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Boris announcement on new deposit scheme?
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Jsutherland7
Posts: 66 Forumite


Hi guys hope your all well,
just wanted to bring up this new story on a new 5% deposit scheme that boris spoke briefly
on last week!
what I don’t quite understand is that with had the “5% deposit” deal for a long time now so don’t understand what’s so great about this new up and coming scheme? also they keep saying Help to buy is for first time buyers only NOW although it’s been advertised as that since it started!! I don’t quite understand what there trying to bring to the table yet! I guess we will find out soon.
My worry is that although 5 percent is a good deal, for us Londoners 5% can still
seem like a saving of 40k to 80k which is impossible in the short term,
Any info on this new scheme would be amazing thanks guys enjoy your day
just wanted to bring up this new story on a new 5% deposit scheme that boris spoke briefly
on last week!
what I don’t quite understand is that with had the “5% deposit” deal for a long time now so don’t understand what’s so great about this new up and coming scheme? also they keep saying Help to buy is for first time buyers only NOW although it’s been advertised as that since it started!! I don’t quite understand what there trying to bring to the table yet! I guess we will find out soon.
My worry is that although 5 percent is a good deal, for us Londoners 5% can still
seem like a saving of 40k to 80k which is impossible in the short term,
Any info on this new scheme would be amazing thanks guys enjoy your day
1
Comments
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Help to buy equity loan scheme was not for first time buyers only. (Maybe you are thinking of Help to buy ISA?).
For a 5% deposit you don’t need 40-80k (also this isn’t ‘impossible’ for a lot of people).A 40k deposit at 5% is a 800k property
80k is 1.6M, even in London you can get a property far cheaper than this!
Unsurprisingly actual details are the proposed scheme are thin on the ground.2 -
The govt has zero say in this. Frankly anyone buying with a 95% mortgage needs their head examining.3
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The government will most likely turn it in to a mortgage guarantee scheme to protect the lenders from losing money if reposessing in a depressed housing market. We had this for many years after the financial crash and it worked well enough then to be brought back in a similar way. Cant see anything happening this year about it though. Will probably time it with stamp duty cut finishing to stop the market falling off a cliff0
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Comms69 said:The govt has zero say in this. Frankly anyone buying with a 95% mortgage needs their head examining.13
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Slappermum said:Comms69 said:The govt has zero say in this. Frankly anyone buying with a 95% mortgage needs their head examining.
2 -
Slappermum said:Comms69 said:The govt has zero say in this. Frankly anyone buying with a 95% mortgage needs their head examining.Glad it's working out for you, but the risks are real for some people.Suppose the property market crashed (Covid effect? Brexit? other unknowns?) then your LTV would go the other way!Suppose you lost your job(s)? No more 'over payments'.It was the 100% mortgages in the last financial crash that left people in crisis - unable to pay and unable to sell. 95% is taking a real gamble. Just because for you, at present, it's working out, does not mean it is not a huge potential gamble.3
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More b*ll*cks and l*es from Bozo the clown.
3 -
Comms69 said:Your anecdotal experience is irrelevant to the current situation, with 10% of working people expected to be unemployed in 4 months....11
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Jsutherland7 said:
what I don’t quite understand is that with had the “5% deposit” deal for a long time now so don’t understand what’s so great about this new up and coming scheme?
Wow aren't we lucky Help 2 Buy exists so we can borrow enough to buy a house! (not understanding that without H2B you wouldn't need to borrow all that extra cash in the first place because the house would be cheaper).
Wow aren't we grateful for the extra cash from the stamp duty holiday! (not understanding that the house you're looking to buy just shot up in price by the exact amount you believe that you are "saving", as a direct result of the SDLT holiday).
Every time you see them ostensibly throwing money at buyers, they are really throwing it at sellers. Every single time.4 -
Slappermum said:Comms69 said:Your anecdotal experience is irrelevant to the current situation, with 10% of working people expected to be unemployed in 4 months....1
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