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?

@Dalemp - many single people do qualify. That said, the OP has said her situation has changing so that if she gives up the tenancy she wouldn’t get another one. To me that’s the big issue- moving back in with her mum would be a big risk.

I think I’d stay in the flat for 2 years and save rather than 1 year saving at her mums.

OP, have you considered getting a shared ownership property? They usually only ask for a 5% deposit. You can own a share like 25% and pay rent on the rest. If you pay off the mortgage, you can either staircase to full ownership by getting a mortgage again or you can just rent for a while and it’ll be cheaper than social housing rent. It gives you lots of options.

Local authorities have different numbers of available properties. I am assuming the OP comes from Prestatyn who will likely have more available than, say, a busy London borough.

prestatynprlck ·

You do not have to move. Your status at the moment is more than secure.

Look into your future, and what this government are doing at the moment. If you buy your own house you could be heaping up trouble for yourself in years to come.

Suppose you bought your own place and for various reasons may have to move. You would be less secure than you are now.

It would say from experience that it may be better to bide your time, keep your council flat and SAVE for the future.

You do not know what the future is, and buying a property has had a lot of benefits in the past. Not so much now.

I got up to go to work one morning and my legs gave way. Now I am not saying that happens to many other people, because it is a rare disease, but something similar could stop you working too. Many recover: I did not. I own my home. It is very hard to manage.

Disability is very expensive. You would get far more help as a council tenant than if you owned it. You would be more secure.

If you stay in your council flat and save as much as you can, then you could perhaps buy something when you are 50. You have to look to the future when you are making the biggest decision of your life.

Not only that, living with someone else will most likely not go well, especially as you are both probably independent and free minded.