Buying a council home...

lil_miss_sunshine

Have many on here done this and is it hard to get a loan to pay it off?

Thanks

SquatNow

lil_miss_sunshine wrote: »

Buying a council home...

Should be made illeagle and all those that bought them at a discount should be made to repay the discount plus interest or give the houses back.

The introduction or Right-To-Buy was the biggest disaster in Britain in living memory.

lifeisgood

lil_miss_sunshine wrote: »

Have many on here done this and is it hard to get a loan to pay it off?

Thanks

It will depend on how much you need to borrow, what percentage of the price you are paying, your income, and several other factors.

Have a read through of Martin's Mortgages article.
http://www.moneysavingexpert.com/mortgages/mortgage-guide

flipcat

I second that comment squatnow....look at the mess this country is in where social housing is concerned....theres no social houses left hence new goverment idea bring in affordable housing,affordable good grief when did paying 700 plus a month for a cardboard house become affordable housing and acceptable?

lifeisgood

Also, remember that once you buy your council home, you will be responsible for all the maintenance. If you lose your job you could lose your home if you can't keep up the payments.

Is it a flat or a house, as if it is a flat, you would probably have to pay a service charge too, towards the cost of upkeep of the block.

Look into it carefully, as it could be a wonderful opportunity for you.

And, yes, I understand what other posters are saying, but it wasn't what the op asked.

pawpurrs

SquatNow wrote: »

Should be made illeagle and all those that bought them at a discount should be made to repay the discount plus interest or give the houses back.

The introduction or Right-To-Buy was the biggest disaster in Britain in living memory.

You sound like me, I allways say that. However if you had the opportunity to buy at huge discount who would turn it down.

I dont think they should have to give them back, but it should definetly not still be happening.

I also think they should be reviewed every year, and be kept for those in need, those whose circumstances have changed, ie higher income, new partner should be kicked out and allow some one else to use them.

lil_miss_sunshine

Maybe, but if i could get a dicount on a house why wouldnt i? Espesh as everywhere else is so expensive...

Yes its a house..

lil_miss_sunshine

lifeisgood wrote: »

It will depend on how much you need to borrow, what percentage of the price you are paying, your income, and several other factors.

Have a read through of Martin's Mortgages article.
http://www.moneysavingexpert.com/mortgages/mortgage-guide

Thank you

babyblooz

My brother lives in a council house, and he pays full rent etc. He enquired about buying his and they wanted the same kind of price as non-council houses less about ten grand! Some ex council houses that had been bought, and thoroughly renovated to a high standard were on sale on the same street for far less than the council were asking for his, and they weren't selling, so it would have been cheaper for him to buy one of them, than his own. The price they quoted him was way way above what he expected. I think originally the council sold them at reasonable prices, but in our area, the council house prices have shot up, and stayed up, despite the rest of the prices in the housing market plummeting.

lil_miss_sunshine

Oh, thats not very good. Where abouts is that if you dont mind me asking...

Gorgeous_George

My parents bought their council home. If they hadn't, they'd still live there so I don't see how it has denied some layabout from getting a free ride. If they'd bought a house on the open market that would have denied a FTBer the chance to buy.

A 50% discount seems generous but they had paid their rent on time for 30 years and from their own hard-earned money. They had also looked after the house much better than most tenants would.

I still think RTB is wrong but that isn't what this thread is about.

I'm sure that there are many lenders who will find a discounted house price attractive. I think council house valuations lag the real world so may be on the high side. Whether the discount (limited to £24K in some areas) is enough to make it a good decision may be questionable.

GG