First Time Buyers/Keyworkers No Deposit

suze_g

british wrote: »

Oh I am so sorry, it seems I missed the k off of £115, but it seems as though you could work out what I meant. I do have to rush etc, due to looking after 2 kids. Anyhow. I do realise that the £50k loan is interest free for 5years then interest applied after @ 1.75% rising annually with RPI + 1%, great. The £115k mortgage is NOT interest free (I wish), that would be silly. :money: :money:

I missed a "K" off my post at first so it looked like I posted that I had managed to save £20 deposit.Took ages to save it. :rotfl:

british_2

I bet. Was that supposed to be a joke? :T:beer:

british_2

Come on you clever bunch.... Why is it such a bad thing ???

lostinrates

british wrote: »

So much negativity from these people against homebuy shared equity, I cant believe it, so much bitterness and jelousy it seems.

I can only speak for myself, but I'm not bitter or jealous. I am however very concerned about the property market, the wider economy and the legacy of debt we re leaving to the next generations. The actions of us as individuals have to be in the interests of ourselves and families, I agree, but I also feel that acknowledging the wider implications in a medium such as a forum is a fair situation.

british_2

Are these schemes not put in place to help the market? First time buyers can buy, builders can build, government can um, do something?? :eek:

It will help my next generation as eventually in 30 years I may have something to leave them, instead of a dirty, used rented house, and a packet of monster munch. :T

poppysarah

british wrote: »

Come on you clever bunch.... Why is it such a bad thing ???

Can afford 115k mortgage. Can save a deposit. Can't afford a whole house.

Says that the UK is screwed and being very unkind to it's young.

When you were a kid did you ever say to your mum "when I grow up I want to own half a house"

People who take part in this scheme are becoming part of the problem - it is not a solution!

I know some people think it works for them - but in reality buying a whole house for the same price would work better.

If you're considering this scheme you should go and make an appt to see your MP and ask them "why MPs can afford to buy multiple houses and build up property portfolios whilst young people (hard working families) can't afford to buy one whole house"

Idiophreak

poppysarah wrote: »

People who take part in this scheme are becoming part of the problem - it is not a solution!

I know some people think it works for them - but in reality buying a whole house for the same price would work better.

If you're considering this scheme you should go and make an appt to see your MP and ask them "why MPs can afford to buy multiple houses and build up property portfolios whilst young people (hard working families) can't afford to buy one whole house"

And presumably, while we're "buying a whole house for the same price", we'll be saving up our 10-20% deposit whilst living in rented accommodation paying the BTL mortgage on *someone else's* second home.

What was your point again?

Do you really think people supporting BTL is helping anything..?

There are *massively* more BTL landlords out there than there are MPs...

poppysarah

high rents damage the UK too and are part of the madness of this country.

The many thousands on council waiting lists are not there because they want a council house as much as they want cheaper rents. The failiure of MPs to get their noses out of the trough for long enough to help people is a real shame.

Yakubu22

As a prospective FTB myself, I find the whole argument/debate very interesting. While I can perfectly understand the desire for someone on a lower salary (or with less potential to save a deposit) to buy a house of their own. And not just a one bed flea pit but a nice home.
However these schemes are ultimately just a tool to keep the market alive. As someone stated above...people who would otherwise struggle get on the ladder are given a leg up. The market remains bouyant as there is still movement at the bottom end of the market. While local housing authorities get a cut of the action (and potentially profit) too. The problem being is that sooner or later the prices will correct as you can only keep prices at an artificial level for so long. And the first people who get it in the @$$ will be those most vulnerable in things like these schemes. As they have the least financial security to ride out any problems. Thats my opinion anyway...and I would never judge someone who wanted to live in a nice home by going down this route.

sarahripper

michael1983l wrote: »

Can I just really recommend the Co-op own home scheme. I have just gone through it now and think its great. I had no deposit and an average credit file yet I have still been allowed on the ladder. I have been given a 5 year interest free loan by the government worth 35%, even if we can't pay it back after 5 years it only has 1.75% interest.

The Co-op have been great and answer the phones rapidly in a UK call center. The all round experience has been superb. We would have never gotten on the housing ladder any other way.


Highly Recommended.

Well done, I have applied for a similar scheme with key homes east but they are very poor at keeping to timescales etc or answering the phones.

Where did you find out about the coop scheme? do you have a link?

I think these are just what we need to help first time buyers out. Around my area a rented house is around £800 a month (£48,000 over 5 years) my mortgage and interest on equity loan will be £400 a month for a property of the same type allowing me to save an extra £400 a month towards paying back my equity loan and also paying off a mortgage and going towards owning my own home at the same time.

There is no way i would personally be better off waiting and renting. as long as my house doesnt loose £48,000 in the next 5 years im better off and I will be able to pay the equity loan off in 2 years time.

Thanks