Investing whilst living in a housing association flat?

[Deleted User]

22225 said:

Maybe buy additional NHS pension if ur scheme allows. Also if it only allows you to have it (without being reduced) at say 68, you could also set up a low cost SIPP eg Vanguard Lifestrategy that you can access from 58 or whatever until you can access your nhs and state pension. Plus put aside 6 months pay in savings account or premium bonds for emergencies etc. If you need to claim benefits in the future the pension money will hopefully be protected from means testing. Just my opinion.

This is exactly what I would do.
If not already doing so, ensure that the maximum NHS contribution is made each month. If this creates a shortfall. then just draw from the savings to make up the difference.
NHS schemes are all generous (some obviously more so than others) but nonetheless, it's a very good home for your money.
SIPP would generate tax relief even if not invested, so again, seems a no brainer to me.
Being a Landlord is hard work and at today's prices I would question if it's actually a good investment? (return on investment, risk of house prices falling/interest rates rising/new govt legislation etc)

diggingdude

Maskface said:

deannagone said:

I am afraid with most social housing, as long as you are using the social housing as your residence, there are no restrictions on owning another property.  If you apply for social housing and own another property there are.  If you apply for benefits whilst owning another property, it will stop you from getting benefits.  But there's little to stop you living in social housing whilst owning another property as long as owning another property happens once you already rent the social housing. 

I do know rent for my 3 bed maisonette (council) is a third of the rent for an equivalent 3 bed property if private renting.  So yes, I'd be rather uneasy of taking advantage of that.  But the OP is perfectly free to do that if that's what they decide.  As the property is going to have to be some distance away, so difficult to monitor or organise repairs (means you have to pay for and depend on a LA, which may be useless) - its not something I'd consider from a personal point of view when there are 'easier' ways to make money (you can lose money when renting if you get an undesirable tenant - credit checks and LL references don't protect enough).  But the OP is free to do this if they want to.

I just find it absurd. Surely that's exploiting social housing? I'd still be getting the facts directly from the housing association themselves before doing anything. We don't know for a fact the ops housing association will allow it so telling them they are free to do it if they want to may be a bit premature.

Many of us will agree with the sentiment but sadly there's nothing that can be done. With such housing shortages I am always amazed subsidised tenancies arent regularly reviewed, but until they change the rules millionaires can live cheaply which minimum wage workers struggle 

luvchocolate

Maskface said:

luvchocolate said:

marcia_ said:

 If you were currently trying to get a HA property you would be refused if you owned property. 

 I would check your tenancy agreement thoroughly and ask the HA as its not likely to be allowed. 

Not true of the housing association I rent from 

Are you able to quote the terms for citation? I'm struggling to comprehend that you can live in social housing while owning another property that you rent out?

I'm in an over 55s flat in a small courtyard of 12 flats. A neighbour owns a house and her son and family live in it. Not sure whether they pay rent 

pinkshoes

What do you actually want to invest it for? Do you have kids you are hoping to leave a large inheritance for?

You have a secure housing tenancy with the housing association so personally I'd just stick it in the bank and spend it on a marvellous well deserved holiday each year. £80k will get you 20 years of amazing holidays so you can see the world before you are 60! 

I think some people lose sight of what money is for!