30% new home loan
Discussion
cqueen said:
A lot of Brown/Darling bashing going on right now, but I'm going to buck the trend!
NICE ONE BOYS!!!
I can finally move outta parents house - I'm off down the housing development to buy me a new home!
Id check just how much in the development is earmarked for 'social housing' before you get too excited. having neighbours who are so dismal no landlord will have them will be an experience...NICE ONE BOYS!!!
I can finally move outta parents house - I'm off down the housing development to buy me a new home!
V8 mate I suspect is right... The govt seems like it is encouraging FTB's to buy a house for it to fall into neg equity... everyone knows the housing market will be in a worse condition next year, history tell us this... The problem is, the govt. does not pay any attention to history to try and sort it out...
on a slightly different topic, Norman Lamont(the VAT man) had a similar scheme to the stamp duty idea but it was apprently better, and that didnt work, so I cannot see why this will
on a slightly different topic, Norman Lamont(the VAT man) had a similar scheme to the stamp duty idea but it was apprently better, and that didnt work, so I cannot see why this will
Ok, so the initial idea sounds good. The goverment lend you 30% of the cost of the new house, which covers your deposit.
You have the option to purchase this 30% portion at a later date interest free.
When you sell the house, you repay the 30% that the gov gave you.
In the even that your house sells for less than your total loan (mortgage plus gov portion) the mortgage company gets paid of first, then the gov get the remainder.
Any shortfall will be repaid to the goverment on amonthly basis.
Now..these are the people who know where you work, how much you earn and where you live. I'd rather have a mortgage company chasing me for negative equity shortfall than the goverment.
Enjoy your new home, but be careful. The goverment are doing this to avoid a housing crisis of their making, not to help little old you out!
eta. anyone hear Hazel Blears on Jeremy Vine today. She explained how one young couple in Ealing had more than halved their living costs by leaving rented (£1600 pcm) to a shared ownership house (£900 pcm). Good to know our MP's are up on their maths.
You have the option to purchase this 30% portion at a later date interest free.
When you sell the house, you repay the 30% that the gov gave you.
In the even that your house sells for less than your total loan (mortgage plus gov portion) the mortgage company gets paid of first, then the gov get the remainder.
Any shortfall will be repaid to the goverment on amonthly basis.
Now..these are the people who know where you work, how much you earn and where you live. I'd rather have a mortgage company chasing me for negative equity shortfall than the goverment.
Enjoy your new home, but be careful. The goverment are doing this to avoid a housing crisis of their making, not to help little old you out!
eta. anyone hear Hazel Blears on Jeremy Vine today. She explained how one young couple in Ealing had more than halved their living costs by leaving rented (£1600 pcm) to a shared ownership house (£900 pcm). Good to know our MP's are up on their maths.
Edited by Simond001 on Tuesday 2nd September 18:48
paolow said:
Id check just how much in the development is earmarked for 'social housing' before you get too excited. having neighbours who are so dismal no landlord will have them will be an experience...
It's ok, I've been interested in this place for the last 6 months, just been waiting for the news that someone else has bought it.cqueen said:
I'm winning because I couldnt afford the house I wanted, but now I can.
You still can't afford the house you want. You can afford 70% of the house you want. They won't give you the other 30% you know. awaits mass flaming based on earlier less-than-intelligent mortgage-related comments
The house I want has already been built and they have slashed over £50k off the asking price in attempt to sell. So it's value has already taken a massive hit simply because they're desperate to sell.
So thats the depriciation taken care of. If it does continue to drop I've still got 5 years for the housig market to recover, by which point my salary will have at least doubled (yes my job is very secure and yes that is a realistic aim).
Thank you for your concern but you won't be able to take the smile off my face, no matter how determined you are.
How about you be pleased for me, a full time working single male (who doesnt earn that much) in his twenties with no kids or benefits, has finally been helped by the government (even if it is only a loan).
So thats the depriciation taken care of. If it does continue to drop I've still got 5 years for the housig market to recover, by which point my salary will have at least doubled (yes my job is very secure and yes that is a realistic aim).
Thank you for your concern but you won't be able to take the smile off my face, no matter how determined you are.
How about you be pleased for me, a full time working single male (who doesnt earn that much) in his twenties with no kids or benefits, has finally been helped by the government (even if it is only a loan).
cqueen said:
The house I want has already been built and they have slashed over £50k off the asking price in attempt to sell. So it's value has already taken a massive hit simply because they're desperate to sell.
How does that work? £50K off the ASKING price and they've still not sold it, what does that tell you?Tell you what, I'll put my house up for sale tomorrow for two million pounds, and then slash a MILLION off of the asking price, just think how far ahead of the game you'll be then!
Don't fall for the asking price/reduction ruse, they've only slashed £50K off cos it wouldn't sell for their original asking, so it was not worth that.
cqueen said:
The house I want has already been built and they have slashed over £50k off the asking price in attempt to sell. So it's value has already taken a massive hit simply because they're desperate to sell.
So thats the depriciation taken care of. If it does continue to drop I've still got 5 years for the housig market to recover, by which point my salary will have at least doubled (yes my job is very secure and yes that is a realistic aim).
Thank you for your concern but you won't be able to take the smile off my face, no matter how determined you are.
How about you be pleased for me, a full time working single male (who doesnt earn that much) in his twenties with no kids or benefits, has finally been helped by the government (even if it is only a loan).
1. The property's value has taken a hit because of a market slowdown. It's price has been changed by the vendor. Don't take for-granted that one equals the other.So thats the depriciation taken care of. If it does continue to drop I've still got 5 years for the housig market to recover, by which point my salary will have at least doubled (yes my job is very secure and yes that is a realistic aim).
Thank you for your concern but you won't be able to take the smile off my face, no matter how determined you are.
How about you be pleased for me, a full time working single male (who doesnt earn that much) in his twenties with no kids or benefits, has finally been helped by the government (even if it is only a loan).
2. The government hasn't helped you out; I have. The government runs a protection racket whereby they steal my income in exchange for not putting me in prison. I can't be happy that they are wasting even more of my money and putting this country's taxpayers even further in debt. (that's right, when Cameron turns up, it'll be me he'll be stealing from to clear the debt)
cqueen said:
Swilly said:
cqueen said:
I can finally move outta parents house....
Buddy, you still live at home with your mum and dad.... you've got a long way to go before you can say your winning !!
h !! 
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