PLEASE READ BEFORE POSTINGHello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
Right To Buy and Shared Ownership
With the Govt now extending Right To Buy from Council tenants to Housing association tenants I'm already at 50% discount.
However since moving in I am now on long-term disability benefit and stuck paying rent. It's a lovely place and I wouldn't mind owning it if possible.
I believe the Govt are looking into opening up the mortgage market to those on disability benefit and some schemes do exist (like HOLD) however they seem to be aimed at Shared Ownernship not buying Right to Buy or full mortgages.
My flat is valued around £120,000 and I can put £20,000 down against my 50% discount half leaving £40,000 to borrow.
If I can't borrow that on disability then I'm open to Shared Ownership, my H/A regularly pushes it's availability.
Could I request a % of shared ownership of my 50% RTB discounted amount in theory to get me started at least? I might even be able to buy that share outright.
Or do both schemes operate totally separately and I'd have to pick one?.
★ ★ ★ Meet your Ambassadors
- All Categories
- 338.9K Banking & Borrowing
- 248.7K Reduce Debt & Boost Income
- 447.6K Spending & Discounts
- 230.8K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 171.1K Life & Family
- 244K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards