Reply to: A sign the economy is moving forward

[vetran]

Herbert shirley

oops you are right, it started with H.

[BlueSharp]

The housing market seems to have picked up a lot in the last four weeks, sold our house, a FTB property in two days at full asking price and had to pay asking price for our next property. Seems the new help to buy scheme is setting expectations that the 2007 peaks will be crushed, even outside of the South East.

That or is a cracking bit of politics that's freed up the housing market and they will pull the scheme before it starts.

[Troll]

nice Hienlen quote!

Herbert shirley

[Old Greg]

Shhhhhh

And then 1st spouse could transfer first (let) property to second spouse and use help to buy to fund a second home.

[Old Hack]

But it doesn't stop you buying another property subsequently. Also, I doubt it stops one spouse owning a property already and the other buying under help to buy. And then the first spouse could let the first property. MADNESS!

Shhhhhh

[vetran]

Help to buy is going to be extended to old houses (I think).

The spice (credit) must flow.

nice Hienlen quote!

[Old Greg]

It's only available to folks with no other properties though....

But it doesn't stop you buying another property subsequently. Also, I doubt it stops one spouse owning a property already and the other buying under help to buy. And then the first spouse could let the first property. MADNESS!

[Old Greg]

Wow, so they've changed the legislation! OK, cheers OG, I didn't know this. Might temper me going mortgage free then! If I can squeeze £120k out of the government as an interest free loan, and obviously, their 'the housing bubble must be sustained' would make not doing so an idiotic thing. Keep the interest free loan going (for it's bound to be longer than 3 years) and dine out on that extra equity. If your property goes up 15% in 3 years, that's 36k of free money... Christ, this is more stupid than I thought...

It is madness. Even if you have the cash, just stick the equivalent in an offset (which is I think what you're saying). This must mean an upward pressure on prices, but can't mean (I reckon) keeping the bubble inflated for ever.

[MyUserName]

We had the key worker scheme to help us buy a house when I was a struggling permie about 7 years ago. The government loaned us, I think it was, about 17% of the value of the house with the condition we either buy them out with actual amount of money loaned or give them 17% of the sale value when we sell.

The only condition was that Mrs MUN remained a local teacher, it was to help teachers afford houses in the local area. Now we realise it was actually to anchor her to the horrible stress filled workathon that is teaching!

[Basil Fawlty]

Wow, so they've changed the legislation! OK, cheers OG, I didn't know this. Might temper me going mortgage free then! If I can squeeze £120k out of the government as an interest free loan, and obviously, their 'the housing bubble must be sustained' would make not doing so an idiotic thing. Keep the interest free loan going (for it's bound to be longer than 3 years) and dine out on that extra equity. If your property goes up 15% in 3 years, that's 36k of free money... Christ, this is more stupid than I thought...

It's only available to folks with no other properties though....

[Old Hack]

A Help To Buy mortgage guarantee lets you buy a newly built home or an existing property with a deposit of only 5% of the purchase price.

https://www.gov.uk/affordable-home-o...age-guarantees

Wow, so they've changed the legislation! OK, cheers OG, I didn't know this. Might temper me going mortgage free then! If I can squeeze £120k out of the government as an interest free loan, and obviously, their 'the housing bubble must be sustained' would make not doing so an idiotic thing. Keep the interest free loan going (for it's bound to be longer than 3 years) and dine out on that extra equity. If your property goes up 15% in 3 years, that's 36k of free money... Christ, this is more stupid than I thought...

[Old Greg]

No, it's only for new builds, and zardoz, yes indeed, he's dodged one here, although it was a lovely old place.

A Help To Buy mortgage guarantee lets you buy a newly built home or an existing property with a deposit of only 5% of the purchase price.

https://www.gov.uk/affordable-home-o...age-guarantees

[Old Hack]

Help to buy is going to be extended to old houses (I think).

The spice (credit) must flow.

No, it's only for new builds, and zardoz, yes indeed, he's dodged one here, although it was a lovely old place.

[ZARDOZ]

A friend who agreed on a price for his new house 3 months ago, has just been called by the agents saying that the owners believe the market is moving upwards, so they're going to see if they can get more money by selling it later in the summer. A shameless attempt to coerce him into paying more money.

Greed is returning people, the recession is over.

This is when I would withdraw my offer as I hate this sort of tight arsed no class bollocks. He's had a lucky escape by the sounds of it.

[Old Greg]

No, it wasn't, it was me writing my friends new house, meaning the one he was about ot buy, being new to him. It was a 200 year old farm house, so nothing to do with the help to buy. I just think the people think the market has picked up, so think they can ask for more money.

Thats my take on it.

Help to buy is going to be extended to old houses (I think).

The spice (credit) must flow.