Desperate to buy home

homeforh

Morning

someone out there must know something!
myself and husband both work, we have 7 children, one of those is our 6 year old son who is severely disabled! We currently rent and have been here 4 years our landlords now want to move back. Current rent and council tax is £3000 pcm

I can’t find any information about help to buy for families with disabled children.

we need a forever (or very long term home) suitable for our son. We need to be able to adapt it as he cannot share with his siblings, he needs a downstairs bedroom and bathroom as he’s incontinent.

If we rent again we can never do these things as the property is not ours.

we we’re born in an expensive area of the uk average 3 bed house is 500k. We can’t move out the area as we work in the area, children at school and our son is at a specialist school.

we have some deposit but not enough to cover the shortfall in mortgage for the house size we need.

the government offers help to buy and equity loans on new build properties. None of these properties are big enough or suitable plus none even available in our area!

what else is available to help people in our situation buy, desperate as renting is just paying off someone else’s mortgage and we can’t adapt, we face uncertainty if a landlord wants too sell!

there must be someone that knows something out there!!!???

homeforh

Or any equity companies out there that will help for a share of the value??

Savvy_Sue

You would have more security of tenure with a local authority or housing association landlord, and would be able to adapt. The problem is that there are very few properties large enough for your family's needs. But that's not to say there are none: could be worth a conversation with the local authority housing department? They will know if any of the local HAs 'specialise' in adapted properties. 

tacpot12

The advice from Savvy_Sue is really the best advice; you should look to move to either a Council or Housing Association property. This will give you the security of tenue you need. 

The other options are to:

1) look for a private rented property that is owned by a landlord that is a company that rents residental property for profit. As you, and many others have found, when private individuals rent out properties, they may have a change of heart and decide they no longer want to rent their house out. If you can find a company who has a large scale residental property portfolio and a property to suit you, then there is much less chance that anything will happen that means you would ever be evicted. While one can never say "never", if it is their business to let out property, there is much less chance that this will ever change. 

2) Look to move to an area of the country that you could afford to buy in. I apprecaite that this feels impossible and possibly too risky, but if you can secure work in a new area, then it is also likely that you can secure a place in a specialist school for you son. It's the only way that you will be able to afford to buy outright. 

You should also keep your eye out for any news articles that suggest that new equity sharing scheme is starting up. The risk here is that if you join a scheme that is very new, if it fails to get enough interest, the scheme may fold and the  property may need to be sold, so you would end up being evicted. You would need to look at the safeguards that would prevent this. However, it might make sense to join such a scheme even if you feel that it might fold if it is unsuccessful, because it would give you the chance of saving up more deposit so that you can afford to pay the market price for the property. If you went down this route, I would recommend investing your savings in the global stock markets, as this gives you the best chance of your savings keeping up with house price inflation.

Good luck

Scotch_Bonnet_

I also suggest speaking to your local housing department.

Savvy_Sue

Interestingly, following tacpot's post, there was something on Radio 4's Moneybox programme yesterday about a new equity scheme. I didn't catch all the details, can't speak to its safety, but definitely worth a listen.

Also worth looking at Martin's guide to mortgages and finding a broker.

breaking_free

Duplicate thread, though I appreciate that posting it in two places *may* be appropriate for this particular situation. Best of luck. https://forums.moneysavingexpert.com/discussion/6315155/desperate-to-buy-for-disabled-child/p1