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ChatterBank6 mins ago
Right to buy my council house
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I want to buy my council house under the RTB scheme, however, even with the �26000 discount and them not taking into account my own improvements this still leaves a value of �104000. The market value would be �170000 so if I could buy the house I would be in pocket straight away by �66000. I simply cannot afford the �104000 mortgage required to buy it though. Any ideas other than lotto?
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You have a good point as everyone will tell you to buy it whatever. The fact is you have a cheap place to live and so what if you can make some money on top?
If you really really have to buy it you either need more income/take in a lodger/get extra money out to subsidise the cost of the mortgage (but this will run out). Work out how long the �66,000 will take to run out if you buy the house and see if it really is worthwhile. You could end up with a liability. Why not wait to see if the market crashes? I'm sure you won't lose anything. If the scheme allowing you to buy the house is to be withdrawn you will I am sure be given notice of this. Best of luck.
If you really really have to buy it you either need more income/take in a lodger/get extra money out to subsidise the cost of the mortgage (but this will run out). Work out how long the �66,000 will take to run out if you buy the house and see if it really is worthwhile. You could end up with a liability. Why not wait to see if the market crashes? I'm sure you won't lose anything. If the scheme allowing you to buy the house is to be withdrawn you will I am sure be given notice of this. Best of luck.
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