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Buying your council house

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zarkrax
zarkrax Posts: 6 Forumite
in House buying, renting & selling
Is this the right to time to buy?

I am not getting any younger (40's), and I keep thinking about it.

Only trouble is the rent we pay compared to a mortgage would be loads more.

Advice please?

TIA

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  • Fire_Fox
    Fire_Fox Posts: 26,026 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
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    Do you have money set aside for all the costs plus sufficient for at least three months mortgage payments should you be unable to work? Do you have a good credit rating and sufficient income to cover the mortgage?
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
  • zarkrax
    zarkrax Posts: 6 Forumite
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    Have no savings to speak off, as such I know I would have to get a deposit together, and have valuation fees etc. With the discount from the council our incomes could cover a mortgage. But the monthly fee of the mortgage is lot more than the rent we are paying. So I wonder if it is worth it. Then we would want improvements etc. But we do get a discount.
  • jenny_13
    jenny_13 Posts: 159 Forumite
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    Can you cover the mortgage if rates go up? Also by giving up the council house you lose the luxury of someone to do any alterations or modernisation that needs doing. If you do sell the house within a certain number of years you also have to make a payment to the council. (Not sure how much)
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