Government announces sweeping homeownership reforms

Norman_Castle

Sarah1Mitty2 said:

In reality these announcements are a nothing burger, didn`t they pilot something similar a couple of years ago and they couldn`t get all the HA`s on board or something? Housing action groups are just going to shout "Thatcher!" and it will be quietly dropped.

Voluntary right to buy. Two pilots have happened, this announcement is a continuation of that. Its ongoing.

Jaded2022

If someone renting could somehow get the deposit from somewhere then get a big mortgage approved then they would have cheaper living costs than renting

as soon as this change starts it may be more beneficial for those on benefits to buy rather than rent

but there needs to be some government schemes in place to help out with the deposits 

Jaded2022

davemorton said:

Oooo, I do hope I can leave the stressful job I am in at the moment, get a nice job without the stress that pays a lot less, and let the government top up my wages by paying my mortgage.  

You may even be better off working part time and having UC pay your mortgage off👍🏻

Jaded2022

housebuyer143 said:

SuseOrm said:

housebuyer143 said:

SuseOrm said:

Sarah1Mitty2 said:

SuseOrm said:

housebuyer143 said:

SuseOrm said:

@housebuyer143 there are houses up north for £80,000 still.  

Where are used to live you could actually buy a beautiful house for 150 so if you were earning 25,000 as a salary being topped up to £35,000 by universal credit you would more than qualify for that mortgage the issue is the deposit and I see them removing that too.  If not most people‘s parents could find £7 1/2 grand for you.  

And let’s be honest plenty of our parents bought houses on 100% mortgage and wouldn’t be in the position that they’re in now today if it had not been available to them.  

I worked two jobs for one year to couple together £3000 as a 5% deposit on my house back in the day it’s certainly doable.  

If you live up North, yes. But anywhere that isnt in the North its not really possible. My sister wants a 2 bed house for her, her husband and her daughter.  Its £250k minimum, even in parts of Wales now its £240k for a 3 bed semi. She can borrow £100k. She will never be able to save a £150k deposit, it wont happen and so home ownership for people like her is almost impossible.. 

i’m honestly not trying to be an !!!!!! here but like I’d really like a Porsche 911 and ownership of that is not going to be possible for me either.  

The government cannot cover every single eventuality.  A two minute search of Cardiff shows that you can buy a two Bedroomed house there for £150k so with respect you just gotta cut your cloth accordingly

A Porsche isn`t essential though, decent housing is, and what is the average wage in Cardiff and how many jobs are available?

According to the office of national statistics unemployment is it an all-time low since records began 3.5% so even if somebody was on a minimum wage of 19,000 a year if they’ve got a child that will be topped up to 25,000 a year currently under this new scheme it would be nearly £33,000 per year if somebody has a clean credit record they could easily borrow four times their salary which puts them into the hundred and £140,000 price range for a three bed terraced house 40 minutes from the centre of Cardiff. 
They presumably have to borrow 95% so basically this is entirely achievable outside of the North.
they will always be plenty of negative Nellys who will whinge as to why it doesn’t work for them and then wonder in 10 years time why they’re still renting.  

Do you live in Cardiff? 40 mins from the centre of Cardiff is not Cardiff.. I don't doubt you can get a house in Wales quite cheap in some areas, but the majority of the UK population are not in Wales and house prices are out of the reach for the majority of those on lower incomes who happen to reside in the South of England.

But there’s never been cheap housing in the south east specifically of England since time began it’s been the most expensive place to live in the UK. 

Are you expecting the Prime Minister to look at each and every demographical group and where their preference is to reside and put in a policy for each individual ? 

You also forget the south-east is Conservative stomping ground anyway they don’t need to appeal to those people they already have their vote.  Boris could eat a baby on live television I need to still win Huntington etc

I expect a plan to be thought through and not just benefit a tiny majority of those it's aimed at. 
It would not surprise me if he did a complete U-turn though on this policy just like so many other things announced in recent months. 

The government needs to do something to stop the huge housing bubble from popping 

there is is talk about help to buy 3 being 40% of the house interest free for 7 years. So you only need a mortgage for 60% and universal credit will pay that off

sammyjammy

daveyjp said:

Thrre's a long way between a speech today and anything coming into force.  This is all about manifesto kite flying.

Indeed, also a great way to get people moving voluntarily to UC and even if it did come in no guarantee that lenders will actually lend on that basis.  Surely limits would apply as they do for housing element as well - not likely to help any first time buyer in L&SE

sammyjammy

Sarah1Mitty2 said:

SuseOrm said:

housebuyer143 said:

SuseOrm said:

@housebuyer143 there are houses up north for £80,000 still.  

Where are used to live you could actually buy a beautiful house for 150 so if you were earning 25,000 as a salary being topped up to £35,000 by universal credit you would more than qualify for that mortgage the issue is the deposit and I see them removing that too.  If not most people‘s parents could find £7 1/2 grand for you.  

And let’s be honest plenty of our parents bought houses on 100% mortgage and wouldn’t be in the position that they’re in now today if it had not been available to them.  

I worked two jobs for one year to couple together £3000 as a 5% deposit on my house back in the day it’s certainly doable.  

If you live up North, yes. But anywhere that isnt in the North its not really possible. My sister wants a 2 bed house for her, her husband and her daughter.  Its £250k minimum, even in parts of Wales now its £240k for a 3 bed semi. She can borrow £100k. She will never be able to save a £150k deposit, it wont happen and so home ownership for people like her is almost impossible.. 

i’m honestly not trying to be an !!!!!! here but like I’d really like a Porsche 911 and ownership of that is not going to be possible for me either.  

The government cannot cover every single eventuality.  A two minute search of Cardiff shows that you can buy a two Bedroomed house there for £150k so with respect you just gotta cut your cloth accordingly

A Porsche isn`t essential though, decent housing is, and what is the average wage in Cardiff and how many jobs are available?

Just because you own a property it doesn't make it decent housing, particularly if you can't afford maintenance and upkeep.  It'll never happen its just changed the subject from getting rid of BJ

SuseOrm

sammyjammy said:

daveyjp said:

Thrre's a long way between a speech today and anything coming into force.  This is all about manifesto kite flying.

Indeed, also a great way to get people moving voluntarily to UC and even if it did come in no guarantee that lenders will actually lend on that basis.  Surely limits would apply as they do for housing element as well - not likely to help any first time buyer in L&SE

You can’t move voluntarily to universal credits.  

If you lose your job they would want to know how why where when,  if you reduce your hours without a bloody good reason you will be sanctioned,  if you forget to login on a Tuesday afternoon at 2:32 you will be sanctioned.  If you don’t attend a meeting for literally any reason,  with less than 24 hours notice at your local job centre that could be 2 1/2 hours away from your actual place of work during working hours you will be sanctioned.  

I’m sure you’re getting the jist.  

sammyjammy

SuseOrm said:

sammyjammy said:

daveyjp said:

Thrre's a long way between a speech today and anything coming into force.  This is all about manifesto kite flying.

Indeed, also a great way to get people moving voluntarily to UC and even if it did come in no guarantee that lenders will actually lend on that basis.  Surely limits would apply as they do for housing element as well - not likely to help any first time buyer in L&SE

You can’t move voluntarily to universal credits.  

If you lose your job they would want to know how why where when,  if you reduce your hours without a bloody good reason you will be sanctioned,  if you forget to login on a Tuesday afternoon at 2:32 you will be sanctioned.  If you don’t attend a meeting for literally any reason,  with less than 24 hours notice at your local job centre that could be 2 1/2 hours away from your actual place of work during working hours you will be sanctioned.  

I’m sure you’re getting the jist.  

Erm yes you can move voluntarily to UC if you are currently claim tax credits or other legacy income related benefits.

Not much of a drama queen are you!

Jaded2022

sammyjammy said:

daveyjp said:

Thrre's a long way between a speech today and anything coming into force.  This is all about manifesto kite flying.

Indeed, also a great way to get people moving voluntarily to UC and even if it did come in no guarantee that lenders will actually lend on that basis.  Surely limits would apply as they do for housing element as well - not likely to help any first time buyer in L&SE

What do you mean moving voluntarily onto UC?

Jaded2022

SuseOrm said:

sammyjammy said:

daveyjp said:

Thrre's a long way between a speech today and anything coming into force.  This is all about manifesto kite flying.

Indeed, also a great way to get people moving voluntarily to UC and even if it did come in no guarantee that lenders will actually lend on that basis.  Surely limits would apply as they do for housing element as well - not likely to help any first time buyer in L&SE

You can’t move voluntarily to universal credits.  

If you lose your job they would want to know how why where when,  if you reduce your hours without a bloody good reason you will be sanctioned,  if you forget to login on a Tuesday afternoon at 2:32 you will be sanctioned.  If you don’t attend a meeting for literally any reason,  with less than 24 hours notice at your local job centre that could be 2 1/2 hours away from your actual place of work during working hours you will be sanctioned.  

I’m sure you’re getting the jist.  

Most peps are on light touch UC these days and never get sanctioned