Buying a property while on social housing

aplacetolive

Recently discovered this forum. Hopefully some good advice will be received.

Our circumstance is, atm privately renting, in a year or two we might get a 3 bedroom council flat/house. We are also saving up deposit for a house to buy near future. Are we allowed to buy a house just after getting the council flat? Say after 6 month.

The reason I am thinking, we won't be afford to buy locally but will get the council flat/house where we live now and job is. To be on property ladder have to buy far, around 2/3 hours journey. While social renting can pay off/reduce mortgage then in future move to own place.

I know complex issues about buy to let while renting. We just want to buy but can't move now further. Any advice? Thanks.

Future budget:
Social renting £650 month
Mortgage £850 month 6% interest
Buy to let rent £1200

Pixie5740

You would really need to speak with a mortgage broker specialising in BTL mortgages. Some lenders won't lend a BTL mortgage if you don't have a residential mortgage already. You would also need a deposit of at least 25% to get a BTL mortgage.

Have you research what being a landlords entails and how you would cope with void periods and repairs?

How much would you be looking to purchase the BTL property for and is £1,200 rent realistic?

geri1965_2

You'd also have to be careful that you are not in breach of the council/housing association rules by owning a property elsewhere.

Jack_flash_2

You want to rent a council house and buy your own home?

I don't think you would qualify for a council house if you can afford to buy a house.

aplacetolive

Jack_flash wrote: »

You want to rent a council house and buy your own home?

I don't think you would qualify for a council house if you can afford to buy a house.

Can't afford locally but can afford 100 miles far. How will council decide I can afford or not?

pmlindyloo

aplacetolive wrote: »

Can't afford locally but can afford 100 miles far. How will council decide I can afford or not?

You need to look at your local council housing allocation policy.

All council have to have such a policy and many have 'criteria' on which they base their allocation of housing.

Our council have a threshold of capital for instance, above which they do not allocate.

Are you actually registered on your local council housing?

aplacetolive

pmlindyloo wrote: »

You need to look at your local council housing allocation policy.

Are you actually registered on your local council housing?

Yes, we are registered and on priority group which is second highest after Emergency.

cattie

£1200 month is a lot of rent, so unless you are thinking of buying close to London or another very busy & popular city, I can't see this being a realistic figure. Unless of course it is a high end property with top class fittings & design.

thequant

geri1965 wrote: »

You'd also have to be careful that you are not in breach of the council/housing association rules by owning a property elsewhere.

That's not a breach, it's called taking the !!!!!!

callmechar

Don't know where you live but there is such a shortage of council housing, it is prob not likely you will get housed

Jack_flash_2

You might be priority at the moment but as soon as you have some savings or you own a home you wont be priority anymore. You almost certainly won't be eligible for it at all.
Even if you are still eligible, earning £1200 from rent will hopefully be enough for the council to take the house away from you.