Leaving a council tenancy to move back in with mum need some reassurance

[prestatynprlck]

For context I am 28 and single. I was given a council tenancy on a one bedroomed flat three years ago. Since then my circumstances have changed and I now earn 38k a year and I am in a position where I could buy a 2/3 bedroomed house soon. I have a 5% deposit saved but I need 10% really otherwise I am going to get stung my interest rates. I could save this in a year moving back in with my mum. I need to bite the bullet and do it however I know I would never get given another council tenancy again and I feel a bit scared of letting it go. Am I mad to consider giving up a secure tenancy to move back in with my mum?

Yes

I think you’re mad if you’ve got a council house. Stay there and save up, and buy if you can.

How certain is the house purchase? And how long in your current rental would it take to save the extra 5%?

I also don't have children which is relevant I suppose.

Gosh, no, stay put that would be madness.

My job is very secure and my wage will eventually go up so I'm fairly certain that I will be able to buy.

I think if you are confident you can save enough to buy then yes it's a good idea. Let someone who doesn't stand a chance of being able to buy have the council property. We have a massive homelessness problem in the Uk right now, so if you can move in with your mum then do. I really don't understand people saying it's madness if you are confident it is only going to be temporary ? Anyone can manage a year living back with a parent.

Stay put, do not give up that tenancy!

Honestly I’d stay put I would imagine council tenancies for single people are as rare as unicorns that shit glitter. Just accept it’ll take a bit longer to save. I am of course speaking as someone who could not have lived with my mum for any length of time at all!

Stay where you are. If it goes wrong at your DMs what then?

Stay there and save the money? Wait till you have you deposit before you move.

Unless there are issues with where you currently live (such as anti-social behaviour), I would stick with your secure council tenancy and continue saving.

You would lose your independence by moving back in with your mum and you also don't know how long it will take you to save, find a suitable property and so on.

As a result you could be living back in the family home for quite some time which might not be easy as a 28 year old.

I'd stay and work on saving the extra 5%.

I wouldn't give up the council tenancy. That's your current security.

That fear you feel is your gut warning you against doing this.

Stay where you are, keep saving (even if it’s at a slower rate) and look to buy when your salary had increased more.

Don't give up your tenancy. Just take that bit extra time to save up .Nothing wrong with staying where you are .

The level of discount you can get through Right to Buy has recently changed and it’s gone from a maximum discount of over £100k to £20 something. This is after being a tenant for many years. Given you’d have to pay rent for all those years, it’s no longer a good deal if you’re paying your own rent and have the ability to buy soon. You’d have to continue renting for a lot longer to get the max discount and as I say, this isn’t very much nowadays.

My mum is encouraging me to do, I think she wants the company. I work long hours anyway so wouldn't be there much I just worry if something happens with house prices or interest rates I will be stuck there

I don't want to buy the council property I'm in anyway.

Stay there. Council rent levels aren't so high that you couldn't save - it might take a little bit longer, but you'll still be able to save on that salary and you'll be able to be independent throughout; going back would be stressful (and there were reasons why you were eligible for the tenancy in the first place, one of them being that you couldn't just live with your mother rent free, weren't there?).

You will get stuck there, so don't move back. Your mum is being selfish.

Stay where you are and save. You'd be crazy to give up your tenancy to go live with someone else who could fire you put after a week If they wanted.

Stay where you are, keep your independence and save on your own. If your circumstances or income change, you're fine where you are, if that happens at your mum's you're stuck there. There's no pressing need to move right now it's not like you're over crowded where you are

I don’t think your mum is being selfish as others say. She can see you need to save and by not paying rent for a short time, your savings will increase much faster. If she temporarily enjoys having your company, that’s no bad thing. If you and mum get on well and she doesn’t have form for being controlling or wanting you to care for her etc, I don’t see the issue. As you say, you’re not home a lot so paying rent seems madness, even if it’s reasonable rent.

Stay where you are! You’re 28, you don’t have to do something cos your mum suggests it.

Anything can happen nowadays, the economy is not stable. I’d stay put and make more time to be with your mum since she is a bit lonely.