Buying A Home Or Private Renting? Which Is The Best Option?

getmore4less wrote: »

given she also tells everyone the long version of the story would not surprise me that this is contributing to the CMHT saying she does not need their support.

My CMHT seem to think I am not ill enough to need their support.
It's true that I am not on medication but that does not mean I don't need emotional support.

When I was with my CMHT Social workerbefore the CMHT discharged me in April 2014. I was seeing her every 2 weeks which I found very helpful as she was giving me emotional support. The psychiatrist I only saw once every 6 months which was always a different one so I never got to know the psychiatrist.

But the CMHT discharged me in 2014 and the then psychiatrist said I am not ill enough to need their services.

And my CMHT have been saying that ever since despite repeated referrals back to them from my GP. So the CMHT won't take me back again.

But I still want to go home to my HA flat despite this.

I like my flat despite my CMHT's refusal to take me back. And I like the area I am in. I am near the shops, it's a nice area and the HA is not too bad and the neghbors are nice.

I think the HA understand me better know as most of the staff know I have MH problems. And I have gotten used to my HA and the comfortable home I have made for myself there in my flat.

I am not going to be hounded out of what is my home by the CMHT's refusal to take me back.

And even if I did move to Liverpool there is no guarantee that the CMHT up here will give me a keyworker or support either.

They may say the same thing as my CMHT in Essex.
So I could move up here and have the same problem.

And I am not going to save money in a private rented flat up here.

As I have found out, a 1 or 2 bedroom flat in Liverpool and the surrounding areas's are about £450 or £500 per calendar month.
And that's only £150 or £100 less than what I am paying now with my HA at £603 per calendar month.

So now I am not going to save much money in rent if I move up here.

I still have to pay rent myself. Whether I pay £603 a month or £450 a month I am still paying it.

And as we both know my inheritace is not going to last me forever so I will have to go back on HB and full benefits one day.

Be it in 10 years time or 15 but that day will come when I will have to go back on HB.

But at least if I stay with my HA when I do I will still have a secure home but with a private landlord I might not have.

If I don't have any problems where I am living then why do I want to go through the hassle of moving. And removal vans the stress of it and high removal van costs?

And the hassle of transferring my utility bills and energy suppliers? When I don't have any problems where I am living?

As well giving up a secure flat to a flat which is not secure where I could be evicted at any time?

If I go into private rented and end up having to move every 2 years or so. That would cost me a deposit each time and that would eat up my inheritace more quickly. As well as removals and storage costs.

I have had quotes from several removal companies and it will cost me about £3000 to both move my furniture and my stuff from Essex to Liverpool including the overnight storage.

Because of the long distance move.

And that's another 3k gone from my inheritance as well as the 2k deposit I might have to put down for a private flat.

getmore4less wrote:

If this idea of the trip had been discussed here first at least a decent plan could have been formulated before getting on the train, carrying £1600 in cash!

Yes I have wasted my time and my money coming here.

I did not have to stay up here for 3 weeks.

I could have just booked for 4 days,gone to the letting agents in that time then gone home again.

Or I could have just phoned the letting agents up from London and they could have told me if they had flats or not and what I needed to know.

Even if I did go round to the letting agents today they may say they have not got anything.
They have not always got flats they are not so easy to get just like that.

So even if I had have gone to the letting agents it is unlikely I would get a flat within a few days. It can take weeks or even months to get a flat.

So even if I were to stay here another week and go to the letting agents I won't get a flat right away.

As I said it could take several months to get a flat and I cannot stay here in Liverpool that long.

And I might not have got one anyway as I still would have to find a landlord or letting agent who would accept me.

And that's not so easy.

Although I am not on HB I am stil on DLA and ESA and cannot work.
And some landlord and letting agents would consider that to be on DSS even though I am not on HB.

And some private landlords only want working tenants and a lot want references and guarantors.

So it is not so easy to get a private flat.

Norman_Castle wrote: »

Many accounts offer better interest with penalties such as loss of 90 days interest for early withdrawal. You are very unlikely to need instant access to the majority of this money. Parking at least 80% of this money in an account with restricted access would be wise. As you no longer intend to buy a property in the immediate future there is no reason not to do this.

Well I have as I said before £55k in one Savings Account which is an ordinary account.

£5000 in one Currant Account with my bank which my direct debits come out of for my bills.

£3,600 in my other currant account and another saving account which my benefits get paid into by the DWP. that just has my benefits money in there.

And the rest of my money is in another account with a different Bank which is also just a regular saving account. That has 44k in it.
So I have about 108k but it is split up in different accounts.

Some of it with one bank and some of it is with another.

So you are saying that I could split my savings up further by opening more accounts with different banks and putting smaller amounts in those?

Slithery wrote: »

No.

They are advising you to put the majority of your money in a high interest account. You cannot access this money whenever you want to but you shouldn't need to touch any of this money in the next few years anyway.

But I want an account where I CAN access the money whenever I want not one where I can't.

My bank does have such accounts such as the Loyalty Saver.

You have to have been with my bank for so many years to get this account. But as I have been with them for 15 years they told me I do qualify.

With a Loyalty Saver you can only invest up to 50k. So I could put in say 40k. But you can draw out the money or make withdrawals any time you want. The same as you can with a regular saver but it pays a higher interest at 0.75%.

Then there is the Instant Access ISA that banks have which pays also pays a higher interest.

And you can have unlimited withdrawals with that as well. But you can only invest up to 15k. Or is it 20k now?

But it is instant access like my other savings accounts but I also would get a bit higher interest on both the Loyalty Saver and the Instant Access ISA.

But you can only have 1 ISA account.

So you cannot have different ISA's with different banks.


For example if I had an ISA with 1 bank I cannot open another ISA Account with another bank.

1 ISA account only.

The second bank I am with also have their own loyalty Savers if you have been with them for so many years.

But because I have only been with them a few months I do not qualify.

But maybe after I have been there for a year or so I might qualify for a loyalty saver or the equivalent with my second bank.

I would only put my money in a high interest account if I had instant access to it.

I do not want to lock it away or put it in an account that I cannot access.

Because if ever I did need to draw out the money say if I did want to buy a place or rent or for something else, I would not be able to get to it. And I don't want that.

Although I do not need to draw out all of that money I feel reassured and safe to know.
That if ever I need to draw out I can get to it easy.