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Newbuy scam scheme in turmoil
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HAMISH_MCTAVISH wrote: »What free market?
Just 6 lenders control around 90% of UK lending.
That's not a free market, that's a cartel.
Not when it comes to energy suppliers though apparently , that is a free competitive market....."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
More moaning from the housebuilders about Newbuy:
Sneaky mortgage rate hike on new home plan for first-time buyers - just 43 days after launch
Banks have quietly hiked rates on the Government’s flagship housing scheme for first-time buyers just 43 days after it was launched.
NatWest, Woolwich and Nationwide are among those who have increased the interest on their mortgages under the NewBuy scheme by up to 22%.
NatWest offered the best initial rate when the scheme was launched on March 12. This was 4.29% for a two-year fixed-rate. However, its new two-year deal is 4.79%.
Woolwich has raised the rate on its NewBuy mortgage from 4.99% fixed for two years to 6.09% on a three-year fix.
And Nationwide has also pushed up rates on its three-year fixed deals by 0.2%.
Mike Farley, chief executive of housebuilder Persimmon, says: ‘There’s nothing wrong with the concept of NewBuy, but to make it work we need a lower rate or people will be priced out. The rates are around 6 per cent and are so high people won’t be able to afford the repayments. I could understand the rates being so high if the lender was taking on all the risk, but that is not the case.’
He said the homebuilder has managed to sell only 70 properties through the scheme so far.poppy100 -
Mike Farley, chief executive of housebuilder Persimmon, says: ‘There’s nothing wrong with the concept of NewBuy, but to make it work we need a lower rate or people will be priced out.
Priced out I see.
Let's look at that word..."priced".
Anything to do with the "price"?
*gasps all around* No no no....the lending, the lending!!!! Banks should do more!
I'd like to ask the bloke if he feels comfortable selling properties to people knowing interest rates will go up at some time, if he complains about 0.5% pricing them out. Should get some nice bluster in response!0
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