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Local Authorities supporting Lend a Hand mortgages
Comments
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Graham_Devon wrote: »Which as I said, is fine.
But they still have to write this cash off for the period of being guarantor. They can't now go and spend it. So, as long as everyone pays and no one ever defaults or misses payments, yes, it will be profit making (ignoring any admin costs).
BUT, it's £15m of taxpayers money that cannot be used for services.
If councils were awash with cash, or even continuing current services I wouldn't take issue. But doing this while cutting services, especially care services I find a little hard to agree with, especially as it only helps a relative few (and that in turn will increase the cost to those who don't get the help).
Since when has politics and government been for the long-term greater good? It rarely is. Cutting the most sensitive services and supporting house prices is fairly predictable behaviour IMO.
State support, intervention and land restrictions are now part and parcel of the housing market, and prices will inevitably reflect this.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Turnbull2000 wrote: »http://www.hucknalldispatch.co.uk/lifestyle/property-news/new-lloyds-tsb-and-nottinghamshire-county-council-mortgage-scheme-to-help-first-time-buyers-1-5445558
This scheme is perhaps the only means by which thousands can reach their dream of a home of their own.
If lenders offered 95%-100% mortgages at reasonable rates, these measures wouldn't be necessary of course. The Treasury must keep pressing for their return.
Perhaps you can move out of your sister's spare bedroom now.0 -
http://www.peakfm.net/news/local/2m-boost-for-first-time-buyers-in-derbyshire/Dozens of first time buyers will be supported onto the property ladder after Derbyshire County Council approved a £2m investment in schemes to help secure mortgages and boost the local economy.
The authority’s cabinet have agreed to join forces with LloydsTSB to launch the Derbyshire Lend a Hand Scheme.
It will only be available on existing houses - not new builds - to maximise the knock on effect it will have further up the housing chain.
Another local authority has just announced participation too.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Turnbull2000 wrote: »http://www.peakfm.net/news/local/2m-boost-for-first-time-buyers-in-derbyshire/
Another local authority has just announced participation too.
240 houses at average prices, less admin costs, as Tony would say grrrr8 worries over.."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 -
Graham_Devon wrote: »If councils were awash with cash, or even continuing current services I wouldn't take issue.
But they are awash with cash...
According to the Audit Commission, English councils’ cash reserves increased by £2.2 billion in the past financial year.
That's up 15.5%, from £14.2 billion in March 2011 to £16.4 billion this year.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »But they are awash with cash...
According to the Audit Commission, English councils’ cash reserves increased by £2.2 billion in the past financial year.
That's up 15.5%, from £14.2 billion in March 2011 to £16.4 billion this year.
Don't they have set criteria for how much they have to retain?
Any figures to show how much more they are holding above that statutory minimum? £16.4bn doesn't seem that large an amount of money these days considering their obligations.
If they don't need it surely the government would take it or force them to use it by reducing central grants?"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 -
grizzly1911 wrote: »Don't they have set criteria for how much they have to retain?
Any figures to show how much more they are holding above that statutory minimum? £16.4bn doesn't seem that large an amount of money these days considering their obligations.
If they don't need it surely the government would take it or force them to use it by reducing central grants?
To put it into perspective, that amount's to 1 single months income for local councils in the UK.
Hardly "awash with cash".
Remember, that amount has to pay wages aswell as housing benefits.0 -
about £250 for every man women and child in the UK
seems quite a lot0
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