First time buyer and totally clueless

slam2k5

Hi all,

I'm currently a council tennant but my boss has offered his flat to me. He owns a 25% share and the local housing assocation own the rest.

The flat is valued at 80000 and I can borrow a maximum 60000. According to the boss I can buy his share or as much as I'd like. My mum has offered to buy in with me so we can go for a joint mortgage of 80000.

Could anyone offer me good advice on how to proceed? I know shopping around is the best thing to do but I don't exactly know what I'm shopping for. What are the things to look out for and more importanty avoid?

Thanks
S

mightymouse

Hi slam2k5

here are my thoughts in reply to your query point by point.

You are a council tenant for how long?, do you have right to buy and does your mum (how old?) live with you now or will she live with you if you bought the flat?

Why has your boss offered you his flat or does he just want to sell his it.

Who says its worth £80.000 and if he was not your boss would you still want to buy it and live in it (with / without mum).

The housing association own the major share so does your boss understand the implications there?

There may be a bigger picture here so you need to tread very carefully and see a mortgage advisor if you want to proceed.