Help to Buy? A frenzy of activity.

Loughton_Monkey

Percy1983 wrote: »

Hardly surprising there is a small surge, out of all those who where saving for 10% (or more) many of them will have probably passed the 5% marker.

Now the question really is how many of those will actually get accepted for mortgages on the scheme as critera will be tight and from that how long will this go on for?, as in is this all of them at once or just 5% of them.

It will take a little more time to see the actual impact of this.

Well now Barclays has joined the scheme, there's only Nationwide to go. I can't see too much of a shortage (in mortgages anyway). It's the houses that are in short supply, making the 10% YoY prediction by year end pretty much 'in the bag'.

Bank staff will get quite a bit of overtime, and the Estate Agents might be burning a bit of midnight oil.

socrates

Loughton_Monkey wrote: »

A rather philosophical view if I may say so.

Had HTB been around in 400BC, I am pretty sure that Socrates himself would have availed himself of it. But it wasn't. As Classical scholars will know, he himself admitted that he knew that he knew nothing about it.

Let's talk again on the other side

ruggedtoast

HTB (or Help The Boomers as it is otherwise known) is a venal and counter-productive misuse of public money. Hopefully as few young people as possible will have anything to do with it, though after decades of declining educational standards they may not see it for the inter-generational confidence trick that it is.

Loughton_Monkey

ruggedtoast wrote: »

HTB (or Help The Boomers as it is otherwise known) is a venal and counter-productive misuse of public money. Hopefully as few young people as possible will have anything to do with it, though after decades of declining educational standards they may not see it for the inter-generational confidence trick that it is.

Well it can't be the boomers queuing for miles for a HTB mortgage, since no respectable boomer needs a 95% mortgage. We all have an embarrasingly high amount of equity which we managed to accumulate without any help.

Sapphire

Loughton_Monkey wrote: »

Well it can't be the boomers queuing for miles for a HTB mortgage, since no respectable boomer needs a 95% mortgage. We all have an embarrasingly high amount of equity which we managed to accumulate without any help.

Definitely not all.

Thrugelmir

ruggedtoast wrote: »

HTB (or Help The Boomers as it is otherwise known) is a venal and counter-productive misuse of public money. Hopefully as few young people as possible will have anything to do with it, though after decades of declining educational standards they may not see it for the inter-generational confidence trick that it is.

What public money is being used?

Loughton_Monkey

Sapphire wrote: »

Definitely not all.

Agreed. But I was responding to Mr Rigid Toast who would refuse to believe such nonsense (that not all boomers are multimillionaires).

Typhoon2000

Exactly. In fact it's the banks who are paying the Goverment for the scheme. And think of all the extra stamp duty going into the taxpayers coffers. A quite genius idea.

Loughton_Monkey

Typhoon2000 wrote: »

Exactly. In fact it's the banks who are paying the Goverment for the scheme. And think of all the extra stamp duty going into the taxpayers coffers. A quite genius idea.

On Money Box today, Paul Lewis spoke to a delighted Kelly Holmshaw from Blackpool, one of the first to agree a HTB mortgage with NatWest at 4.99% fixed for 2 years.

She was "Really Excited" about it, and felt she had "more security", and wasn't worried about house prices falling because the rent that they had been paying for a long time was "A lot more" than the mortgage payments will be. That rent couldn't allow her to save for the high deposits previously required.

Everyone's a winner.

... large gin & tonics all round...

THE_MASKED_TURNIP

Loughton_Monkey wrote: »

On Money Box today, Paul Lewis spoke to a delighted Kelly Holmshaw from Blackpool, one of the first to agree a HTB mortgage with NatWest at 4.99% fixed for 2 years.

She was "Really Excited" about it, and felt she had "more security", and wasn't worried about house prices falling because the rent that they had been paying for a long time was "A lot more" than the mortgage payments will be. That rent couldn't allow her to save for the high deposits previously required.

Everyone's a winner.

... large gin & tonics all round...

The more success stories like these in the media and I'm sure HTB will be seen as a positive long term policy implementation across all parties.