Hi all, Please help.

scunny.

This is quite complicated so I will try to get all the facts in so that somebody can hopefully help us.
We are currently trying to buy our Council house and have started the process called Right to Buy.
The house has been valued at 82k, with our discount we can buy it for 41k. We have around 10k to use as a deposit so we require 31k or thereabouts.
We cannot obtain a mortgage from anywhere and this is where its complicated. My Partner and I moved in here in 1993 but she is the only one on the tenancy agreement. Therefore the discount is only in her name.
She has a bad credit rating and doesn't work so has no chance of a mortgage in her name.
I have worked at the same place for 14 years and counting, I have been approved for a mortgage but only in my name. They won't accept a joint application.
Although I am named on the paperwork from the council they will not put it in just my name.
We have not missed a rent payment in over 15 years which is £400 per month. If we could get a mortgage the repayments would be less than that.
I cannot get a loan from anywhere as all my wages go through my partners account and we pay all our bills that way so am really struggling as to what to do.
Please if anybody has any ideas could you help us.
Thanks

G_M

see an independant mortgage adviser.

scunny.

Been to a mortgage broker. Is that the same sort of thing?

ruggedtoast

If the banks won't give a mortgage to her and the council won't sell it to you it looks like you'll have to carry on as you have been.

Maybe you can get the council to turn around on that, but this is where I am going to sound a bit harsh. If she really can't get a mortgage for £31k and you can't save that in a few years with only paying £400 a month in rent, are you really sure buying is for you?

What are you going to do when the boiler goes or the roof needs repairing? Council homes were designed to ensure people on low incomes had a secure home that would be maintained properly. It sounds in this case that your one is doing it's job.

BigAunty

Pay her debts and repair her credit rating and find employment so she gets approval for a mortgage in a few years time? Is there any realistic prospect of her entering employment in the future. Even a full time minimum wage job might secure the mortgage loan she requires.

Save like mad and buy the property outright? Put aside £120 a week and you can buy it in cash in 5 years.

scunny.

The problem with the above is that the price will go up if we don't buy it now and also the chance we could be asked to leave the property as it is 3 bedrooms and we only need 2.
The fact we have lived here 21 years means we don't really want to leave as we see this as our home.
I wanted advice really and not to be slated for living on a council estate but I'm sure that Rugged toast from your Ivory Towers took great pleasure in your response. Thanks anyway.

scunny.

The repaying of the mortgage/loan isn't a problem but obtaining one is.
I wouldn't say mine is a low income but unfortunately I don't just have 30k to buy the house. If I do get it then the plan is to have it paid off within 6/7 years. I was hoping somebody may be able to help rather than slate me for my lack of disposable income.

BigAunty

scunny. wrote: »

The problem with the above is that the price will go up if we don't buy it now and also the chance we could be asked to leave the property as it is 3 bedrooms and we only need 2.
.

I'm not aware of any housing legislation for social housing tenants that obliges them to move property if they under occupy. Where have you got this information from?

Yes, social housing tenants who receive HB won't receive it in full if they have a spare bedroom and this was introduced in order to encourage them to downsize. Is a HB reduction what you are referring to?

BigAunty

scunny. wrote: »

The repaying of the mortgage/loan isn't a problem but obtaining one is.
I wouldn't say mine is a low income but unfortunately I don't just have 30k to buy the house. If I do get it then the plan is to have it paid off within 6/7 years. I was hoping somebody may be able to help rather than slate me for my lack of disposable income.

If she cannot get a job (and therefore qualify for a mortgage) then I can't see any other options than you saving to buy it in cash in x amount of years, even though it carries the risk of price inflation and possibly the end of the the Right to Buy scheme.

Is your partner too ill or has disabilities that prevent her from seeking a job, even just for a few months until the loan/buying process is concluded and then she can resign?

However, I do hope that someone else can post a possible solution.

scunny.

No we don't receive any HB but there have been a few people recently who have been put under pressure from our local council (can I name them?) to vacate their property if all rooms were not being used.
Being rather naive on this subject as it has never affected us I thought maybe they were right to do this.

carefullycautious

I have recently been told that the 2 of us can have a 2 bed property as we pay full rent.

I have heard of a lone older male having to vacate a large 4 bed property nearby some time ago not sure of how this was achieved though.

Pensioners are exempt also from being made to move although I feel that this is the age group who should make way for younger families. But only if they have safe environments to go to which are age appropriate.

Sorry that does not answer your question of how to finance it, but I would be careful you don't over stretch yourself as you will have all the upkeep. Anyway good luck