Has anyone rented a council house for over 3 years?

And would like to buy it?

You'll probably remember me posting a few times on here about mortgage advice and happily I've now done 3 mortgages for BBSers!

I read something this week that 2 million people in the UK are eligible to buy their council property as they've lived in it over 3 years. The scheme is called Right to Buy, and you get a discount of a minimum of 35% off the market value, and with some lenders, you don't need any additional deposit as that discount counts as the deposit effectively.

I've done a fair few Right to Buy mortgages but reading the article made me think to put it out there given so many people are at least eligible to buy. Obviously you need to be able to afford a mortgage, but that's where I come in. Drop me a DM if you or anyone you know might be interested or if you have any questions. Or you can email: allen@wallacehomefinance.co.uk

With that... back to the footy chat

Cheers

 

Massive con trick introduced by Thatcher.
I was brought up in a council house, which my parents then bought.

 

Which part is a con trick mate?

 

I'm guessing totally decimating the council housing stock for future generations in need.

 

Ah well, the council house as a thing, I can understand people's opinions on that.

However, the RTB scheme can be great for tenants now. I've done mortgages where people are getting a house worth say £200k for £120k, and can sell after 5 years realising that profit (assuming prices are stable etc). Pretty nifty.

 

It would’ve been better if councils had been allowed to re-invest the money to build new social housing, but Thatcher made sure that couldn’t happen

 

It is a great deal for them and I totally understand that, but looking at the bigger picture it isn't a good deal for society. I don't agree with it ethically.

 

A lower costing ex authority house is great if you want to get on the property ladder, doing a great job Journo Tyke,

 

Social housing should remain just that..

 

Most ex council houses that were sold are now in the hands of private landlords who are charging far more than the council. My daughter is just moving out of one, 2 bed terrace in Worsbrough Dale, rent was £425 pcm and it's just gone up to £595 pcm

 

Shame most of them appear to be going to buy to let

 

Most Tenants require finance to purchase property. Borrowing mostly from banks. The new property owners spend cash improving their dwellings which lines the pockets of the big businesses selling materials windows, kitchens, white goods etc. More Borrowing, credit, debt.
Then the government closes the industries in the large traditionally council home areas.
Job losses, high interest, debt, leading to loads of repossessed properties, which are bought by private landlords, vultures who have been waiting for con to pay off.
Which for the then tory government couldn't have worked better.
Resulting in low social housing stock and high rent poor quality private rental properties. Con!
My labour voting parents were very happy with their purchase by the way.

 

It wouldn't happen with this current Conservative govt though as they are not bright enough to have thought it through to the end.

 

I actually agree with rtb in some ways, in that it can rejuvenate and improve a council estate and allow those who may otherwise be unable to to purchase property to do so. Where it falls down is not reinvesting the money into building more affordable housing ( one of Thatchers many legacies we're still reeling from).
Renting in general needs to be overhauled, it should be cheaper than getting a mortgage.

 

And the bigger irony is that many councils are paying the exorbitant rent on these properties they used to own to house those in need because they no longer have adequate social housing. Councils pay far more annual rent on property they used to own than they have ever received from the right to buy scheme. It's nuts.

 

Right to buy is the worst thing that's happened to this country in the last 100 years

 

That's right - the lower classes should be condemned to renting for the rest of their lives rather than being able to make use of a discount, and eventually end up owning something that they can pass on to their family.

Better to pay rent all their lives for their property, to an amount far higher than if they'd been able to buy at a discount and eventually pay off their mortgage.

And if they want to improve their property, better that there's no incentive whatsoever so to do because they or their heirs don't benefit one jot if they're renting.

 

Actually it's probably the best thing.

 

It's weird reading someone using a sarcastic tone when they're saying something stupid.