Worth buying my council flat? Help appreciated!

Mokka

The 'catch' is that secure tenancy provides the most security. Until you pay off your mortgage you can always lose your home, should something unexpected and bad happen- it is the bank that really owns your home.
The government will save money on rent support for you when you are OAPS or even use the money from the sale of your home to fund your residential care, should you need it.
You are lucky that you do not live in a block of flats, so you don't need to worry too much about rip off service charges and major repairs, but imagine what would happen if your lovely neighbour from downstairs was replaced by a neighbour from hell? I am not trying to put you off, just to look at what might go wrong.
But the deal sounds good to me- you know your area and whether you will be able to afford to trade up to a house in the future. I know I won't! (I am also a RTB buyer)
Also I think it's best to pay off as much of your mortgage as you can afford while interest rates are low.
Good luck!

Riddar

Mokka wrote: »

The 'catch' is that secure tenancy provides the most security. Until you pay off your mortgage you can always lose your home, should something unexpected and bad happen- it is the bank that really owns your home.
The government will save money on rent support for you when you are OAPS or even use the money from the sale of your home to fund your residential care, should you need it.
You are lucky that you do not live in a block of flats, so you don't need to worry too much about rip off service charges and major repairs, but imagine what would happen if your lovely neighbour from downstairs was replaced by a neighbour from hell? I am not trying to put you off, just to look at what might go wrong.
But the deal sounds good to me- you know your area and whether you will be able to afford to trade up to a house in the future. I know I won't! (I am also a RTB buyer)
Also I think it's best to pay off as much of your mortgage as you can afford while interest rates are low.
Good luck!

Thank you for your detailed reply. I appreciate your look on how things could go wrong, especially about the neighbour downstairs, your spot on.

Can I ask, I've not long just read about the 'cost floor'. I understand its the work they have done to the property in the last 10 years, but does that include the new kitchen/bathroom under the 'Decent Homes Scheme' or is it just when I've had to call them out due to the boiler not giving us hot water for example? or could it be both?

I know for a fact I'll be entitled to the 50% discount minus whatever its costed them over the last 10 years to maintain the building, just really curious to find out how much that would knock off the discount. Could they tell me if I sent them an email explaining I'm interested in the RTB scheme and would like to know how much 'cost floor' will be taken from the 50% discount or would I have to wait until I apply for the RTB and then they will tell me? I'm hoping they won't be taking any more than 20% off the discount which equates to £20,000 in my case, surely they haven't spent more than that, hopefully!

Thanks again!