Will it affect my benefits pls?

LADYXXMACBETH

I don't understand why you would want to buy your council house. For a start you are in one of the safest housing there is. If you lose your job you still have a home, you have your repairs are free, you get a new bathroom, kitchen, windows, roof, guttering, rendering for free. 
I live in social housing and I would never consider buying my home. 
Unless your house is significantly reduced and you plan to sell at a profit and downsize then there is little financial gain. I guess you could leave it to your children later, but even then if they came to stay with you for a year before you died then you could still hand the tenency over to them. Depending on your agreement. 
You would have to factor in the cost of a mortgage and not getting housing benefit again. My HB on UC is a large part of my benefit award. I certainly couldn't afford the repairs on my house if I had to pay out of my other benefits. 
Don't think it would effect your other benefits, but if you sold at a profit later on then it would. 
Good luck with whatever you choose though. 

Channy8

calcotti said:

Congratulations.

thank you

Channy8

Alice_Holt said:

I'd suggest doing some financial budgets / forecasts before committing to a mortgage.

Factor in that you won't be in receipt of housing benefit any more, but will have mortgage repayments, house insurance, house maintenance to pay out of your income support, child tax credit, child maintenance, and carers allowance.

Think about possible adverse events i.e.
what might happen if your carers allowance stopped because the person you care for had a flawed disability assessment,
when your child(ren) turn 18,
when the average cost of heating a home hits £3k pa next winter,
the Increase in the cost of food, clothing, etc rising faster than any increase to benefits,
would you former partner help out financially if things became difficult, over and above the existing child maintenance,
the need for an emergency fund to cover unexpected expenses such as house repairs.

LADYXXMACBETH said:

I don't understand why you would want to buy your council house. For a start you are in one of the safest housing there is. If you lose your job you still have a home, you have your repairs are free, you get a new bathroom, kitchen, windows, roof, guttering, rendering for free. 
I live in social housing and I would never consider buying my home. 
Unless your house is significantly reduced and you plan to sell at a profit and downsize then there is little financial gain. I guess you could leave it to your children later, but even then if they came to stay with you for a year before you died then you could still hand the tenency over to them. Depending on your agreement. 
You would have to factor in the cost of a mortgage and not getting housing benefit again. My HB on UC is a large part of my benefit award. I certainly couldn't afford the repairs on my house if I had to pay out of my other benefits. 
Don't think it would effect your other benefits, but if you sold at a profit later on then it would. 
Good luck with whatever you choose though. 

In the previous years i have wasted lots of money on things that dont matter when i should have used the money to pay off a mortgage

I know what you mean perfectly but i get a very large amount for child maintenance from my ex husband and i should be able to pay off a mortgage not too high within 5 years based on my calculations

If there was an emergency repair, I believe i will be able to afford it.

Before my kids turn 18 I will go back to Full time work. I did a temporary job last year after i posted this topic and was put on universal credit later.

Thanks for your input

peteuk

Channy8 said:

I got my Mortgage Decision in principle solely on benefits and child maintenance

Well done, you know it means you haven't got a mortgage.

We had a mortgage in principle, had a 10% deposit, two adults working full time with £60K per year between us, minimal debt and paying it off but a poor credit history....

And are struggling to get a mortgage. But had a MIP.  I get youll get a discount for being a tenant and that this will help with the mortgage application but surely youll need a deposit of some sort. 

calcotti

peteuk said:..I get youll get a discount for being a tenant and that this will help with the mortgage application but surely youll need a deposit of some sort. 

Presumably if the purchase price is significantly below open market value, and the LVR is therefore low already, a deposit may not be required