RTB Mortgage Buddy?

josteele_2

I moved into my council house in 1998 and became the sole tenant in 2004.
In the past 10 years I struggled financially, caring for my parents and bringing up a family alone meant I could only work part time so I've never had the opportunity to take advantage of my Right To Buy.

Now, I'm an 'empty nester' but too old and too poorly paid to take out the kind of mortgage I'd need to buy the house, which is especially galling as not only am I entitled to something close to a £70k discount, but it is on an enormous corner plot which could easily accommodate another two houses (something that has been done on several other sites on the estate).

As I have 3 bedrooms, I've considered the possibility of a buying partner.

Any thoughts on whether I could make this work and how I'd go about it?

bigheadxx

I have considered this, my sister has a three bed council house and would get a huge discount. I know that a person who has lived in a council property for 12 months is entitled to buy an interest in the property but it would work in practice I do not know.

Pixie5740

You can make a joint application for RTB with someone who has lived in the property for at least 12 months with you. This means that you'd need a joint mortgage with someone which might not be possible depending on what you mean by too old, as well as your affordability and credit history.

Rather than focussing on the huge tax payer subsidised discount you're missing out on just think how fortunate you are to live somewhere with a secure tenancy and below market rent. Every cloud has a silver lining.

Mokka

Jointly applying for RTB is only for family members, or joint tenants.
If you are living in a big house on your own, the council can force you to move to a smaller property. Smaller property would be more affordable- maybe you should explore this possibility.