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Help to Buy rushed forward.

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By *nny OP   Man
over a year ago

Glasgow

"A controversial scheme allowing people in England to take out 95% mortgages will be launched next week - three months earlier than planned.

PM David Cameron made the announcement as the Conservatives gathered in Manchester for their annual conference.

He rejected fears the Help to Buy scheme will fuel a housing bubble.

He told the BBC's Andrew Marr show the market was "recovering from a very low base" and first-time buyers needed help to get on the housing ladder."

Any Fabsters genuinely likely to take advantage of this scheme?

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By (user no longer on site)
over a year ago

Its simply a replacement for an existing scheme - nothing new!

If it helps people get on the property ladder - all good!

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By (user no longer on site)
over a year ago

I would love to take advantage of this scheme but nobody will give me a mortgage on my salary

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By *exxifun5Couple
over a year ago

NORWICH

Im hoping it goes ahead for my own reasons as I been trying to sell my ex marital home for three years. I am hoping the housing market will pick up and I sell mine for what I paid for it xx tabitha xx

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By (user no longer on site)
over a year ago


"I would love to take advantage of this scheme but nobody will give me a mortgage on my salary "

Try shared ownership. Marginally more expensive that renting via social housing but usually cheaper than renting privately - and you'll need to borrow less so more affordable!

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By (user no longer on site)
over a year ago

Yes i would love to buy my house

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By (user no longer on site)
over a year ago

As far as I'm aware it is a new scheme which allows you to buy any house, the current scheme only applies to New builds,

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By (user no longer on site)
over a year ago

How much will you be able to borrow in relation to the house price?

In effect if you borrow your deposit isn't this the same as having a 100% mortgage?

How many people will be able to afford this?

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By (user no longer on site)
over a year ago

Any help for the first time buyers is a good thing IMHO, however, I would strongly advise for peeps to read the small prints and consider all the options very carefully before committing themselves to any mortgage.

Back in late 80s, I had this "partnership" mortgage that was offered to NHS workers at the time, and enabled me to take out 3.5x my salary and over 95% of the property price.

The sting in the tail was that the lender would take half the profit if and when I decided to sell.

Being in central London in a desirable area, the lender got a tidy sum out of the deal.

No complain, as it enabled me to get onto the property ladder in the first place, for which I am eternally grateful.

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By *nny OP   Man
over a year ago

Glasgow


"How much will you be able to borrow in relation to the house price?

In effect if you borrow your deposit isn't this the same as having a 100% mortgage?

"

Ultimately yes, but the 20% of the mortgage you don't have to find upfront, by way of a deposit, will be repaid (I assume) at the end of the mortgage or on sale of the property.

If (when!) it all goes tits up, HMG will be left holding the baby.

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By *nny OP   Man
over a year ago

Glasgow


"I would love to take advantage of this scheme but nobody will give me a mortgage on my salary

Try shared ownership. Marginally more expensive that renting via social housing but usually cheaper than renting privately - and you'll need to borrow less so more affordable! "

Always worth looking at.

Housing Association funds are so limited these days (and will be as long as the bedroom tax survives) that almost all new developments have an element of shared ownership involved simply to make the sums add up and maintain their bank covenants.

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By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound

I think it's the wrong stimulation. There is a shortage of property in London and the South East. This will help inflate prices. The stimulus should be on building not fuelling existing demand.

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By *nny OP   Man
over a year ago

Glasgow


"I think it's the wrong stimulation. There is a shortage of property in London and the South East. This will help inflate prices. The stimulus should be on building not fuelling existing demand."

I agree absolutely.

Instead of faffing around re will we/ won't we on HS2, we should instigate a national house building campaign (mixed tenure)and get tradesmen back to work, builders merchants selling stuff again, architects back to the pencils etc.

Of course, people who already HAVE houses will hate this 'cos increased supply drives down prices.

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By *rivate auditionsMan
over a year ago

West Midlands


"I think it's the wrong stimulation. There is a shortage of property in London and the South East. This will help inflate prices. The stimulus should be on building not fuelling existing demand."

far too much energy is expanded into getting business and jobs into greater london & south east and forgetting the lack of housing situation.

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By *ce WingerMan
over a year ago

P.O. Box DE1 0NQ

Plenty of empty properties not only in Derby but also around the country I suspect.

Plenty of homeless people not only in Derby but also around the country I suspect....

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By (user no longer on site)
over a year ago


"I would love to take advantage of this scheme but nobody will give me a mortgage on my salary

Try shared ownership. Marginally more expensive that renting via social housing but usually cheaper than renting privately - and you'll need to borrow less so more affordable!

Always worth looking at.

Housing Association funds are so limited these days (and will be as long as the bedroom tax survives) that almost all new developments have an element of shared ownership involved simply to make the sums add up and maintain their bank covenants."

I've looked into it, I can't even get a mortgage for shared ownership. It pisses me off that its clear to see that I've paid my rent to my HA each and every month for the last 6 years but that's not good enough x

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By *nny OP   Man
over a year ago

Glasgow


"

I've looked into it, I can't even get a mortgage for shared ownership. It pisses me off that its clear to see that I've paid my rent to my HA each and every month for the last 6 years but that's not good enough x"

I dunno about England but in Scotland there's a very strict formula about how much as well as how little you can earn before qualifying for Shared Ownership.

They take your take home pay then deduct certain agreed sums, like fuel, council tax and so on.

The reason for the upper limit is to stop potential speculators buy a small share on the cheap and adding to it over the years till they own 100%.

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By *ouple in LancashireCouple
over a year ago

in Lancashire


"I think it's the wrong stimulation. There is a shortage of property in London and the South East. This will help inflate prices. The stimulus should be on building not fuelling existing demand.

I agree absolutely.

Instead of faffing around re will we/ won't we on HS2, we should instigate a national house building campaign (mixed tenure)and get tradesmen back to work, builders merchants selling stuff again, architects back to the pencils etc.

Of course, people who already HAVE houses will hate this 'cos increased supply drives down prices."

both the points above are spot on..

said it a Cpl of years ago that had the Tories borrowed money on the world market specifically just to finance a building programme they would by now have paid that loan back and the Exchequer would have seen an increase in revenue due to the actual increase in growth and the reduction in job seekers..

they would have probably on the back of that alone romped it in 2015..

personally I have said that the reduction in house prices has not been enough down here..

we would be happy to take a 20% drop if it led to youngsters getting themselves 'on the ladder'..

we didn't buy this house to make money..

its our family home..

will say now that the latest 'policy' will only in some area's only continue to make affordable housing for 'normal folks' exactly the opposite..

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By *nny OP   Man
over a year ago

Glasgow


"..........

far too much energy is expanded into getting business and jobs into greater london & south east and forgetting the lack of housing situation. "

Sorry if it sounds pedantic but is there a lack of housing or is it just that those selling the available houses are expecting too much money for them?

Walk down any street in residential areas of London and there's no shortage of For Sale signs, it's just that most have been up for years.

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By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound


"..........

far too much energy is expanded into getting business and jobs into greater london & south east and forgetting the lack of housing situation.

Sorry if it sounds pedantic but is there a lack of housing or is it just that those selling the available houses are expecting too much money for them?

Walk down any street in residential areas of London and there's no shortage of For Sale signs, it's just that most have been up for years."

They turnover really quickly here but usually for buy to lets as the rent per room is so high. Three in my street have become shared occupancy with rents at over £200 per week for a room.

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By *abioMan
over a year ago

Newcastle and Gateshead


""A controversial scheme allowing people in England to take out 95% mortgages will be launched next week - three months earlier than planned.

PM David Cameron made the announcement as the Conservatives gathered in Manchester for their annual conference.

He rejected fears the Help to Buy scheme will fuel a housing bubble.

He told the BBC's Andrew Marr show the market was "recovering from a very low base" and first-time buyers needed help to get on the housing ladder."

Any Fabsters genuinely likely to take advantage of this scheme?"

actually... you will probably need to split the scheme into 2...

the first part actually isn't contenious at all.... it is to give first time buyers a helping hand to buy newly built homes.... which helps builders and people who couldn't afford the deposits either

the first bit is actually supported by all parties.....

its the 2nd bit that is controversial... they then want to extend the scheme to everyone to buy any type of home, and that is the bit to where people fear this will create a housing boom....

and that is what for example vince cable and the bank of england were and are worrying about.....

actually like the first bit.... hate the 2nd!!!

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By *oxerjoshleeMan
over a year ago

Sheffield


"I would love to take advantage of this scheme but nobody will give me a mortgage on my salary "

A lot of people are in your situation. Not only has the percentage of what you may borrow changed but the affordability criteria has changed too.

I have owned my home for nearly 10 years now and have quite a lot of equity in it. I went to my bank to see if I could get a better deal with them than my lender and I was refused on the affordability.... on a mortgage I already have. My earning are more than they were ten years ago and the amount I want to borrow is a lot less... yet apparently I can no longer afford it.

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By (user no longer on site)
over a year ago


"

I've looked into it, I can't even get a mortgage for shared ownership. It pisses me off that its clear to see that I've paid my rent to my HA each and every month for the last 6 years but that's not good enough x

I dunno about England but in Scotland there's a very strict formula about how much as well as how little you can earn before qualifying for Shared Ownership.

They take your take home pay then deduct certain agreed sums, like fuel, council tax and so on.

The reason for the upper limit is to stop potential speculators buy a small share on the cheap and adding to it over the years till they own 100%."

Income can be up to £60k. And most lenders these days work on affordability rather than income multipliers.

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By *nny OP   Man
over a year ago

Glasgow

Near me, the income parameters for buying a 1 bed flat on shared ownership are roughly £25,000 - £33,000pa.

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By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound


"Near me, the income parameters for buying a 1 bed flat on shared ownership are roughly £25,000 - £33,000pa."

Near me it's £46k.

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By *nny OP   Man
over a year ago

Glasgow


"Near me, the income parameters for buying a 1 bed flat on shared ownership are roughly £25,000 - £33,000pa.

Near me it's £46k."

Isn't there a maximum and minimum?

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By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound


"Near me, the income parameters for buying a 1 bed flat on shared ownership are roughly £25,000 - £33,000pa.

Near me it's £46k.

Isn't there a maximum and minimum?"

I haven't checked that, just the average for this part of London.

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By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound

Newsnight has just had a report on Help to Buy in light of the increase in property prices.

It adds 17% to the purchase power of someone on £44k.

Something mad is happening here as a flat like mine two streets away has broken through £350k in one of the poorest areas of London. Next door went for just under that for a 1 bed flat. Bonkers. A slump has to happen.

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By (user no longer on site)
over a year ago

Houses should be homes not money making opportunities.

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By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound


"Houses should be homes not money making opportunities."

I agree. I would only sell mine if I ran out of money and work and I end up having to move oop north.

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By (user no longer on site)
over a year ago


"Houses should be homes not money making opportunities.

I agree. I would only sell mine if I ran out of money and work and I end up having to move oop north.

"

Hopefully things will never get that bad that you have to take such drastic action.

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By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound


"Houses should be homes not money making opportunities.

I agree. I would only sell mine if I ran out of money and work and I end up having to move oop north.

Hopefully things will never get that bad that you have to take such drastic action. "

I'm moving to Pity Me if it does get that bad.

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