Government FirstBuy Scheme - what where and how!

shortchanged_2

Markalonius has it not occured to you that all these hair brained schemes are doing is helping to further overstretch already overstretched 1st time buyers.

What is needed as macadamia says is a correction in the the price of houses as they are still far too expensive.

These schemes can be dressed up as all they like with their interest free period etc, but don't forget all these loans eventually have to be paid back one way or another.
Read many of the other posts about these shared equity schemes, they can be a whole lot of trouble, particularly when you want or need to move.

markalanious

shortchanged wrote: »

Markalonius has it not occured to you that all these hair brained schemes are doing is helping to further overstretch already overstretched 1st time buyers.

What is needed as macadamia says is a correction in the the price of houses as they are still far too expensive.

These schemes can be dressed up as all they like with their interest free period etc, but don't forget all these loans eventually have to be paid back one way or another.
Read many of the other posts about these shared equity schemes, they can be a whole lot of trouble, particularly when you want or need to move.

I reitterate that I opened this thread with the aim at gathering more information specifically about the firstbuy scheme.

I'm not personally interested in a debate on here about the efforts the current governement is making to make house prices more available. If you'd like that debate please feel free to open another thread. There is no offence intended, I just don't understand why this can't be an information based thread.

So once again, if anyone has any concrete information on the actual scheme then please post here.

shortchanged_2

markalanious wrote: »

I reitterate that I opened this thread with the aim at gathering more information specifically about the firstbuy scheme.

I'm not personally interested in a debate on here about the efforts the current governement is making to make house prices more available. If you'd like that debate please feel free to open another thread. There is no offence intended, I just don't understand why this can't be an information based thread.

So once again, if anyone has any concrete information on the actual scheme then please post here.

But we are giving you information by saying don't buy into these cr*p schemes.

markalanious

shortchanged wrote: »

But we are giving you information by saying don't buy into these cr*p schemes.

You are giving me opinion and advice. For that I am thankful, however what I'm after is information on the scheme. I know i'm starting to sound like a broken record (and i'm not the only one), however i'd really like to look into this scheme for myself but actual information seems very thin on the ground.

I'd have assumed the government would have released more information directly after the budget announcement however that doesn't appear to be the case, unless my googling skills are diminishing!

brit1234

Yet another scam to keep house prices high. All this benefits is the developer and allows the first time buyer to borrow even more putting them at greater risk.

If a buyer goes for this scheme easily within a year their 5% deposit would be in negative equity. You would be trapped in a sub standard tiny shoe box with little hope of going up the ladder as you life demands change.

FirstBuy = Scam (avoid)

Why can't people save a deposit and see house prices are falling, why are they so desperate to jump into these suicidal schemes without looking at the consequences.

LittleMissAspie

leveller2911 wrote: »

The latest wheeze is just another go at propping up new-build prices and developer profits.

Corrected for you...

I was saying to my boyfriend last night that I don't think this will have any effect on the housing market at large, but I feel very sorry for anyone who gets lured into thinking it's a good idea.

markalanious - do your sums very VERY carefully, for the entire life of the mortgage/loan and make sure you compare it to renting/saving and buying a normal house.

markalanious

Ok, i've given up on trying to make this an information thread. Let the bashing continue!

FYI, there will be some people who can take full and good advantage of this scheme. Granted it does literally nothing for the bigger picture, but you ALL have to accept that there will be a handful that can use this scheme to good affect. I may be one of these, I may not. However, until I can find some BLOODY information on the scheme, all this posturing is pointless.

Thanks

serious_saver

I would be interested to know if this applies outside of England. Previous government schemes have never reached Wales or Scotland because of devolution.

Trifid

So we are all saying this is a bad deal?

Fairly soon I will have a 15% deposit for a 1 bedroom flat in a nice enough area. Without looking too closely at this it looks like I could get a 2 bedroom new build semi detached/end of terrace house in a very nice area. Is there a limit on how expensive the house is?


Alternatively I am saving up at a very healthy rate while I am living with my parents.

Thanks.

markalanious

Trifid - it looks like nobody really knows - the specifics haven't been released on any government websites yet (as far as I can see).