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wimpey/bryant homes 75/25 scheme imfo required
ethanrob
Posts: 2 Newbie
Myself and the missus have been to view a wimpey new build on a development in the peak district,whilst there we noticed this 75/25(easystart)scheme the company are running,after speaking to our bank/morgage manager today,both ourselves and the bank manager need to research this offer in more depth,we have already managed to get the house price down from £219,995 to £180,000,but the company(wimpey)have also offered us this 75/25 plan,which would bring this 4 bed house well into affordability for us
has anyone taken advantage of this scheme recently ??
also,does anyone have the terms and conditions of said scheme available ??
many thanks marcus
has anyone taken advantage of this scheme recently ??
also,does anyone have the terms and conditions of said scheme available ??
many thanks marcus
0
Comments
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i don't think these are good schemes.....especially for new builds
1. you pay top price for the property (with your own mortgage you would have better bargaining)
2. you have not only a mortgage to pay but rent as well
3. new builds are crap! no internal walls are actually solid....because the housing company is trying to keep costs down they skimp on things which cause you headaches....
4. You house will drop in price as soon as you move in
even searching on these forums you will read stories of people who will never buy one again because of the hassle they have had (though i'm sure some are good)
everything in a new build just feels cheap to me...hollow....jesus half you can't even knock a nail in the wall without half of it crumbling
Go look for an older house
Oh and if it semi/terrenced you can hear next door do EVERYTHING
DAMN I HATE NEW BUILDS (so listening to me is probably bad as i'm biased)If you find yourself in a fair fight, then you have failed to plan properly
I've only ever been wrong once! and that was when I thought I was wrong but I was right0 -
Myself and the missus have been to view a wimpey new build on a development in the peak district,whilst there we noticed this 75/25(easystart)scheme the company are running,after speaking to our bank/morgage manager today,both ourselves and the bank manager need to research this offer in more depth,we have already managed to get the house price down from £219,995 to £180,000,but the company(wimpey)have also offered us this 75/25 plan,which would bring this 4 bed house well into affordability for us
has anyone taken advantage of this scheme recently ??
also,does anyone have the terms and conditions of said scheme available ??
many thanks marcus
Honestly you would have to be mad to do this, especially on a plasterboard palace. Prices are falling at a rate of approx £130 per day !!!, wait, if at all possible or put an offer in for around £1400000 -
i don't think these are good schemes.....especially for new builds
1. you pay top price for the property (with your own mortgage you would have better bargaining)
2. you have not only a mortgage to pay but rent as well
3. new builds are crap! no internal walls are actually solid....because the housing company is trying to keep costs down they skimp on things which cause you headaches....
4. You house will drop in price as soon as you move in
even searching on these forums you will read stories of people who will never buy one again because of the hassle they have had (though i'm sure some are good)
everything in a new build just feels cheap to me...hollow....jesus half you can't even knock a nail in the wall without half of it crumbling
Go look for an older house
Oh and if it semi/terrenced you can hear next door do EVERYTHING
DAMN I HATE NEW BUILDS (so listening to me is probably bad as i'm biast)
QFT, the last statement the poster made above is absolutely correct, anything built in the last 25 years you will be able to hear them put the seat down on the toilet next door, I kid you not, I know because I lived in one for a while.0 -
i don't think these are good schemes.....especially for new builds
1. you pay top price for the property (with your own mortgage you would have better bargaining)
2. you have not only a mortgage to pay but rent as well
3. new builds are crap! no internal walls are actually solid....because the housing company is trying to keep costs down they skimp on things which cause you headaches....
4. You house will drop in price as soon as you move in
even searching on these forums you will read stories of people who will never buy one again because of the hassle they have had (though i'm sure some are good)
everything in a new build just feels cheap to me...hollow....jesus half you can't even knock a nail in the wall without half of it crumbling
Go look for an older house
Oh and if it semi/terrenced you can hear next door do EVERYTHING
DAMN I HATE NEW BUILDS (so listening to me is probably bad as i'm biast)
Two points
1) The OP was after advice from somebody who knows about or has experience of this scheme as you mention a "Rent" its clear that you don't
2) Every house was a new build once.0 -
Two points
2) Every house was a new build once.
Yes but not made as poorly or cheaply as the last 20 years. There has been a significant decline in build quality in the last 2 decades for example the demise of interiror walls.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Two points
1) The OP was after advice from somebody who knows about or has experience of this scheme as you mention a "Rent" its clear that you don't
2) Every house was a new build once.
Yes and your input really helped them.......I was pointing out that even though they have a mortgage they STILL have to find the other 25% (now depending on the size of the deposit/mortgage thats around 45k.....easy for some people but NOT for all. (around 300+ quid a month for ten years) no my maths are not exact but they need to understand they will NOT just be paying a mortgage payment they will have to take into account, that they will need to get their hands on around 45k in ten years time, by either saving/winfall/sell body part.
Companies do not do something that YOU will benefit from....they make something out of it in one way or another
And if you think older houses are anywhere near as poorly built as the crap they are churning out today....then I guess you are just blind to the fact of how crap new builds are.....at least when my neighbours flush their loo/shut a door/talk....i can't hear them because i actually have SOLID wallsIf you find yourself in a fair fight, then you have failed to plan properly
I've only ever been wrong once! and that was when I thought I was wrong but I was right0 -
Quote "Every house was a New Build once"........oh dear, i suggest looking at the current "new builds" and a "new build" from 30+ years ago and then do this
1 knock on the interior walls
2 look in the loft and wonder how the roof of a new build today actually stays on:D
3 try hanging a picture or a mirror
4 if its a semi or terraced stand next to the dividing wall hear phone ring/toilet flush/people burping( I kid you not).
5 look at how big your garden is.....its huge......NOT,
6 and finally pay a premium above the current average house price :eek:
The house I used to live in which was relatively new set new standards for crap build quality, it felt like a decent gust of wind would have blown it away.0 -
Thanks for the replie's peeps!
However,TBH my original question was "has anyone had any experience with the scheme from wimpey homes/75/25 offer" ??????????
We are aware that new builds have a bad reputation(some not all ??)
the walls are thinner
the gardens are smaller etc etc etc
But the house we are looking at is-
A corner plot,so the garden is quite large(roughly 3 times the size of our garden at present)
Also,we have spoken to a couple of families that have already moved onto the development,and upto press,have not had any issues with there plots and seem very happy
Basically,the missus and myself are contemplating offering £160,000 for the house as a "straight" purchase,forgeting the 75/25 deal,but gonna go for carpets/blinds etc etc thrown in
please do keep your opinions coming,as the more shared knowledge we get,is simply gonna help us out no end
cheers marcus0 -
There are lots of threads on this - the general answers are 'don't touch it with a barge pole'
Ideally though before you contemplate this you need to access if you can afford to pay back the extra 25% when it comes to it. Assuming the price goes up can you afford the money to pay back. If your struggling to afford the full amount now then will adding the extra 25% to your mortgage in 5 years time (not sure how long the scheme is - I know Miller homes is 10 years) will it stretch you beyond your means?
Have you got money to make overpayments to the developer (if you can)?
I have had friends do this scheme recently. My friend is buying and her boyfriend had his house on the market. He has at least 40K equity in the property (dependant on house fall prices obviously!)... so he knows when he sells they can pay it off.A blonde... cleverly disguised as a Brunette.......;)0 -
Like most I would advise steering well clear of these schemes, that said I have no experience of them. It's seems pretty clear to me that the builders are offering these to keep sales up and the value of properties artificially high.
Have you asked them what happens if the cost of living continues to rise and you have difficulty making both payments? Are they going to help given they have effectively helped you overstretch your budget?
Also the quality of some of the newbuilds currently being pumped out is terrible, I'm talking from personal experience. We purchased a wimpey home last year and I couldn't say I would advise anyone consider the wimpey experience.
Good luck0
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