Help to Buy Equity Loan - Scandal

jimmyjammy001

Younger generation person here mid 20's, I personally and quite a few people I know didn't touch the help to buy scam when it came out in 2014, all it has done is push house prices up because people can suddenly borrow more and the house builder bosses getting multi million pound bonuses courtesy of the tax payer, people who are complaining are forgetting that the other 80% of their house has gone up also, if it is that big of a problem, sell the house, pay back the Government and then put down a nice big deposit you have made from the equity from your first house which the government helped you get, no sympathy for any one who has used the help to buy scam, there are plenty of us who haven't, who have had to buy a cheaper lesser quality house instead because of people taking out the help to buy scheme and prices raising overall as a result.

diggingdude

Has someone in my mid thirties I don't know if I class as young or old. I do know I've had to bloody save to get my house. I looked at the help to buy equity scheme I didn't want to use it. I made that decision because I read what it was.

Now we come back to the original poster. Could someone maybe post a post agreeing with them so they feel better?

mklister

The area that I do see a problem with Help To Buy is if house builders told prospective buyers that they had to take it out in order to get the house, even if they could afford the house without. It would also make the initial price more attractive versus older homes.

When you're making such a big purchase you should certainly read everything and get clarification if you need it. When I bought my 1900's Terraced last year the solicitors were very helpful.

The terms actually appear to be really fair, and reading the document there is the option to staircase to purchase 10% of the original loan in the example.

BrassicWoman

JimmyDC wrote: »

it seems that the majority believe that Help to Buy equity is perfectly fine and that it's ok for the government to profit from us.

There isn't a minister waiting for your cheque to come in who will personally trouser it and blow it on jelly beans.

While the financial morality of ministers is questionable, in this case, it goes into the coffers to fund other HTB people or other works, thereby reducing the taxes we all pay. PFI and quangos are another matter.

If you're having a rant, at least understand the very basics of finance before you do it.

Here's some data

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/751359/Evaluation_of_the_Help_to_Buy_equity_loan_scheme_2017.pdf

RealElement47

Can you apply for HTB equity loan on a shared ownership new build?

Yalpsmol

No you cant use HTB equity loan on shared ownership.

SpiderLegs

JimmyDC wrote: »

I just outlined exactly what I was grumbling about. The fact we can’t pay it back in Increments.

What are you contributing to the conversation other than voicing your opinion of which I’m not interested?

A facility to pay back in smaller increments would be costly and inefficient.

You, and everybody else who uses the scheme would have to pay for that through a higher interest charge.

Then you would probably complain about that instead.

AnotherJoe

JimmyDC wrote: »

I just outlined exactly what I was grumbling about. The fact we can’t pay it back in Increments.

No you were also whining that the government benefited from the rise in price. So you don't just want a free loan, you also want a free extendible loan, a free loan that gives you 100% of the benefits with no downside, a free loan that gives all the benefit to the recipient and none to the free loan provider ? Would you like jam on it as well?

JimmyDC wrote: »

IWhat are you contributing to the conversation other than voicing your opinion of which I’m not interested?

LOL if you don't want opinions then why ask for them, "what are everyone's thoughts ?" and why post on a forum in the first place?
Many people, many of them poorer than you, many who can't afford to buy at all, paid tax so that you can buy a house you otherwise couldn't afford. And you are whining about it. Jeez

RealElement47

Yalpsmol wrote: »

No you cant use HTB equity loan on shared ownership.

Are you sure, somebody said this new rules coming in means you can combine both HTB and shared ownership in London?

AnotherJoe

Maybe the new rule will mean this but its not here yet and may never be. Election coming before new rule
However be very sure this is what you'd want seems to me you'd end up buying a slice of a slice, eg not much. Do read the conditions carefully as and whena new rule is introduced. Some people, just pile in and spend hundreds of £k without even havinag a clue what they are doing. Don't be one of those.