Buying my council house.

sjk_2

Should i buy my council house, my house is worth in todays climate about 110000.00, i am entitled to the maximum 28% discount and also my mom is selling her flat before she gets in trouble with her morgage and will come out with about 30000.00.
im thinking of letting her live with me and my three children as i am single and using her 30 grand as a deposit to by mine, so all together thats like 58000.00.
i would only need a 52000 morgage plus maybe 10000.00 for a loft coversion to turn my home into 4 bedrooms.
i am currently on benefits but am a newly qualified hair stylist and trying to set up mobile hairdressing.
Would i get a morgage i have no debt.

Colincbayley

Even if you could get a mortgage, how would you pay for it if you are on benefits.

Unless you have a wage coming in, then this is a complete non-starter at the moment.

shellsuit

You might have no debt, but you also have no income as in a wage from a job. Benefits don't count.

Maybe get your business up and running, then see how things are.

sjk_2

well i get 15000 a year which i know is not alot but wouldnt my repayments only be about 400.00 a monthy tops, plus if my mom lived with me, she gets a pension aswell, just wandered if i could get a morgage now or if i would have to be working for so many years first.

Colincbayley

sjk wrote: »

well i get 15000 a year which i know is not alot but wouldnt my repayments only be about 400.00 a monthy tops, plus if my mom lived with me, she gets a pension aswell, just wandered if i could get a morgage now or if i would have to be working for so many years first.

You will need a wage of approx £20K pa, with some working history behind you.

A mortgage broker will be able to give you the precise figures, however benefits do not count.

shellsuit

sjk wrote: »

well i get 15000 a year which i know is not alot but wouldnt my repayments only be about 400.00 a monthy tops, plus if my mom lived with me, she gets a pension aswell, just wandered if i could get a morgage now or if i would have to be working for so many years first.

£15,000 a year in benefits and you don't think that's a lot?

You won't get a mortgage with just benefits coming in ~ you'd need to be earning properly.

Person_one

You normally need to be in a permanent job for at least 3 or 6 months before you can get a mortgage. Some lenders will lend as soon as you start the job if you have a decent deposit.

To get a mortgage of 52K as a single buyer you'd need to be earning at least 12-13K a year. You can usually borrow 4.25 x your income.

Lots of benefits aren't available to homeowners, LHA etc.

sjk_2

thanks for all your advice, think im going to concentrate on building my mobile up first.

Person_one

Are you not considering looking for a job as an employee in an existing hairdressers at all?

Getting a mortgage is harder if you're self employed, especially if its a very new business.

sjk_2

more to the point it also means living with my mom lol

satchmeister

shellsuit wrote: »

You might have no debt, but you also have no income as in a wage from a job. Benefits don't count.

Maybe get your business up and running, then see how things are.

Benefits are more guaranteed as income than a start-up mobile hairdressing business. Funding a £52,000 mortgage requires a lots of hairdressing ... and it's a start-up ... in a recession.