Grants for first time buyers

loukir

Hello, Just some info I would like to share, I did try and post this before so appologies if it pops up twice. I live in a small H/A house, my local authoirty are offering grants of up to £38K to give back the keys. The money has to go towards a repayment mortgage and you have to have a good payment record for rent and poll tax, have a family home to give back and I had to go for an interview. The money is for keeps and does not mark the mortgage in any way. It still might be to much of a leap for me with one salary coming in but it might be worth checking with your own local authority if they are running a similar scheme.

poppysarah

So you give up a good tenancy to enter the world of home ownership during a falling market... Hmmm. Sounds like a GordonClown plan to me.

MORPH3US

poppysarah wrote: »

So you give up a good tenancy to enter the world of home ownership during a falling market... Hmmm. Sounds like a GordonClown plan to me.

Bit harsh!

If you can get a grant that big (for a deposit) there are some good mortgage rates out there at the moment and if you plan to stay in one place for a long time then it will mean a HOME (not an investment)....

princeofpounds

Yeah I've seen these schemes run by my own local authority. To be honest, it makes me a bit angry that people can get given 40k for doing no work, something that took me a matter of years to save. But that's besides the point, if I could benefit from it I would.

bluejake

princeofpounds wrote: »

Yeah I've seen these schemes run by my own local authority. To be honest, it makes me a bit angry that people can get given 40k for doing no work, something that took me a matter of years to save. But that's besides the point, if I could benefit from it I would.

And 40k of taxpayers money at that. Just another day in the welfare state.

Sounds like a good deal for the OP if he is looking to buy his own property but I would read the small print three times before I committed to anything.

bob79

princeofpounds wrote: »

To be honest, it makes me a bit angry that people can get given 40k for doing no work, something that took me a matter of years to save.

And what about property prices trebling in value in the last ten years? Many people made a much larger amount of money on that for doing no work. And by bailing out the banks and the ensuing recession to taxpayer also pays for that.

WillowCat

princeofpounds wrote: »

Yeah I've seen these schemes run by my own local authority. To be honest, it makes me a bit angry that people can get given 40k for doing no work, something that took me a matter of years to save. But that's besides the point, if I could benefit from it I would.

I guess the accounts think that it's cheaper to pay someone 40k to get out of a house than it is to build a brand new one (and they're right - it would cost more than 40k including land to build a family house).

Perhaps though they should consider not being so generous with the tenancy agreements next time so they don't have to bribe people to leave. How about you get a 5 or 10 year agreement and this isn't renewable unless you have proven need (disabled etc). This would enable many more people to benefit from well priced housing when they are in need.

geordiepaul2001

Which local authority is this?

poppysarah

I think they should build more social housing - or aquire it by taking over empty properties - Didn't a tv prog this week suggest there's in excess of a million empty homes?

leveller2911

princeofpounds wrote: »

Yeah I've seen these schemes run by my own local authority. To be honest, it makes me a bit angry that people can get given 40k for doing no work, something that took me a matter of years to save. But that's besides the point, if I could benefit from it I would.

Im HA tenent and I must admit getting a grant does towards buying a house on the open market does release the house for another family who can't afford to buy, as a tax payer it does stick in th throat a bit , to be given money for nothing.
However theres a flip side, for years and years local council have given grants to "homeowners" to carry out renovation work the ther properties.I know for 1st hand experience people who have purchased houses knowing it need a new roof,kitchen,floors, damp proof work etc,apply for a grant from the council and all the work is done on a grant.So it isnt a one sided situation.
Ive even know houses where we made and fitted all now hardwood windows all carried out on a grant and the house was left to a woman who,s husband had his own plumbing company, so the lack of money wasn't an issue....

Debt_Free_Chick

poppysarah wrote: »

I think they should build more social housing

Although if you did a poll on this board, no-one would vote to have social housing development anywhere near where they live