

So don’t be put off if you have Adverse Credit as there are plenty of Lenders which can consider this.

At the very least we’ll be able to tell you when you can apply, if it isn’t immediately.

Right to Buy Mortgage Brokers in Coventry

We Specialise in Right to Buy Mortgages, deal with them regularly and know exactly what Lenders will accept you.

We are rated 5 stars by our customers on Google, Vouched For & Facebook.

We can provide face to face Right to Buy Mortgage Advice to customers in Coventry & Warwickshire. Or a telephony service if you prefer, for Local or National Customers.

Luke Spellman, the Mortgage Broker you will speak to, has over 10 years experience in Financial Services. 5 of which has been spent working directly with Mortgages.

So for simply more information and for a non-obligatory free chat. Please contact us below.


Get in touch

Spellman Financial Services is a Mortgage Brokers in Coventry.

We Specialist in Right to Buy Mortgage Advice.

If you would like any individual advice or further information on any of the above or alternative Mortgage or Insurance Advice.

Please do get in touch and contact us on the below details, to see how we can save you money on your Mortgage.

Get in touch!

If you need Expert Mortgage Advice. Please complete the below contact form and we will get in touch within one working day.

Please note

The information provided will only be used to contact you and will not be held for marketing purposes.

Address & Telephone

14 Arundel Road, Coventry, West Midlands, CV3 5JU
Telephone: 07739387944

Opening Hours

Monday-Friday: 08:00 – 20:00
Saturday: 08:00 – 14:00
Sunday: By appointment
Other times: can be arranged by appointment

Spellman Financial Services is an Appointed Representative of Openwork Ltd, which is authorised and regulated by the Financial Conduct Authority

Spellman Financial Services is registered for Data Protection purposes through the Information Commissioners Office