What are your home-owning/renting plans in retirement?

coyrls

Freecall wrote: »

So how does that work?

Presumably one goes along to the local council, explains that you will shortly be selling your house and request a few viewings of houses which could become your new home.

The council then somehow explains to all of those who have been on the housing waiting list for years that your needs somehow trump theirs and they will have to wait while you choose one of the next available homes.

Have you given any though to what you would like? Perhaps a 4 bed with garden and a double garage would suit?

As always seems to be the case when this type of assertion is made, the poster is:

aware of quite a few that have done it already in my local area

Mojisola

There have been examples given on here of people who have bought their council tax using the discount, sold up and made a massive profit, spent the money and been given another council property to live in.

If that can happen, there's no reason why someone who is unable to pay off their mortgage and will be repossessed can't get a council property.

SailorSam

My house is paid for and much to big for me, although i like it here i'm sure there's going to come a time when a small flat that's easier to look after is going to be my choice.

Rolandtheroadie

Freecall wrote: »

So how does that work?

Presumably one goes along to the local council, explains that you will shortly be selling your house and request a few viewings of houses which could become your new home.

The council then somehow explains to all of those who have been on the housing waiting list for years that your needs somehow trump theirs and they will have to wait while you choose one of the next available homes.

Have you given any though to what you would like? Perhaps a 4 bed with garden and a double garage would suit?

Something on the level would be fine, second bedroom would be a bonus, but not essential. Garden not important and I'd probably get a council lockup anyways so not fussed about the garage either.

missbiggles1

When the building society moved the goal posts on IO loans we downsized and took out a repayment mortgage that will finish when I'm 70. I'm not sure that you can do this nowadays.

coyrls

Mojisola wrote: »

There have been examples given on here of people who have bought their council tax using the discount, sold up and made a massive profit, spent the money and been given another council property to live in.

If that can happen, there's no reason why someone who is unable to pay off their mortgage and will be repossessed can't get a council property.

There have been stories given on here, which you can choose to believe or not.

Having a property repossessed is not the same as:

I'll be selling up and getting a council house.

atush

I would get down to the CAB and ask about your options, and call a meeting with the bank taking down the particulars above.

I will downsize for a 5 bed 3.5 bath on 2 A into a 3 bed bungalow. Mtg paid.

greenglide

into a 3 bed bungalow

Like the one we have had since 1983?

Why downsize when you had the "right size" all along? Of course we dont have the larger equity on a more expensive property but in this part of the world, at least, a four bedroom house is about the same as a 3 bedroom bungalow so there is nothing to be gained there.

May be very different in other areas of the country, of course.

edinburgher

greenglide wrote: »

May be very different in other areas of the country, of course.

Very different in our neck of the woods. Reasonable 3 bed = £220k, Reasonable 4 bed = £350k!

Not many 4 beds available, people tend to add weird and wonderful extensions and cover their gardens as a result.

walletmoths

This is all interesting stuff. I'll certainly check out the 'mortgage prisoner' rules, and just reading what different people's plans are is fascinating.

When we tried to sell our home last year, no bank would touch us for a much cheaper mortgage (including our own), and we were told that we could not apply for a council house because we would have purposefully made ourselves homeless by selling our home. Even if we were repossessed, because of the equity we have, we'd be considered to have enough for an 'income' for a few years and would therefore have to rent privately until it was all gone, but also not be eligible for any benefits because of our substantial amount of 'savings'.

I've recently tried for a 50/50 mortgage, but because of our bad credit history and the fact that we've paid interest only for the last 5 years, again - nobody will touch us.