We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Right-to-buy and share mortgage costs
authentic
Posts: 49 Forumite
Is it possible to share a right-to-buy mortgage with a friend who's happy to split the mortgage costs (not a family member and not living in the property)? I would like to buy my council property but I can't afford the mortgage on my own.
If not, any other options, e.g. both living in the property for 12 months and then getting mortgage etc?
If not, any other options, e.g. both living in the property for 12 months and then getting mortgage etc?
0
Comments
-
Only the person/s on the tenancy agreement can buy the property. No-one else.
How many bedrooms does this property have? Could you afford the mortgage repayments if you had a lodger?
I would advise you in the strongest possible terms to not consider buying this property with anyone who is not a spouse, even if you could. There are altogether too many heartbreaking stories on this forum of people who have bought properties, with either a sibling or a partner, and when circumstances or plans change a whole world of pain starts.0 -
Thanks, BitterAndTwisted, it's only a 1-bed flat and I still can't afford to buy it on my own
If I split it into 2-beds, so no lounge, I could afford the mortgage, otherwise unlikely. I really want to get on the property ladder, at least then I can pay towards my own home and chose where to live when I retire. Otherwise the prospect for pensioners in council homes in this country is heartbreaking :eek:0 -
BitterAndTwisted wrote: »Only the person/s on the tenancy agreement can buy the property. No-one else.
I don't know if it varies from council to council but I was told someone who had lived in the property for longer than 12 months could be a joint purchaser, even if not a joint tenant.0 -
There is no property ladder at the moment, just a very long snake. Being on a pension in a local authority property isn't the worst prospect in the world. If you owned the flat outright you'd have to find funds for all internal repairs and maintenance as well as having to find the money for service-charges every month. At least as an LA tenant all of those expenses would be covered for you.0
-
True, at the moment my living expenses are low, thanks to the low rent payments and no extra charges for maintenance and repairs. I'll give it a good thinking... :think:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards