First Time Buyers - Enough is Enough!

meanmachine_2

Well for Gordon to want to try to interfere so blatantly in a "free" market indicates to me that he knows the game is up, and it's a sticking plaster for the next four years.

Jeez, whatever next?

Why can't this government leave anything alone?

The only decent decision they've made in the last eight years is to stop meddling and let the BoE manage parts of the economy. No doubt when the economy grinds to a halt Labour will blame the BoE and snatch back control again.

I wonder how they'll fund this pacifier for FTBers - by taxing buy-to-letters' earnings perhaps?

JanCee

meanmachine wrote:

I wonder how they'll fund this pacifier for FTBers - by taxing buy-to-letters' earnings perhaps?

These are already being taxed.

T4i

meanmachine wrote:

Why can't this government leave anything alone?

I think you know the answer to this. Four letters, begins with 'T' ends with 'T'

Robin_Hood_7

have you guys heard of what the government will be doing next witht he stake in your house thingy, if ftb cant afford to buy.. the government will help but then they have a stake in your house... and the house prices will stay where they are so only the government will do well out of this 1 ( again )

anybody ever thought about moving abroad ?

makes me want to... !

meanmachine_2

Robin_Hood wrote:

have you guys heard of what the government will be doing next witht he stake in your house thingy, if ftb cant afford to buy.. the government will help but then they have a stake in your house... and the house prices will stay where they are so only the government will do well out of this 1 ( again )

anybody ever thought about moving abroad ?

makes me want to... !

The government, it appears, can only afford to fritter away £1 BILLION of our money, which equates to 100,000 FTBers over a five year period.

Which equates to 6% of all FTBers.

Small change. And smacks of desperation on Gordy's part. He really can't afford for negative equity to sweep the nation can he, or else it's bye bye 10 Downing Street. The fool.

purplefirth

deemy2004 wrote:

The best action an FTB can take is to NOT BUY !

Sit on your hands, with your deposit in the bank and watch the housing market tumble....

Lets do the sums...

Say starting with £100k cash ! yes thats cash !
And a current £200k value of the say target house type

1. 12% house price drop over 3 years =
House value= £176,000 = +£24,000 better off !

2. Interest earned on £100k @ 4% net = 112,500 = +12,500

In total you will be £36,500 better off in 3 years time !

Now you may be better of by more than that, if you increase your deposit by 10% per year and also get say a higher interest rate of maybe 4.5% net
This would equal a relative gain of £60k ! or 30% on current prices !

So folks sit on your hands and enjoy the ride as house prices fall and interest rates rise - a win, win scenerio !

Nice but dont you realise that people pay rent! £700 a month for 36 months £25,200 and that assuming your greedy little landlord doesn't put the rent up during that time

purplefirth

Robin_Hood wrote:

have you guys heard of what the government will be doing next witht he stake in your house thingy, if ftb cant afford to buy.. the government will help but then they have a stake in your house... and the house prices will stay where they are so only the government will do well out of this 1 ( again )

anybody ever thought about moving abroad ?

makes me want to... !

God I am full of doom and gloom! No doubt even though you only own half the property you will be responsible for all the maintenance charges when something breaks down or your windows need replacing etc. La la la

Might as well rent at least that side IS looked after.

goodwinsplace

When are these FTB mortgages to be started? is it an April 06 or sooner.

Im interested in one as I have been looking for a mortgage for a few months but based on a single income its hard to find a house in my area for my family.

purplefirth

Pretty sure it is April but unless you intend to buy a house that you are never going to sell I wouldn't bother.

I heard that the mortgage people may be starting up a scheme for people paying over £800 p/m rent whereby that would be enough to get a decent mortgage as opposed to 3 times your salary.

anyone else or is that more smoke

goodwinsplace

Im just looking for the smallest part own option available, not the 50% as keeps getting mentioned.

I have 2 young children and renting a house restricts me to save for a deposit, I saw a house last week which I could have got with a 10% deposit, this type of mortgage would help me out of that stick and I could repay the 10% over time.