Clear majority of people support Help To Buy

ILW

CLAPTON wrote: »

it makes no difference how many approve of the measure; it's the number that choose to buy an overprice new property that matter

Depends how you define overpriced. If you can afford it and it's cheaper than renting - probably not overpriced.

shortchanged_2

ILW wrote: »

Depends how you define overpriced. If you can afford it and it's cheaper than renting - probably not overpriced.

The whole property market is overpriced ILW and it is sucking the life out of the rest of the economy as more and more of peoples incomes is sucked up by increasing housing costs.

HAMISH_MCTAVISH

shortchanged wrote: »

it is sucking the life out of the rest of the economy as more and more of peoples incomes is sucked up by increasing housing costs.

Absolute Nonsense.

The percentage of after tax income being used to service mortgage payments is currently 28%, at near record lows, versus the long term average of 37% and peak of 68% in 1990.

shortchanged_2

HAMISH_MCTAVISH wrote: »

Absolute Nonsense.

The percentage of after tax income being used to service mortgage payments is currently 28%, at near record lows, versus the long term average of 37% and peak of 68% in 1990.

Maybe Hamish but you and various others on here want to make those figures higher. All in the name of helping out the good old FTB'er of course.

marathonic

I purchased my home in Northern Ireland last December.

Locally, it is cheaper to buy than rent but it's the saving the deposit that causes difficulty.

When I say cheaper, I mean when comparing mortgage interest and maintenance costs to rent costs.

If a person is paying £650 monthly towards rent, they may only be able to save, for example, £200 monthly towards a house deposit. That's over 10 years for a 25% deposit on a £125,000 house.

With this scheme, that person could save a 5% deposit and purchase within a couple of years. Their monthly rent and house deposit money could then go towards a mortgage.

And people argue that the above is a bad thing?????

ILW

shortchanged wrote: »

The whole property market is overpriced ILW and it is sucking the life out of the rest of the economy as more and more of peoples incomes is sucked up by increasing housing costs.

What is you definition of the "right" price then?
Overpriced means nothing unless compared to "corrrect" price.

shortchanged_2

ILW wrote: »

What is you definition of the "right" price then?
Overpriced means nothing unless compared to "corrrect" price.

It is a difficult one. But get rid of all the props and lets see what happens.

System

How do they work out who's entitled?

I might borrow 20k out of it and just whack it in my savings when I move.

BobQ

Has it been clarified whether the scheme is open to the wealthy wanting to buy second or third homes to rent to their children or as BTLs?

shortchanged_2

I have to say it really does make me laugh when governments make these great big announcements with all these wonderful plans and really do not think them through and cover all eventualities.

Yes they are wonderful headline grabbers and get the front and back benchers cheering and waving their pieces of paper in the air but once everything calms down and people look deeper into the plans they all begin to fall apart.

It's quite embarrassing really.