Right to buy

MalMonroe

almightybear said:

The discount would be the full amount or the cap which ever is lowest . Probably the cap  which is about 96k I believe .

It would more than like be me getting the mortgage due to my parents age.

Hi, my daughter and I are in exactly the same situation as you except that she has been living with me for some time now. Please do not think that age is an important factor. It isn't and they would be just as entitled as you to have a mortgage. Lenders these days willingly consider mortgage applications from all applicants, including older ones - and if they don't, they could be accused of discrimination (because of the Equality Act 2015).

I am 73 and my daughter and I intend to put in our application for the right to buy our council property later this year, once all our research is complete. We have learned that we are eligible for a 15 year mortgage - and for some mortgages, 20 years. We want to try to pay it off as soon as possible though so we may even consider a 10 year one.

The fact that my daughter is a joint applicant may be a positive point - but please don't think of your parent's age as a barrier or negative factor. You can apply jointly - and that would be beneficial since both your incomes will then be taken into account. (Pensions are considered to be incomes too - because that's exactly what they are.)

Have a look at the information in this link - https://www.gov.uk/right-to-buy-buying-your-council-home

We found it really comprehensive and useful.

Of course, credit history, as mentioned by dimbo61, is important for you and your parent - but you have time before your 12 months are up to get those sorted out, if needs be.

You could probably start doing some research now though - checking out mortgage brokers who specialise in right to buy properties, etc. That's the sort of thing we've been doing. Just do some googling. I've also googled 'mortgages for older borrowers' - although many lenders don't even mention age.

We're entitled to 70% off the price of our property because we've been here donkeys years. (All that rent!) 

(It's 70% - or the cash discount of £96,010 - whichever is lower. I mistakenly thought we could have the £96,010 and it was a bit of a shock to find out that it's 70% for us, not as much as I'd thought. Still a bargain though. You'll need to check that - and I'm assuming you don't live in London because the cash amount is higher there.)

Good luck - if you are anything like us, you will be really looking forward to becoming home owners. Our outgoings are going to be so much less with a mortgage than with council rent.

powerful_Rogue

MalMonroe said:

almightybear said:

The discount would be the full amount or the cap which ever is lowest . Probably the cap  which is about 96k I believe .

It would more than like be me getting the mortgage due to my parents age.

Hi, my daughter and I are in exactly the same situation as you except that she has been living with me for some time now. Please do not think that age is an important factor. It isn't and they would be just as entitled as you to have a mortgage. Lenders these days willingly consider mortgage applications from all applicants, including older ones - and if they don't, they could be accused of discrimination (because of the Equality Act 2015).

I am 73 and my daughter and I intend to put in our application for the right to buy our council property later this year, once all our research is complete. We have learned that we are eligible for a 15 year mortgage - and for some mortgages, 20 years. We want to try to pay it off as soon as possible though so we may even consider a 10 year one.

The fact that my daughter is a joint applicant may be a positive point - but please don't think of your parent's age as a barrier or negative factor. You can apply jointly - and that would be beneficial since both your incomes will then be taken into account. (Pensions are considered to be incomes too - because that's exactly what they are.)

Have a look at the information in this link - https://www.gov.uk/right-to-buy-buying-your-council-home

We found it really comprehensive and useful.

Of course, credit history, as mentioned by dimbo61, is important for you and your parent - but you have time before your 12 months are up to get those sorted out, if needs be.

You could probably start doing some research now though - checking out mortgage brokers who specialise in right to buy properties, etc. That's the sort of thing we've been doing. Just do some googling. I've also googled 'mortgages for older borrowers' - although many lenders don't even mention age.

We're entitled to 70% off the price of our property because we've been here donkeys years. (All that rent!) 

(It's 70% - or the cash discount of £96,010 - whichever is lower. I mistakenly thought we could have the £96,010 and it was a bit of a shock to find out that it's 70% for us, not as much as I'd thought. Still a bargain though. You'll need to check that - and I'm assuming you don't live in London because the cash amount is higher there.)

Good luck - if you are anything like us, you will be really looking forward to becoming home owners. Our outgoings are going to be so much less with a mortgage than with council rent.

That's not true. Mortgages are exempt from age discrimination. As such I stopped reading there.

almightybear

It's not just age .my parent cant work(told by doctors) due multiple illnesses 

housebuyer143

almightybear said:

It's not just age .my parent can work(told by doctors) due multiple illnesses 

Clearly buying you house benefits you but f you think of it from your parents view they are better off having a guaranteed property for life, rent paid by the council and all repairs and improvements done for free. 
You buying it takes all that away 🤷‍♂️

strawb_shortcake

Our neighbours tried this, it didn't work. The Son hoped to be the only one on the mortgage, but as this wasn't allowed it knocked the maximum mortgage term down to around 10 years making the mortgage repayments completely unaffordable.

The HA also had the Son sign a document to say he would not make his parents homeless. Not sure just how this would stand up in court if tested.

_Penny_Dreadful

almightybear said:

Hello. I've had to move back in with a parent. I'd like to use the right to buy scheme so we can buy the council home. I know I have to wait a year before I can be put on the rent book and be able to buy the home with my parent. 

But do I have to wait the full year to get the ball rolling on this as I know it can take several months to complete the process.

You’re not going to be out on the rent book or tenancy agreement. After living with your parents for 12 months you are then eligible to make a joint application for RTB with at least on of the tenants. At least on of your parents will need to be named on the mortgage because it’s their right to buy not yours and the discount that essentially forms the deposit belongs to them not you. 

You will need to explore if it is likely you will get a joint mortgage with one of your parents and for that you would be better of posting on the Mortgage & Endowments board. 

Silvertabby

powerful_Rogue said:

MalMonroe said:

almightybear said:

The discount would be the full amount or the cap which ever is lowest . Probably the cap  which is about 96k I believe .

It would more than like be me getting the mortgage due to my parents age.

Hi, my daughter and I are in exactly the same situation as you except that she has been living with me for some time now. Please do not think that age is an important factor. It isn't and they would be just as entitled as you to have a mortgage. Lenders these days willingly consider mortgage applications from all applicants, including older ones - and if they don't, they could be accused of discrimination (because of the Equality Act 2015).

I am 73 and my daughter and I intend to put in our application for the right to buy our council property later this year, once all our research is complete. We have learned that we are eligible for a 15 year mortgage - and for some mortgages, 20 years. We want to try to pay it off as soon as possible though so we may even consider a 10 year one.

The fact that my daughter is a joint applicant may be a positive point - but please don't think of your parent's age as a barrier or negative factor. You can apply jointly - and that would be beneficial since both your incomes will then be taken into account. (Pensions are considered to be incomes too - because that's exactly what they are.)

Have a look at the information in this link - https://www.gov.uk/right-to-buy-buying-your-council-home

We found it really comprehensive and useful.

Of course, credit history, as mentioned by dimbo61, is important for you and your parent - but you have time before your 12 months are up to get those sorted out, if needs be.

You could probably start doing some research now though - checking out mortgage brokers who specialise in right to buy properties, etc. That's the sort of thing we've been doing. Just do some googling. I've also googled 'mortgages for older borrowers' - although many lenders don't even mention age.

We're entitled to 70% off the price of our property because we've been here donkeys years. (All that rent!) 

(It's 70% - or the cash discount of £96,010 - whichever is lower. I mistakenly thought we could have the £96,010 and it was a bit of a shock to find out that it's 70% for us, not as much as I'd thought. Still a bargain though. You'll need to check that - and I'm assuming you don't live in London because the cash amount is higher there.)

Good luck - if you are anything like us, you will be really looking forward to becoming home owners. Our outgoings are going to be so much less with a mortgage than with council rent.

That's not true. Mortgages are exempt from age discrimination. As such I stopped reading there.

And even if age wasn't a problem, they'd still have to pass the 'affordability test'.  Just - or not much more than - the State pension?  Not a chance.

freesha

Another one bites the dust. Buying social housing should be outlawed.

almightybear

_Penny_Dreadful said:

almightybear said:

Hello. I've had to move back in with a parent. I'd like to use the right to buy scheme so we can buy the council home. I know I have to wait a year before I can be put on the rent book and be able to buy the home with my parent. 

But do I have to wait the full year to get the ball rolling on this as I know it can take several months to complete the process.

You’re not going to be out on the rent book or tenancy agreement. After living with your parents for 12 months you are then eligible to make a joint application for RTB with at least on of the tenants. At least on of your parents will need to be named on the mortgage because it’s their right to buy not yours and the discount that essentially forms the deposit belongs to them not you. 

You will need to explore if it is likely you will get a joint mortgage with one of your parents and for that you would be better of posting on the Mortgage & Endowments board. 

I can afford the cash deposit if it was full market value  and I can borrow 50k more than the house would cost with the discount without the deposit  . 

I know there are some mortgage companies that will allow certain benefits as a income in a joint mortgage application . With My earnings alone its more than affordable. . So I'll probably have to look at broker that will allow someone on benifits to be a joint applicant 

I'm not trying buy to sell on for a profit, I'd just like to see the family home stay in the family 

freesha

almightybear said:

_Penny_Dreadful said:

almightybear said:

Hello. I've had to move back in with a parent. I'd like to use the right to buy scheme so we can buy the council home. I know I have to wait a year before I can be put on the rent book and be able to buy the home with my parent. 

But do I have to wait the full year to get the ball rolling on this as I know it can take several months to complete the process.

You’re not going to be out on the rent book or tenancy agreement. After living with your parents for 12 months you are then eligible to make a joint application for RTB with at least on of the tenants. At least on of your parents will need to be named on the mortgage because it’s their right to buy not yours and the discount that essentially forms the deposit belongs to them not you. 

You will need to explore if it is likely you will get a joint mortgage with one of your parents and for that you would be better of posting on the Mortgage & Endowments board. 

I can afford the cash deposit if it was full market value  and I can borrow 50k more than the house would cost with the discount without the deposit  . 

I know there are some mortgage companies that will allow certain benefits as a income in a joint mortgage application . With My earnings alone its more than affordable. . So I'll probably have to look at broker that will allow someone on benifits to be a joint applicant 

I'm not trying buy to sell on for a profit, I'd just like to see the family home stay in the family 

Do you not think the 'family home' would be better being passed to another family in need, presumably as you once were?