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Decisions, decisions.....
AndyD1978
Posts: 13 Forumite
Hi All,
In a nutshell my beloved mum passed away suddenly just over a month ago. We lived together in a housing association (council) property here in Liverpool.
We have lived in the house since 1980 continually and despite my initial fears of a single-guy in a three bedroom house, I successfully succeeded the tenancy AND inherited my mum's tenancy privileges.
What the Housing Association has said is I quality for the Right to Buy scheme and can buy the property immediately. Due to my mum's circumstances I qualify for a 70% discount on the value of the house.
On the face of it I have been presented with a genuinely attractive offer to get myself on the property ladder. Naturally I would happily sleep in a box in the street if it meant getting my mum back but I must be realistic.
I have submitted already my RTB1 form so I am awaiting the Housing Association to value the house. I estimate (going on other properties in the street), I am looking between £75-85k. Our house is a mid-terrace property, with the house next door unoccupied and in poor condition (privately owned).
Naturally many of my friends are trying to influence me on what to do, but this is something completely new to me. In an ideal world I want to be paying as little as possible on my mortgage each month, but also not too much interest (I am a FTB).
Finally, I have looked at my credit score which is 800 and I have £8k in cash in the bank, so even with my very limited experience, I think I am in a very strong position.
Mortgage or equity wise, any advice is genuinely appreciated.
Thanks
In a nutshell my beloved mum passed away suddenly just over a month ago. We lived together in a housing association (council) property here in Liverpool.
We have lived in the house since 1980 continually and despite my initial fears of a single-guy in a three bedroom house, I successfully succeeded the tenancy AND inherited my mum's tenancy privileges.
What the Housing Association has said is I quality for the Right to Buy scheme and can buy the property immediately. Due to my mum's circumstances I qualify for a 70% discount on the value of the house.
On the face of it I have been presented with a genuinely attractive offer to get myself on the property ladder. Naturally I would happily sleep in a box in the street if it meant getting my mum back but I must be realistic.
I have submitted already my RTB1 form so I am awaiting the Housing Association to value the house. I estimate (going on other properties in the street), I am looking between £75-85k. Our house is a mid-terrace property, with the house next door unoccupied and in poor condition (privately owned).
Naturally many of my friends are trying to influence me on what to do, but this is something completely new to me. In an ideal world I want to be paying as little as possible on my mortgage each month, but also not too much interest (I am a FTB).
Finally, I have looked at my credit score which is 800 and I have £8k in cash in the bank, so even with my very limited experience, I think I am in a very strong position.
Mortgage or equity wise, any advice is genuinely appreciated.
Thanks
0
Comments
-
Speak with a good RTB mortgage broker.
Your 'deposit' is the discount offered by the HA I believe.
Credit score means nothing, do you have defaults, late payments, CCJ, IVA, bankruptcy etc?
What's your income and commitments eg loans, car finance.Mortgage started 2020, aiming to clear 31/12/2029.0 -
Thank you.
I dont have no CCJ's, outstanding debts, bankruptcy issues, I am in full-time employment (Civil Service) with an annual salary of around £23,000 PA.
Dont have massive outgoing finances, just the obvious stuff like TV/Internet package, clothing catalogue, plus now I've taken on the utility bills.
As part of initially taking over the HA tenancy, they conducted an affordability test which they said I passed with flying colours (I am not reading too much into that though).0 -
So what is the rent you pay now ?
How much would the mortgage be and what rate could you get with a good LTV
Have you considered an offset mortgage so your savings can help offset the mortgage debt ?0 -
So what is the rent you pay now ?
How much would the mortgage be and what rate could you get with a good LTV
Have you considered an offset mortgage so your savings can help offset the mortgage debt ?
8k savings for an offset mortgage may not be worthwhile as offset mortgage rates are higher than non offset
OP get a broker to look at your options and tailored to you"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0
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