Part rent part buy question…..

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  • #39444 Report

    Maisiecupcake
    Participant

    Hi all

    I have recently become a single mum after 11 years together 6 married and I’m looking into my housing options for me and my daughter. I would prefer to buy as I will get my share of the equity from our house sale and would like to buy for better security for myself and my daughter. However the mortgage I can get will not be big enough on just my wage so thought maybe I could part rent part buy??

    The question is has anyone gone down the part rent part buy option and do universal credits help you with the rent part?

    Thanks in advance

    #39464 Report

    AfsanaB
    Participant

    Hi

    I’m new here, have you though of contacting housing associations and enquiring about your options.

    I live in a housing association property. And have the option to buy it. But my income and expenses are not enough to buy at present.

    Please have a good think about this even though I had work I  housing dept.

    I consider renting. Which was suitable for me.

     

    #39503 Report

    Maisiecupcake
    Participant

    Thanks for your reply. Yeah its alot to think about there is a fair few pros and cons to part ownership. Hot lots to research!

    #42459 Report

    AfsanaB
    Participant

    Hi

    You are right about universal credit about mortgages part.

    Last week I too inquire over this. As I saw a property I like on shared ownership.

     

    The benefit service that deal with council tax support may be able to help with this as part of housing benefit? Rent side

    Please contact your local authority that deal with this for an answer.

    Good luck

     

     

    #42473 Report

    picklepie24
    Participant

    I got a mortgage last year and they took into account part of my tax credits, child benefit and maintenance as well as my wages it depends where you are getting the mortgage from as to what they will take into account.  I had a really good mortgage advisor who was free and did it all for me.

    According to the Citizens Advice Bureau you can claim benefit for the part you pay in rent providing you have a rental agreement (see below)
    <div class=”d9FyLd” style=”padding: 0px 0px 10px; color: #222222; font-family: arial, sans-serif;”><b>If you</b> pay <b>rent</b> as <b>part</b> of a shared <b>ownership</b> scheme.</div>
    <div class=”d9FyLd” style=”padding: 0px 0px 10px; color: #222222; font-family: arial, sans-serif;”><span class=”hgKElc” style=”padding: 0px 8px 0px 0px; color: #222222; font-family: arial, sans-serif;”><b>You can get Housing Benefit</b> for the <b>rent you</b> pay as <b>part</b> of a shared <b>ownership</b> scheme. <b>You</b>’ll need to ask for a written <b>rental</b> agreement with the organisation running the scheme, <b>if you</b> don’t already <b>have one.</b></span></div>
    <div>Maybe give them a ring to confirm their information is up to date.</div>
    <div></div>
    <div>Good Luck</div>

    #42474 Report

    picklepie24
    Participant

    Sorry that doesn’t make much sense, look on the CAB website about housing benefit and it’s covered there.

     

Viewing 6 posts - 1 through 6 (of 6 total)

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