Help to buy SCAM....

urgi

Need to pay ... but no-one wan't pay more if don't have to ....

but if valuation will be reasonable £230 - £250000 = I pay back £46-£50000 and no £56K

and make nice 10K for car upgrade for example

goathead

"wait to Brexit and hope value of houses goes down?"
"And no-one know how price of houses will future.........."

urgi

I think whole H2B is GOV SCAM

If GOV really WANT help the people they shut be 5 year no interest and return exact same money what they borrowed on beginning - if you staying in house

after 5 years interest on top

grumiofoundation

urgi wrote: »

I think whole H2B is GOV SCAM

If GOV really WANT help the people they shut be 5 year no interest and return exact same money what they borrowed on beginning - if you staying in house

after 5 years interest on top

Again please explain the SCAM aspect? How exactly have you been scammed.

Has help to buy enabled you to live in a house for 5 years you otherwise wouldn’t have been able to afford? Is this house now worth more then you paid for it? Could you sell this and make a profit?

If you believe the valuation is wrong have you got it valued yourself?

getmore4less

If you don't like the valuation what evidence do you have they are not now worth £280k.

That will be sale prices and to a lesser extent asking prices/SSTC that will sell soon.

Remember you benefited from 40k interest free for 5 years and a lower 75% LTV HTB rate so saved a bit there

As for what you do.

You pay interest on £40k and stay owning 80%
or
You buy it out and pay interest on £56k and carry the risk reward of the extra 20% you own.

Chandler85

Look you got help buying house from the government, basically to stop you having to rent.


They basically bought 20% of your house, so you now have a nice place to live.


House buying at the moment is so heavily supported by the government through H2B, LISA, FTB stamp duty release. None of those existed when most people bought houses.


It isn't a scam, its a way to buy a house. You basically bought 80% of a house, not 100%

caprikid1

SCAM


I used help to buy loan and the property went down ,I realise now Help to buy was just a scam to help builders not home buyers.


I was able to buy a house that normally I could not afford, this helped sustain house prices artificially high.


How about it goes down 20% to its real value, you have a smaller HTB loan to pay back but no deposit, now lets put interest rates back to 6% and see houses crash further. You will then owe £150,000 against a £140,000 property.


Just no pleasing some people, everything is a con , everything deserves compensation. I truly worry for this world where everything is someone elses fault and no one takes responsibility.

kingstreet

You've made £64,000 and you're moaning?

You could have made £80,000 if you'd bought without shared equity, but then you would have paid a higher rate for your mortgage wouldn't you?

You can't win on the swings AND the roundabouts...

Tiglet2

urgi wrote: »

surprisingly after 5 year to high


Now Q wait to Brexit and hope value of houses goes down?
Or use different RICS valuator and ask straight to minimum valuation and pay now?
Or start paying interest to H2B Target? £720 a year.

The RICS valuation you got is only valid for three months and you probably paid an admin fee of around £200 for the valuation. Every time you get a new valuation, it will cost you another £200 just for the RICS valuer to provide a new figure, which could be higher or lower than the one you've just received. An Estate Agent's valuation is not acceptable to Target.

I think you need to decide whether to pay the equity loan off in one lump sum or re-mortgage and increase your mortgage to incorporate the equity loan. Trying to guess whether the market will go up or down in respect of Brexit is risky, but presumably you will have to come to a decision about the equity loan if you have owned the property for 5 years, so whether or not that coincides with a reduction in value would be difficult for anyone to predict.

ACG

urgi wrote: »

I think whole H2B is GOV SCAM

If GOV really WANT help the people they shut be 5 year no interest and return exact same money what they borrowed on beginning - if you staying in house

after 5 years interest on top

There is not enough money to put police on the streets and nurses in hospitals but you want the government to give you a 5 year interest free loan to buy a house... We are clearly in different worlds.

As kingstreet says, you have made £64k.

You could sell your home, pay off the loan if this loan is so bad and still be in profit.