Government FirstBuy Scheme - what where and how!

brit1234

PROUD_TO_OWN_PROPERTY wrote: »

IMPORTANT WARNING TO ALL FTBs - This thread has been linked to the fanatical extremist website hpc that are trying to crash the entire UK economy and put genuine buyers off purchasing their first dream home. Take all the bitter doomsaying postings with an extremely large pinch of salt. These idiots are priced out of owning their own home and want everyone else to be throw to the mercy of corrupt landlords. Shared ownership schemes however you want to wrap them up are a FANTASTIC way to secure your first eager step onto the ladder and homeownership class.

Stop spouting your same rubbish, stop bringing your being banned from HPC into MSE forums. This is MSE members pointing out the dangers of this scheme to first time buyers. You just want first time buyers to overstretch themselves to support the value of your buy to let portfolio. How many sock puppet/fake accounts have you set up now?

This scheme is to support developers only, first time buyers will be trapped in negative equity as the big weekend newspapers have pointed out.

pararct

PROUD_TO_OWN_PROPERTY wrote: »

IMPORTANT WARNING TO ALL FTBs - This thread has been linked to the fanatical extremist website hpc that are trying to crash the entire UK economy and put genuine buyers off purchasing their first dream home. Take all the bitter doomsaying postings with an extremely large pinch of salt. These idiots are priced out of owning their own home and want everyone else to be throw to the mercy of corrupt landlords. Shared ownership schemes however you want to wrap them up are a FANTASTIC way to secure your first eager step onto the ladder and homeownership class.

Don't understand what you are driving at here? I own my own home and have been mortgage free for a number of years. I also own one other property which I let to a family member....

I take the view shared ownership is a con and should be avoided.

What is the point in owning half a house when you can save up and own a whole one? These sort of schemes were not around pre 2000 but then again neither was rampant HPI.
Our parents and their parents never needed fluff like this to get on the property ladder so why do people need it now?

Simple fact is homes are too expensive full stop and prices need to re-establish themselves (as they will) to the historical average level. Means my properties will be worth less but then again I consider that far less important than my kids being able to afford to buy as and when and not mortgaging themselves to the hilt at the bank for the best part of their lives.

Jimmy_31

PROUD_TO_OWN_PROPERTY wrote: »

IMPORTANT WARNING TO ALL FTBs - This thread has been linked to the fanatical extremist website hpc that are trying to crash the entire UK economy and put genuine buyers off purchasing their first dream home. Take all the bitter doomsaying postings with an extremely large pinch of salt. These idiots are priced out of owning their own home and want everyone else to be throw to the mercy of corrupt landlords. Shared ownership schemes however you want to wrap them up are a FANTASTIC way to secure your first eager step onto the ladder and homeownership class.

Thanks for that bit of info mate, ive just spent the last 3 hours checking that site out and it confirms my own opinion that house prices are falling and will keep falling even though the government are trying their best to keep the cost of a home astronomically high.

And to those who are going to use this new government FTB scheme to get your foot on the property ladder i wish you the best of luck.

I am an FTB so this scheme is aimed at me i presume, i also work in the construction industry so thats obviously a massive bonus to me due to lack of work at the moment so with all the new houses that will be built i would have more chance of regular work.

All that being said though i wouldnt touch this scheme with a barge pole due to it being such a blatant scam, i just couldnt bring myself to let the government get one over on me like that. A fool and his money and all that, so i hope they scrap the idea and just leave the property market to do what its going to do anyway, and maybe then i could buy a home for a fair price and i also wouldnt have to work on anymore new builds which i absolutely hate doing.

Every FTB i know doesnt want help in getting a deposit, they just want house prices to be less than 5 6 or 7x their annual income so if you want homes to be cheaper dont have anything to do with these schemes as you are just helping the government get what they want.

ViolaLass

"A recent poll of renters found that around three quarters of those who wanted to buy listed the absurdly large deposit size now required by the profiteering banks as the biggest barrier to homeownership."

How is that profiteering? It's just cautious.

Jimmy_31

ViolaLass wrote: »

"A recent poll of renters found that around three quarters of those who wanted to buy listed the absurdly large deposit size now required by the profiteering banks as the biggest barrier to homeownership."

How is that profiteering? It's just cautious.

I know a couple of people who think its the size of the deposit which is stopping them from buying a home, i know these same 2 people will use this new scheme, i know this because these are my 2 dumbest friends.

pararct

The banks have had their fingers burnt in 2008.

We all should remember how Northern Rock went bust and some of the other big names such as RBS and Halifax were bailed out by the Taxpayer, otherwise they would also have gone bust which would have meant savers funds would have been lost and the wider UK economy would have imploded.

For that reason banks are much more cautious (rightly so) about who they will lend to and will insist on a much higher deposit to buffer themselves against the property falling into negative equity.

Too insist that that caution be thrown to the wind is highly irresponsible as a return to the crazy lending of 3 or 4 years ago would have the potential to finish the UK economy off for good.

reykjavik78

PROUD_TO_OWN_PROPERTY wrote: »

In years to come you will remember that stupid comment and look up to your two friends with great jealousy as they get on with their lives, get married, and having children, all the while you are still scrapping your next months bedsit rent together.

Oh, I'm just massively jealous of those who have recently bought, and have enslaved themselves to thirty years of debt, not being able to afford to have kids nor being able to afford to have a life because they were stupid enough to take on such huge mortgages (by listening to people like you)...

GMS

Anybody who has bought a property will not lose in the long term, and will most likely have a mortgage which costs less than renting the equivalent property.

A house should be a home primarily and not an investment. If teh mortgage is affordable and the occupiers are happy with it then that should be the end of the story. To be sitting waiting for a crash which may or may not happen is a huge gamble, especially if renting and at the mercy of rising rents and short notice eviction.

The buy to let market is flying at present. This seems to indicate investor confidence on property which is not likely to lead to a price crash.

When people cant buy they will rent, and houses will be snapped up by landlords meaning the crash will be less likely to happen.

We have a massive shortage of houses in this country which will get worse unless bulding happens.

If private buyers cant or wont buy then the investors will and home ownership will be further away for many.

mcmwhite

Hi Markalanious,

Normally I think this scheme would be a good idea. However, I would not buy a house at the present time, with or without government help.

As some on here have said, in the (very) long term, it's better to buy than to rent, as eventually you will own the house outright. However, house prices follow shorter-term cycles (booms and busts) which typically last around 18 years. At the moment we are near the top of the biggest boom this country has ever seen - meaning that houses are currently the worse value for money ever.

Just google a house price graph and you will see these cycles, and will also see the massive boom we are currently at the top of.

Why would you want to buy something when it's at it's most expensive and due for a large fall? I would advise you to keep renting for a couple of years and watch the prices tumble, then buy when they've reached the bottom and sellers are desperate.

The government (and the previous one) are trying to stop prices from falling, with these schemes and also with lowering interest rates. But now interest rates are at a record low, so they can only go up, which will make house prices fall even faster.

Whatever you decide, make sure you have researched the subject fully yourself, and not just relied on what other people tell you. I'm afraid you will find that many people who are telling you to buy now, have a vested interest in the property market :mad: (ie. they are making money out of it), and have little or no concern for your well-being.

Mark

reykjavik78

PROUD_TO_OWN_PROPERTY wrote: »

Some people live the dream while others (i.e. you) mearly fantasies one.

and what dream would that be? To be up to my eyeballs in debt...yes, please... a rise of a point in IR will be very interesting to see what the fallout will be...