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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To not know whether I should look at getting a mortgage or remain in my council property

34 replies

whatyadoing · 24/05/2018 20:39

This probably seems like the dumbest question ever....

If you had a council property, would you continue renting from the council or are there some glaringly obvious benefits to shared ownership or something?

OP posts:
NapQueen · 24/05/2018 20:41

I think that if you have a council tenancy, only give it up if you are certain. Do you want to get a mortgage? Id always side with "get on the property ladder" if you can but it depends on your lifestyle (do you know where you want to stay, will the house you can afford be as big as you need or as big as your current cpuncil house).

Awwlookatmybabyspider · 24/05/2018 20:51

Can you not apply to buy the house you're in under the right to buy scheme

lalalonglegs · 24/05/2018 21:10

If you like the property that you are renting and it is easily affordable, you would be better off staying put. However, a below-market rent may give you the opportunity to save up for a hefty deposit if home ownership is something that you really want but a secure tenancy means that there is no hurry. You are in a great position. (The obvious advantages of home ownership that come to mind are that, if you have equity in the property, you can sell up and move on with reasonable ease or downsize and have some sort of savings cushion - and you get more autonomy about what you do to your property in terms of extensions etc.)

ShotsFired · 24/05/2018 21:15

I would also think about whether your current rented home is be due for any major works in the nearish future - new roof, new heating, kitchen etc.

(Caveat: I have no idea if council tenants are asked to repay the cost of these if they move to purchase straight after, or on some kind of tapering scale.)

MyDcAreMarvel · 24/05/2018 21:17

Your best option is to buy your Council house .

MyDcAreMarvel · 24/05/2018 21:18

Shots no, but the house is obviously valued and a new kitchen etc will increase the value.

Mrsmadevans · 24/05/2018 21:28

Hasn't the right to buy been stopped now ?
If l were you OP, l would stay put if you are very happy there, you never know what may happen if you leave and buy and hate it, will you be able to go back to renting from the council or will you be classed as not eligible anymore? Be very cautious is my advice . I know the wanting to be the owner of your own home is very strong but the fors and against need to be weighed up before you decide as l am sure you realised hence your post here . Good Luck OP
.

Curious2468 · 24/05/2018 22:19

Having watched the difference in elderly relatives of various friends if you have a lifetime tenancy don’t give it up. Those who were in council properties were moved to more suitable accommodation when needed as the council has a duty of care. If you own your own home you are on your own and finding suitable accommodation can be costly and awkward.

Domino20 · 24/05/2018 22:22

I thought the right to buy had been extended not stopped?

MrTrebus · 24/05/2018 22:23

Just do right to buy. No the scheme hasn't stopped it's still going. 100% mortgage and you can borrow extra for home improvements and legal costs and all sorts on top of the massive discount. Not that I'm bitter! Disclaimer I do have my own home and mortgage but I do have a slight issue with right to buy!

Eliza9917 · 24/05/2018 23:11

Can you not apply to buy the house you're in under the right to buy scheme

If you can buy you should buy normally and not deplete council stock further and also free up that house for someone who needs it.

Original poster
whatyadoing · 24/05/2018 23:15

I'm not sure whether 'right to buy' is something applicable or affordable. I have seen it mentioned, but I have no idea what it is.

OP posts:
Noqont · 24/05/2018 23:17

Personally I'd try and buy the council house if it falls under that scheme.

Original poster
whatyadoing · 24/05/2018 23:21

As for the 'not bitter' poster, would it make it more palatable that I've a roof over my head after living in Pymmes Park, Edmonton for 3 months, followed by 8 days in GoodMayes mental hospital (sectioned as I was walking in front of buses)? Because, you know, you can choose that option if you like? Lol - great way to get a council gaff.

OP posts:
Original poster
whatyadoing · 24/05/2018 23:26

And one year after getting a roof over my head and being under various mental health services, I now have a full time job. I am the person I was before I became homeless, I am the homeless person and I am the person with a council tenancy. I receive no benefits whatsoever. Fuck off with your jealousy. Sleep under the stars for 3 months dear.

OP posts:
LewisFan · 24/05/2018 23:38

Please don't do shared ownership; it's a total con.

Google "help to buy" and your local area for your local scheme service; there are a number of options and I've researched extensively, but SO seems to be the most shitty option.

You have to pay near market rent plus mortgage plus service charge, which around here (South East) is in the region of £1000-1500 a month.

Then there's the 100% responsibility for all upkeep, even if you only own 10% of the damned house!

Imchlibob · 24/05/2018 23:40

If I understand that last post correctly as meaning that your mental health isn't always entirely tip top, then stick to renting. Stuff happens, for good or ill, unpredictably. If bad stuff happens and you can't earn and so can't afford your rent, the council will have a duty of care to rehome you. If you have a mortgage you'll be on your own.

That said, if you did manage to pay off a mortgage before you retire, you would live rent-free in retirement. That's a serious advantage if it all works out.

AvoidingDM · 24/05/2018 23:41

Given you've only been a tenant for a year you probably won't get much discount on right to buy.
The real winners from that scheme were people who'd rented for years who got their house at up to 75% discount.

If I were you I'd make sure you have a decent cushion of savings in the bank before you decide to do anything.

If you were to loose your job and struggle with the rent, benefits are more likely to cover it. Where if your in a bought house banks can be a bit more ruthless.

CaptainApollo · 24/05/2018 23:42

In light of your update I would recommend staying in your council housing for the time being for the security if nothing else! It sounds like you have really been through the wringer, I'm glad things have improved for you Flowers

Original poster
whatyadoing · 24/05/2018 23:46

Thanks. Reading everything ye have said, given my medical history, I will stick with renting.

OP posts:
Eliza9917 · 24/05/2018 23:50

Are you looking at buying in Edmonton op? I wouldn't recommend that, Properties are expensive even though it's a shithole so hard to get on the ladder as a ftb. Get out if you can afford to buy and I say that as n18 born & bred.

Original poster
whatyadoing · 24/05/2018 23:51

It's debatable as to whether I was in a perfectly sane state of mind to walk in front of a bus living on the streets lol. Think that's why they let me out so quickly lol. Homelessness will drive you to extreme and 'insane' measures.

Thanks for the advice. Really appreciated.

It's a pipe dream to own something. Really, I'm just happy /sto have a bed to sleep in. Just wondering whether there were pressing reasons to go into 'buying'/saving

OP posts:
CaptainApollo · 25/05/2018 00:18

Nothing so pressing it's worth risking your MH for! Enjoy the peace and security of a safe place to sleep Smile

RamblinRosie · 25/05/2018 00:42

Carry on renting, you'll be paying less than commercial rate. If you have further problems you are more likely to be protected. If there any problems with the property, the Council will have to fix them.

There are no glaringly obvious benefits from buying, quite the reverse.

Save any money you would have spent, invest it into a pension scheme.

Do not, in any circumstances, give up a secure Council rental.

Armchairanachist · 25/05/2018 03:48

You've achieved a hell of a lot in the past year. I love reading success stories. Google right to buy but don't rush into it. You can always do it in the future but meanwhile the longer you rent the property the bigger the discount you'll receive if you do decide to buy it.