Buying a housing association house.

[antheatrifid]

Can anyone give me a run down on how buying a HA home works? What do you have to do re mortgage, do you need a deposit? I rent a HA house at the moment and I hope to be able to buy it in the future, but I'm completely clueless about the whole process!

Thanks.

The discount will count towards a 10% deposit.

Some lenders will use the discount towards the deposit, others will require a traditional LTV deposit. I'd recommend you see a mortgage broker.

Your HA should have all the info on there website on how to get the ball rolling.

Some lenders will use the discount towards the deposit,
Every high street bank and building society will accept the discount towards the deposit.

@Scholesfan it’s still LTV when the discount is used as the deposit.
Eg if a property is worth £100k and the discount £10k the lender is still lending you 90% LTV of the property.

Don't bother why take another house out of much needed stock save more and buy a different house.

@MardyMavis cheaper for me init. Unless you want to lend me a huge deposit?

That's very interesting re the discount being used as a deposit. That makes things a bit easier! There's not much point speaking to a broker or the HA at the moment anyway as I stand no chance of getting a mortgage any time soon, but I'd just like to know a bit more about what my aims should be eg getting mortgage ready/saving a deposit.

Is it RTA fixed lower discount, or RTB?

Absolutely no idea!

Was it a council house when you moved in or HA?

HA with a lifetime tenancy if that makes any difference

RTA is capped at a lower rate than RTB.

Will be RTA then, discount of between £9k and £16k depending how expensive the area you live in is.

Cheaper but selfish imo as it's the reason so many family's are struggling to get a ha/council house init.

No Mavis that's not how it works.
Government like us to think that but really the money from the sale of the house goes to central government.
If the HA could spend it building a new house the outcome wouldn't be less houses.

@MardyMavis I'll try not to let the overbearing guilt keep me up at night

The taxpayer is already paying your huge deposit, you’re welcome.

No they aren't Bunny the profit from the rental is capped in SH so the profit cap pays it.
Don't let that stop the envy though, it suits you.

@bunnyfuller no the taxpayer is not ....she has paid her deposit by paying her rent... thats how it works

Sorry ladies and OP. I just reacted to the ‘cheaper for me innit’ phrase which came across as a bit flippant. I served 22 years in the RAF, and because of the £300 p/m pension (that I paid into, a bit like OP with her rent) I can get a big fat fucking zero in any benefits or help. Currently off work with heart problems and not in the best mood!

Following because were thinking of buying ours too.

@Bunnyfuller I replied with that because I think pointless, judgy comments don't deserve a serious response.

Fair enough Bunny perversely loads of local authorities still have the armed services exceptions which would put you above others priority for social housing. Part of Social Housing was to protect service people, in fact it wouldn't exist without soldiers needs.

Lots don’t thus lots of homeless service personnel. Other benefits are negated due to the pension.

If the HA could spend it building a new house the outcome wouldn't be less houses.

I very much doubt that is the case. HAs also put properties up for sale in the open market. A friend is just buyers no one that has been market by a local estate agency and I've seen plenty come up at auctions.

Auto-correct gone wrong. A friend is buying a property directly from the HA on the open market.