right to buy while unemployed?

righttobuyuk

deleted delete

Building_Surveyor

righttobuyuk wrote: »

.

The question really doesn't need to be answered from a moralistic point of view, just purely from a practicality POV

From a practical point of view you have not thought this through out all...

leveller2911

Oh dear, another troll. Don't feed the troll please.

Councils do not allow a tenant to leave the country to work (holiday is the exception) and keep the Council property so the OP is either telling porkies or they didn't inform the Council they were working abroad.Either way its a wind up.

Its popcorn time ...........

righttobuyuk

delete delete

Building_Surveyor

righttobuyuk wrote: »

the LTV is 50%, and 50% of not a particularly large amount...

should I default on payments the mortgage company would have a property worth £38k market value on their hands, so I can see why a company could view this as being a relatively low risk mortgage.

This isn't a wind-up, thank you to those replying with helpful advice.

I thought it was unlikely, but is a lower risk mortgage than a great many others.

The fact is you need a secure income...JSA is not.

Building_Surveyor

righttobuyuk wrote: »

you think I would be better to work overseas and apply for a UK mortgage?

No you'd probably be better saving your pennies working abroad and buying cash for the amount your looking to mortgage... But again you can't leave the property empty for long periods... How would you overcome that?

marleyboy

righttobuyuk wrote: »

the LTV is 50%, and 50% of not a particularly large amount...

should I default on payments the mortgage company would have a property worth £38k market value on their hands, so I can see why a company could view this as being a relatively low risk mortgage.

The facts n figures will be irrelevant OP, any mortgage company will get as far as your income and your current status, the slightest sniff of JSA, will be more than enough for them to stamp disapproved on your claim for any mortgage\loan.

righttobuyuk

marleyboy wrote: »

The facts n figures will be irrelevant OP, any mortgage company will get as far as your income and your current status, the slightest sniff of JSA, will be more than enough for them to stamp disapproved on your claim for any mortgage\loan.

thanks for your honesty

theartfullodger

righttobuyuk wrote: »

thanks for your honesty

Ah, but have you been honest with your landlord??

Did you declare all & any income, either from UK or abroad, to HMRC??

If you rented the place out whilst abroad is HMRC aware of this & have you paid tax on it?? (You know, tax from taxpayers pays for things like the daft Tory vote-grabbing bribe of Write2Bye...)

BigAunty

"The question really doesn't need to be answered from a moralistic point of view, just purely from a practicality POV."

Fine, practically you stand no chance of securing up to a 38k mortgage when your gross income is £3692 and your disposable income after basic living costs might be around a tenner a week if you are really frugal.

"the LTV is 50%, and 50% of not a particularly large amount...should I default on payments the mortgage company would have a property worth £38k market value on their hands, so I can see why a company could view this as being a relatively low risk mortgage."

Because repossessed properties, and especially ex social housing ones, have very little chance of securing anywhere near approaching their alleged market value and are sold for a song at an auction. By the time the property owner has the property repossessed through the courts, the mortgage will have been unpaid for months, the legal fees are costly and are added onto the mortage, penalty charges and interest, unoccupied properties tend to decay quickly and the mortgage company then may have repair costs to contend with, etc etc.

The main risk is not the one around getting a return on a repossessed property (which is scant if there is any money left at all), the real risk the mortgage lender will focus on is the upfront one - namely that you stand a real chance of not being able to afford payments because you have a subsistence level income.

Go back abroad to work with the permission of your social housing landlord (if they allow this since it no longer becomes your primary residence which is a common stipulation in the tenancy agreement) and then come back and buy it for cash. If you already have 19k, then just saving £100 a week will mean that you can buy it outright in around 3 years.