Help To Buy - Sick with worry - Any indications that the scheme will be extended for home owners?

MovingForwards

karynS said:

moneysavinghero said:

If you cant afford the new house without HTB, stay where you are.

Interesting comment! With no explanation for your advice.. Is it because you depict the market acting a certain way? After a frank conversation with a mortgage broker today, he estimates the housing market will drop by 5-10% in value at the start of 2021, so i would rather secure my equity at my agreed sale price and see it through. 
 Albeit foolish to do so; I have set my heart on one new build in particular, and am trying to secure it using HTB - but the odds are stacked against me..

Quite possibly because new builds are overpriced, plus you have a H2B loan on top of the mortgage to repay, then as the house isn't new after you get the keys it drops in price to what it really should be, before slowly climbing up (hopefully).

Not many people here do think H2B equity loans are a good thing at the best of times, let alone now.

Preface12

We are in the same boat. Keeping our ears wide open. I have a feeling this announcement if there will be one at all will come October. We are first time buyers also looking at the equity loan...based on our research we are not very comfortable with using it but not sure how else to go about it

MovingForwards

Preface12 said:

We are in the same boat. Keeping our ears wide open. I have a feeling this announcement if there will be one at all will come October. We are first time buyers also looking at the equity loan...based on our research we are not very comfortable with using it but not sure how else to go about it

FTB H2B new scheme has already been announced.

karynS

JoseKangu said:

Hi there, my partner and i are in the same situation. Right from the begining we were assured our house would be completed by December 31 but now they have come back saying that they cannot confirm this anymore (Charles Church homes). We need to exchange soon and our legal advisor is saying that its our risk if the new build is not complete by Decemeber meaning we lose our deposit. How is this even fair? why would we lose a 20k deposit on something that is not even ours. We will investigate our options with our legal advisor and help to buy agent but there surely has to be a way around this. Karyn please keep this post updated and i will also update on our situation. Thanks everyone

Will do.  In the meantime - I came across this, there's not many takers but there might be if it starts to get the hype on MSE :-) https://petition.parliament.uk/petitions/331592 

karynS

Cheers for contributions so far, I stumbled across this in my research if any of you can sign and share it can't harm and might help.. https://petition.parliament.uk/petitions/331592 

Dinpraad

MovingForwards said:

Preface12 said:

We are in the same boat. Keeping our ears wide open. I have a feeling this announcement if there will be one at all will come October. We are first time buyers also looking at the equity loan...based on our research we are not very comfortable with using it but not sure how else to go about it

FTB H2B new scheme has already been announced.

But that could be delayed if Housing Secretary decides to extend existing scheme for say 6 months as a result of COVID and the effect /impact it has had on the new build market and developers at large

JRG_4

I’m a first time buyer and the property is well below the cap for my region. Does anyone know whether the deadlines would apply to me? Our build completion is December but could run into January.

Dinpraad

https://www.google.com/amp/s/amp.ft.com/content/73e5c6e3-4f0b-44eb-a5ce-e038fdda10b9

karynS

Doing a little dance! I couldn't read the FT piece as I've not subscribed but had a google and found a different report that basically says "Three government figures confirmed that Whitehall discussions were taking place to resolve the issue, with an announcement expected as early as Friday. However, they insisted that the precise details were yet to be finalised."
https://www.super155.com/uk-government-draws-up-extension-to-help-to-buy-scheme/.html

Great news for a lot of people! Thanks Dinpraad for bringing it to our attention 

Crashy_Time

karynS said:

JoseKangu said:

Hi there, my partner and i are in the same situation. Right from the begining we were assured our house would be completed by December 31 but now they have come back saying that they cannot confirm this anymore (Charles Church homes). We need to exchange soon and our legal advisor is saying that its our risk if the new build is not complete by Decemeber meaning we lose our deposit. How is this even fair? why would we lose a 20k deposit on something that is not even ours. We will investigate our options with our legal advisor and help to buy agent but there surely has to be a way around this. Karyn please keep this post updated and i will also update on our situation. Thanks everyone

Will do.  In the meantime - I came across this, there's not many takers but there might be if it starts to get the hype on MSE :-) https://petition.parliament.uk/petitions/331592 

Barely 800 signatures? Looks like people have twigged that HTB is just help to borrow to help developers sell overpriced plots?