Government FirstBuy Scheme - what where and how!

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  • brit1234
    brit1234 Posts: 5,385 Forumite
    GreenManG0 wrote: »
    Brit1234: I would be interested to hear why you find shared equity it a scam?

    Because it is aimed at the financially illiterate or desperate to get them to overpay for a home, that's why.

    It can't be any simpler. The property costs far more than a conventional one. By using a equity loan some how it allows people to buy with little deposit. Where else can you get a loan to use as a deposit, the answer is you can't, the mortgage lender would turn you down. So it is aimed at those with little deposit and gets them to pay far more.

    All you are doing is keeping house prices inflated, rigging land registry figures which in turn are used to massage their land bank values to hide the developers insolvencies.

    If you want to get ripped off with a sub prime property go ahead but please don't go crying when you are in negative equity by tens of thousands, interest rates are higher and you have to repay the loan as well.

    What's wrong with saving a deposit and buying normally. The problem today is that we have a I want now, can't be bothered attitude.

    Shared equity is a scam full stop.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
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