Help To Buy & Shared Ownnership are bum deals!

[AtW]

This is what happens when s get in charge of policies.

[Old Hack]

The interest rate on the loan doesn't go straight up ... it starts at 1.75% and then goes up each year (I believe). The end result is ultimately the same, you end up paying the elevated mortgage valuation of the property (all be it with some help on the 20% equity loan).

On saying all the above, this problem only really applies t the truly over-valued parts of the country. For example I live in west London and there are flats there going for half a mil these days. These areas are being distorted by foreign money pouring in due to the exchange rate on the Pound and also banker bonus money etc etc. London is a balls up these days... you pretty much need to buy out in the sticks or you are paying through the nose.

I think there will be a lot of takers initially for help to buy, but if the schemes loose traction the market will start to slip and there will be another housing crash and as with the last one, it will start in London and spread out from there.

...and if you sell within 5 years?

[hgllgh]

...and if you sell within 5 years?

true enough ... there may well be an up tick for the next 5 years and if you sell before then you will probably be up on deal, but after the 5 years I think there will be a similar affect to a critical mass of mortgages coming off a discounted deal to a variable rate... mortgage costs will go up and problems will result further down the line, they're just kicking the can down the road.

[Old Hack]

true enough ... there may well be an up tick for the next 5 years and if you sell before then you will probably be up on deal, but after the 5 years I think there will be a similar affect to a critical mass of mortgages coming off a discounted deal to a variable rate... mortgage costs will go up and problems will result further down the line, they're just kicking the can down the road.

Which was my original position; it's holding it off, but they all will, for it's starting to get too big to fail, much like the banks.

There will be a public outcry, complaints of mis-selling, and it will be swept up.

Jump on, while you can. We've, literally, just sold all of our properties, and have bought one larger one, in Devon. However, due to the kids age, we're not moving to Devon until next year. We were going to rent for a year, but now we'll buy, as this will lift the market 5%+ over the next year. Buy a smaller <£250k house, and minimise your duties, and this is a free years living, plus some...

[mudskipper]

Funny story on Cameron's Help to Buy PR stunt.

The audacity of Cameron & hypocrisy of 'help to buy'. | ilegal

[Lockhouse]

...and like quite a few people haven't actually bought these houses to BTL? Pull the other one.

[NickFitz]

Funny story on Cameron's Help to Buy PR stunt.

The audacity of Cameron & hypocrisy of 'help to buy'. | ilegal

Much as I enjoyed reading that, or indeed anything that shows Dishface up as the lying twat he is, it turns out to have a few problems. She's now taken her Twitter account private, but yesterday she pointed out that:

1. She's separated from the guy, so she is in fact a single mother;
   
   
2. The car is a company car;
   
   
3. Having the word "Director" in your job title doesn't mean you have a seat on the board, and it's quite common for estate agencies to give grandiose job titles to their sales people to impress the clients (though she didn't phrase it quite like that );
   
   
4. She bought the ground floor flat last year for £127,000; the first floor flat has just sold for £128,000.

All in all, it seems that the biggest question is: can you legitimately refer to somebody's home as "new" when they've been there for about six months? If not, then Cameron was wrong to describe it as "new"; but really, that's the least of our worries where that foul waste of flesh is concerned.

[mudskipper]

Now I'm confused

Ground floor flat A shows Last sold in 2008, and it's currently on the market (Sold STC)


House Price History

[GB9]

Most important question, is she a goer?

Help to buy numbers are negligible in the grand scheme of things. What it has done is to encourage people to believe that the housing market is on the up and hence get the market going again. As a result, asking prices around here, have shot up. As opposed to actual selling prices, that haven't.

The scheme itself makes negligible difference to what you pay overall. If you think houses are over-priced, then don't buy one.

[NickFitz]

Now I'm confused

Ground floor flat A shows Last sold in 2008, and it's currently on the market (Sold STC)


House Price History

Looks like I misremembered her tweets (I only glanced through them) and it was around November she bought the place. Note that the small print on the RightMove page says the Land Registry data only goes up to November.

Anyway, here's a more detailed piece about it all: How A Single Mother Became The Target Of Internet Hate After Meeting David Cameron - whatever the facts, though, I suspect she's regretting ever getting involved with Cameron's publicity machine