Right to buy

Tomh

I am trying to buy my council house, the purchase price is £161000, I have a discount of £81000, so need a mortgage of £80000. Because of my age (61) and income I am finding hard to find a regular repayment mortgage, even though the monthly payment would be less than the rent I am paying. Last week I heard on the radio about a new type of mortgage for older people, I think it was called a RIO. I have a final salary pension and part time employment, which I shall continue until I receive my state pension at 66. My question is are the affordability calculations different on these types of mortgage.

csgohan4

Have you considered the real affordability aspects? What is your pension/income, you will be stressed test at 5% + interest rates and not forgetting you will be responsible for maintenance costs, a new roof costs 10k+, boilers are not cheap e.t.c?


you have a secure tenancy why risk it all? Is it all about money and using the tax payers money?


https://forums.moneysavingexpert.com/discussion/5856039/service-charge-being-billed-for-5000-major-works


https://forums.moneysavingexpert.com/discussion/5789909/new-roof