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the Government's new First Time Buyers Initiative (FTBI)
sophlowe45
Posts: 1,559 Forumite
the Government's new First Time Buyers Initiative (FTBI).
FTBI allows first time buyers to take a mortgage for a minimum of 50% of the value of the home. The remaining 50% is contributed by the Government, making the mortgage costs more affordable. During the first three years there is nothing to pay on the Government contribution. After that buyers only pay a fee of 1% per year to a maximum rate of 3% after a further two years
Hi
has anyone here bought through FTBI? What are the advantages/disadvantages and how does it actually work?
Thanks.
FTBI allows first time buyers to take a mortgage for a minimum of 50% of the value of the home. The remaining 50% is contributed by the Government, making the mortgage costs more affordable. During the first three years there is nothing to pay on the Government contribution. After that buyers only pay a fee of 1% per year to a maximum rate of 3% after a further two years
Hi
has anyone here bought through FTBI? What are the advantages/disadvantages and how does it actually work?
Thanks.
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Comments
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I didn't know it even existed!! Is there a link giving more details?Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
This is what I found on it, didnt know about it myself
http://www.housingoptions.co.uk/ho2/ho2/firsttime.asp
Cate0 -
Quality. I'm going to apply to live in the Square Mile.0
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I had a look at this about August/September last year when I first started looking for a flat. The properties the government offers are new builds, and I think you need to live in the Borough that you're looking for a house in. The lowest price of the flats I saw in Southwark (where I was living at the time) were about 250K, so I would have been paying around 100 ish a month in rent, and the mortgage on a 112K loan, plus a 5% deposit.
It seemed like an okay idea, but I decided that I would rather buy an older property and do it up, instead of a new build for less money. The location of the properties in Southwark was a rubbish for me to get to work on also, although I think I could look in other boroughs as well, IIRC.
I would apply on line to see if you are elligible.
I think Generali would classify as an FTB as he rents at the moment, but I suspect his household income is above 60K!Errors of opinion may be tolerated where reason is left free to combat it. - Jefferson0 -
Melissa177 wrote: »I think Generali would classify as an FTB as he rents at the moment, but I suspect his household income is above 60K!
Me? I'm just an impoverished back office temp. Barely 2 pennies to rub together etc...0 -
great, people cant afford to buy their home because of banks lending polices and lack of housing so the government steps in lets people buy 1/2 a house, prices shoot up and then people need to buy 1/4 of a house etc.
Build more houses and stop with the daft schemes trying to prop up the market till after the next election.0 -
Agreed.
The best thing the government could do to help the housing market is stop bloody meddling.Been away for a while.0 -
farcical, go out earn money like everyone else and afford the house your own way. If you can't afford it tough! You should get a better job or you should have not been so stupid with money.
I really hope prices don't fall so all these stupid people that feel hard done by actually do what everyone else does and earns a home as opposed to being gifted one!!!!0 -
farcical, go out earn money like everyone else and afford the house your own way. If you can't afford it tough! You should get a better job or you should have not been so stupid with money.
I really hope prices don't fall so all these stupid people that feel hard done by actually do what everyone else does and earns a home as opposed to being gifted one!!!!
That post is gonna get a few peoples back up...Been to geneva twice..very clinical.0 -
Sorry ignore the geneva bit..wrong thread.0
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