Is there any way I can own a home

[SkintAndConfused]

Currently in social housing, no savings, the bills take all my wage

It drives me insane paying rent when a mortgage could even be cheaper and I’ll always have nothing to show for it

But I’m never left with any income so finding it impossible, is there a way out? I’m getting genuinely very depressed and feeling trapped paying for an awful house that I don’t even get to keep or profit from

How much is property in your area? There are 95% mortgages and dependant on your income you could get a loan for the deposit. It's not ideal but dependant on how much you have coming in and property cost it may be possible!

I'm in the same position, having lost my house after leaving an abusive relationship.

To be honest, it's highly unlikely I'll ever own a home again, unless my earnings potential increases massively or I inherit my parents' estate before they need costly care homes.

But I've made my peace with it. Me and my kids have a lovely, secure home that we can decorate as we please, treat as our own. If anything god forbid happens to me, 19yo DS1 could keep our home. My rent is a third of what private rents are in the area. And if I ever couldn't work/was in between jobs, I have the ability to claim HB which I wouldn't as a homeowner.

Don't mean to sound preachy but count your blessings op

cat x

I think, being in social housing, you are as close as you can be too owning your home. You have the same security as a home owner, much better than private renting.

I know it's hard op, but it could be a lot worse.

I managed it.
I read a lot on moneysavingexpert and on here.
I was in a council house (single mum of 3) and once I got a job and got off benefits I set up a regular savings account thing. A year of that and I had 3k.
I did have to go without a fair bit.
I sold things on ebay.
I found a better job with better hours. That was the crucial bit because I needed a high enough income to borrow.

It was a slog and owning isn't a magical solution. I do worry what would happen if I couldn't pay the mortgage.

But MSE helped me reduce my bills and that did help to start me saving for a deposit.

I also claimed for bank fees I had been charged after genuinely being missold an account with fees.
That ended up paying for my boiler.

Not posting to boast at all. Just to say it's sometimes possible.

Do you have “right to buy”? I think some mortgage companies will treat the discount as a deposit and so let you buy without one.

You’d still have to save for stamp duty, solicitors fees etc though.

Was going to suggest rtb

Is there any way of finding a new job with higher pay/more hours? Like pp said, getting outgoings lowered (MSE to the rescue) and income higher will allow you to start saving. Could be a long journey but its a journey worth taking!

My HA have phased out RTB but they do 'right to acquire' which is essentially the same thing but the discount is a lot less. I'm pretty sure that's the way most HAs are going but I'm happy to be corrected.

have a look at this website x

www.placesforpeople.co.uk

Would a mortgage really be cheaper than social housing rent? But unless your income goes up, you might not qualify for a mortgage, because of the affordability criteria. They expect you to have quite a lot of spare money on top of the mortgage payment.

Remember that you also need to pay for buildings insurance, boiler servicing and repair and replacement of heating, kitchens, bathrooms etc.

This could easily average a few hundred pounds a year at the very least, possibly more, closing the gap in costs.

If a mortgage on your house would work out 'good value' and financially viable, it's probably best to look into doing that and if you don't like where you live look into selling it later and moving somewhere you do like, but before relying on this as a plan, you need to research what houses like yours where you live sell for and if they sell reasonably quickly.

Or shared ownership on another house, but I'm not sure if you can do that without a deposit.

Another vote for would a mortgage really be cheaper than social housing rent?

Also, if you have no savings, how would you afford major repairs such as a replacement boiler ect? Maintaining your own home can be costly.

You have a lifetime tenancy, you’re in a very fortunate position. Don’t take it for granted.

But if you could afford to buy why wouldnt you? Even with secure tenancy the house is never yours

Can you buy through right to acquire? The discount is your deposit it counts towards it if it’s less than 10% of the house value.

Don't worry too much. Even if you do own a house the government take it all from you to pay your old people's home fees anyway!

How much do you earn, how old are you, and what is the average property price in your area for a two bedroomed house.