In this brief guide, we will discuss Rykneld homes in the UK. If you live in the Northeast then they may have a home for you.
Who are Rykneld homes?
Rykneld Homes is a not for profit company which manages over eight thousand homes on behalf of the North East Derbyshire District Council.
Rykneld homes were founded in 2007 and since then has grown in strength. They do not pay any dividends to their shareholders and are managed by a Board of Directors, made up of a Chair, three tenants, three Councillors and three independent members. The Board is supported by the Senior Management Team who are paid professionals. They develop and implement policies and procedures, manage staff and deliver the services we promise.
Find a home
Pay your rent
And report a repair on the Rykeneld homes website.
Government schemes for a Rykneld homes home
There are some government schemes which may help you buy your Rykneld homes home but you should check with the sales team as they may not accept all of the schemes listed below:
- Lifetime ISA– gives you a government bonus of £1,000 if you save the maximum £4,000 a year.
- Help to buy ISA– gives a maximum bonus us £3,000 if you save the maximum allowed of £12,000. Before you get either you should consider which is better. Lifetime ISA vs Help to buy ISA.
- Help to buy equity loan- gives you up to 40% as a 5-year interest-free equity loan. You begin to pay interest at 1.75 % after the fifth year and 1% plus RPI for every year thereafter.
- Shared ownership- You can buy between 25% to 75% of the property initially with a shared ownership mortgage and then buy more using a staircasing mortgage.
- Armed forces help to buy- similar to the help to buy equity loan but specific for the armed forces personnel giving them an increased chance of acceptance.
- Rent to buy- This is the right to buy scheme on which this guide is currently discussing. A different marketing name is just used. Watch out for this when shopping to avoid missing out on eligible properties due to confusion.
- Right to buy- allows you to buy your home at a discount price.
- Preserved right to buy- same as above.
- Right to acquire- same as above.
Depending on where you live, you may also be able to take advantage of home buying schemes provided by your local council. Example: In Norwich, the local councils provide the Norwich home options scheme.
Getting a mortgage for a Rykneld homes home
You may want to consider using an independent mortgage broker to get a mortgage.
Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases.
This could be over 11,000 mortgage products. This may have some advantages than going directly to a mortgage lender.
A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you.
After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle.
This will allow you to shop for your home easier as more estate agents and sellers may take you seriously or it will give you confidence that your remortgage is indeed a possibility before you make a full mortgage application.
Once you have found a home you want to buy or are satisfied with the mortgage offer for your remortgage then the mortgage broker will then look to get you a mortgage offer.
This will come with a key facts illustration document which details out the features of your mortgage including how much you will pay per month if there are any limits such as early repayment fees, or annual overpayment limits.
If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer.
Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it, they will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer and set a completion date with the seller or their conveyancer.
How to contact Rykneld homes
You can contact Rykneld homes on this number during normal working hours: 08000 121 621
Alternatively, you can write to them at Rykneld Homes Ltd, Pioneer House, Mill Lane, Wingerworth, Chesterfield S42 6NG
In this brief guide, we discussed Rykneld homes. If you have any questions or comments please let us know below.