council right to buy

asquiths_2

hi me and my husband currently rent our house from the local council and pay 230 per month rent we have 3 young children and are at the moment not in a position to get a mortgage as we have debts of around £30,000 (loan, ccards)
however we do sit and discuss about buying our property at some point.

where we live is quite a high student populated area so the house prices tend to be higher we live in a two bedroomed back to back but it has an attic area that could quite easily be converted into a third bedroom. the council have said we could buy it for 72,000 the average house price in the area seems to be around 110,000 so it seems the best option to buy from the council but is it?

the other thing i suppose i'm really asking is where should we go to get a mortgage on council right to buy property? we have seen adverts on the telly but sometimes they seem so false you don't know what to believe.

like i said unless somehow we could get a mortgage at the same sort of payments as our rent then we're not in a position to buy YET!!! but am just interested for future reference.

thanks

BobProperty

asquiths wrote:

... but it has an attic area that could quite easily be converted into a third bedroom....

That very roughly, will cost £25000

asquiths wrote:

the council have said we could buy it for 72,000 the average house price in the area seems to be around 110,000....unless somehow we could get a mortgage at the same sort of payments as our rent then we're not in a position to buy YET!!! but am just interested for future reference.

thanks

Again, roughly, a £72,000 mortgage will cost around £400 a month. I think it unlikely that you will see a mortgage around the same price as your rent for some time.