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Government to scrap Help to Buy mortgage guarantee scheme

Former_MSE_Faye
Former_MSE_Faye Posts: 147 Forumite
edited 3 October 2016 at 3:30PM in Mortgages & endowments
A guarantee which lets those with small deposits buy homes with Government-backed loans will end on 31 December...
Read the full story:
'Government to scrap Help to Buy mortgage guarantee scheme'
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Comments

  • Didn't know that this scheme was meant to ending in Dec 2016. Looks like there will be less first time buyers in 2017.
  • This is good news. Another crazy initiative intended to encourage people to encumber themselves with excessive debt. The average house now costs nearly 8 times the average gross annual salary, and although supply-end problems have a significant share of the blame, schemes like this bolstered demand (which is the willingness to buy plus the means to buy). People should save up a decent deposit and not be overly reliant on loose (risky) lending.
  • kingstreet
    kingstreet Posts: 39,108 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Lenders have moved to lending upto 95% without the guarantee (Nationwide and Santander being prime examples) so this is not as big a deal as it might have been.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Hardly "scraps" when the scheme was scheduled to end anyway.

    Why put a spin on the news MSE? Reporting factually is the best form of journalism.
  • wjr4
    wjr4 Posts: 1,271 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    There were better interest rates without the mortgage guarantee.. so the htb mortgage guarantee and the htb ISA have been irrelevant in my situation!
    I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.
  • brit1234
    brit1234 Posts: 5,385 Forumite
    Lets hope they scrap the developers Help to Buy schemes next especially Help to Buy London with the extra 40% deposit. In reality these schemes are Help to Sell at inflated prices for the developers, nothing about first time buyers. Having to pay interest on a extra 40% after 5 years is crazy.

    5% deposits in a collapsing housing bubble is extremely reckless.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • minimike2
    minimike2 Posts: 2,210 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Thrugelmir wrote: »
    Hardly "scraps" when the scheme was scheduled to end anyway.

    Why put a spin on the news MSE? Reporting factually is the best form of journalism.

    Agreed. It has always be due to end then. This is a terrible piece of journalism and not what people have become to expect of MSE. This isn't The Sun. Let's hope this is a one off before people start to lose respect for the place.
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    One down.... now Right to buy...
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
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