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Council right to buy and mortgage

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Comments

  • sann420
    sann420 Posts: 122 Forumite
    Seventh Anniversary 100 Posts Combo Breaker
    If you can buy some thing in London for less than 100k I think you have hit the jack pot :beer:
  • marksoton
    marksoton Posts: 17,516 Forumite
    sann420 wrote: »
    If you can buy some thing in London for less than 100k I think you have hit the jack pot :beer:

    Not if the council hit you with a 30K bill for maintenance the following year....
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    marksoton wrote: »
    Not if the council hit you with a 30K bill for maintenance the following year....

    It's still only £130K which I'd say is pretty cheap unless the property is dire.
  • marksoton
    marksoton Posts: 17,516 Forumite
    agrinnall wrote: »
    It's still only £130K which I'd say is pretty cheap unless the property is dire.

    Agreed.

    But as pointed out it would be a mortgage. So that is potentially 25/30 years of possible increased charges on what is best a lower than average income.

    On a secured tenancy? You'd be bonkers.
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    agrinnall wrote: »
    It's still only £130K which I'd say is pretty cheap unless the property is dire.

    We don't know what the services charges are likely to be either so the mortgage plus service charges plus any repairs could be a lot more expensive than the rent. If the OP was able to save money now they would have a big deposit saved but it doesn't sound as if that is the case does it? To give up a secure tenancy and take on this much risk is really not sensible.
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