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Help to Buy Phase 2 - Rip Off? Plus Advice

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  • ItsyBitsySpider
    ItsyBitsySpider Posts: 96 Forumite
    SpaceCowboy83 wrote: »
    Hi All,

    Thanks for the responses.

    Seems this slightly splits opinion, but the majority seem to agree the government are only helping themselves not buyers.

    Doing bits of research seems if anyone as a 10% deposit these schemes are 100% worth avoiding.

    Thanks SC83

    Calling the second phase as "help to buy" is misleading. Most of people thought this would be a scheme similar to help to buy for new build properties. This misconception pushed the property market in the recent months. Every other buyer thought about getting on the property ladder before property prices soar further higher once help to buy - phase 2 comes in January. The strict lending criteria for this scheme, heavy mortgage payments due to higher LTV, low availability of properties due to recent hype about help to buy - 2, I really doubt this scheme is going to help many buyers. Thought, it has achieved one goal very successfully i.e. push up the house prices for the benefit of the home owners in the run up to elections
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