Buying a property while on social housing

leveller2911

aplacetolive wrote: »

Con the taxpayer? What do you mean? If I do legally is it a con?

The area I live never saw price down every year up.

Why would I loose council flat if terms allows me I am free to buy a BTL property?

Why would I loose the BTL property for breach of mortgage condition? What breach? Living in council flat? That's why the mortgage is BTL.

You can legally live in a Council house and own a BTL property dependant on Councils tenancy agreements allowing you to own a BTL as some don't.

What area do you live in?.

What you can't do is Have a Council house ,buy a house on a BTL mortgage and rent out the Council house and live in the BTL house. For the BTL you will need 25% deposit ,many lenders won't lend to you on BTL without already owning a property so your options will be limited there. The BTL rent will need to be 125% of the mortgage.

By the time you have paid tax on the income from the BTL,paid for your landlords insurance,Gas Safety certificate each year,maintenance on the BTL property you may well not make any money at all on the BTL property.

If you have all of the above (money) why would you need a Council house ? You could buy a house a few miles further out of the area you are in and commute to work each day.

sulphate

You should not try to get round the system just because you want to own a property. Owning a property is not a right.

I would interpret the "con the taxpayer" comment as referring to the situation of taxpayers who pay tax expecting it to go to those in need, for example for the government to provide subsidised housing for those who genuinely need it to live in and don't have the spare cash to fund a deposit for BTL purposes.

Can I ask how exactly you are going to save up such a huge sum of money as a deposit within 12 months of moving into social housing if you are on a low income?

aplacetolive

leveller2911 wrote: »

You can legally live in a Council house and own a BTL property dependant on Councils tenancy agreements allowing you to own a BTL as some don't.

What area do you live in?.

What you can't do is Have a Council house ,buy a house on a BTL mortgage and rent out the Council house and live in the BTL house. For the BTL you will need 25% deposit ,many lenders won't lend to you on BTL without already owning a property so your options will be limited there. The BTL rent will need to be 125% of the mortgage.

By the time you have paid tax on the income from the BTL,paid for your landlords insurance,Gas Safety certificate each year,maintenance on the BTL property you may well not make any money at all on the BTL property.

If you have all of the above (money) why would you need a Council house ? You could buy a house a few miles further out of the area you are in and commute to work each day.

Central London.
Need council house for complex issues. It's cheaper and near to job that means saving more for future deposit for a BTL which in future a residential mortgaged home.
Hope I will be a good position if I get the council flat first, then purchase a property on BTL then a residential mortgage for the same house. For us that's the property ladder.

leveller2911

aplacetolive wrote: »

Central London.
Need council house for complex issues. It's cheaper and near to job that means saving more for future deposit for a BTL which in future a residential mortgaged home.
Hope I will be a good position if I get the council flat first, then purchase a property on BTL then a residential mortgage for the same house. For us that's the property ladder.

Even in Central London prices have peeks and troughs over the decades.It is quite possible for prices in London to fall as well as rise, much depends on the economic cycle.

I will assume your a Troll and won't post again............

aplacetolive

sulphate wrote: »

You should not try to get round the system just because you want to own a property. Owning a property is not a right.

I would interpret the "con the taxpayer" comment as referring to the situation of taxpayers who pay tax expecting it to go to those in need, for example for the government to provide subsidised housing for those who genuinely need it to live in and don't have the spare cash to fund a deposit for BTL purposes.

Can I ask how exactly you are going to save up such a huge sum of money as a deposit within 12 months of moving into social housing if you are on a low income?

Already have half of the deposit for a BTL mortgage. but not enough for a residential mortgage as salary low, property price high.
I have investment which hopefully grow in 2 years and have to sell
some of the valuable personal items.

Hope you got the answer.

aplacetolive

leveller2911 wrote: »

I will assume your a Troll and won't post again............

Is it a joke?

When tell truth some people don't believe.

I was here for advice.

aplacetolive

leveller2911 wrote: »

Even in Central London prices have peeks and troughs over the decades.It is quite possible for prices in London to fall as well as rise, much depends on the economic cycle.

I will assume your a Troll and won't post again............

You have good point at the first part of the post but the second part is not acceptable. I won't be like you, sorry.

Paulaviki

Do you even know if you can get a BTL mortgage? From what I've read on this site and elsewhere you need to own your own home (paid off or mortgaged) before you can get a BTL. I don't think you can use it as a way to get onto the ladder in the way you are suggesting.

I have to agree with the others that you seem to be missing the point of social housing, it's for those in need not those looking for a cheap rent option so they can save a deposit.

aplacetolive

Paulaviki wrote: »

Do you even know if you can get a BTL mortgage? From what I've read on this site and elsewhere you need to own your own home (paid off or mortgaged) before you can get a BTL. I don't think you can use it as a way to get onto the ladder in the way you are suggesting.

I have to agree with the others that you seem to be missing the point of social housing, it's for those in need not those looking for a cheap rent option so they can save a deposit.

Yes, it's possible to get a BTL mortgage without a residential mortgage or owning a property by specialist mortgage advisor. The lender might be limited though.

We are in need the social housing also. The council already assessed and also will assesses again just before the allocation. I am not using the social housing to save for future property I have already saved half of deposit while privately renting.

outofmoney

Besides whether the idea is ethical or not, do not assume you will get somewhere quick. We are classed as high priority, and like you are in the band under emergencies. We have two disabled children and need an extra two bedrooms. We have been waiting 14 years.

You may need to change your plans!