NewBuy Scheme?

[Smiffy]

Anyone looked deeply into this yet?

I am looking to purchase my first house and my ears pricked up on hearing of this new scheme. But, the stuff I have read so far doesn't exactly make me want to get involved. Plus, there are zero homes in this area available under the scheme.

Another complete load of bollox IMO.

Where's Dave the Shrimper?...What's your thought's mate?

 

[class]

If you have done some research, you should have noted that quite a few people have had problems with this scheme in the past. In short, the scheme has been devised to keep the price of new build properties artifically high. What this means is that people who then come along, buy one of these new build rabbit hutches using Firstbuy or whatever it is called nowadays, are pretty much plunged straight into negative equity from day 1. Everything favours the builders with this scheme.

 

[Smiffy]

If you have done some research, you should have noted that quite a few people have had problems with this scheme in the past. In short, the scheme has been devised to keep the price of new build properties artifically high. What this means is that people who then come along, buy one of these new build rabbit hutches using Firstbuy or whatever it is called nowadays, are pretty much plunged straight into negative equity from day 1. Everything favours the builders with this scheme.

Yep, goes along with what I have read thus far.

Seems another ******** attempt by the government, to make it look like they are doing something useful.

Another pointless scheme dressed up as something groundbreaking. When in fact it appears you would have to be mental to get involved with it.

 

[Neil_F]

The government is heading in a dangerous direction in my opinion. Having the taxpayer underwrite mortgages is a bad idea (you would have thought the biggest US bankruptcy in history of a similar scheme just four years ago would be a big clue). Not only that, but the government is likely to do the same thing for business loans i.e. the taxpayer either underwrites the loans (allowing banks to take risks because they can't lose) or by creating a state sponsored bank with taxpayer money.

Government intervention in the housing market never works. The obstacle to home ownership is not the availability of finance but the price of housing, which is driven by the restrictive planning laws and geographically unbalanced economy. Fixing those two things is all that will make a difference.

 

[TrueBlue]

My manager at work did it got him on the ladder best thing he has ever done

 

[Davros]

i was messing with some numbers on the Natwest website (who seem to have some good 90% mortgage rates), and although they say that on some of these new prodcuts the mortgage value can be up to 95% of the value of the property, when you put the numbers in, it only seems to let you have 90%. Maybe just a system error as i was playing around with it on the day they were launched, but wiers nonetheless!

 

[class]

Bottom line i'd say is if you need a loan to pay for the deposit, then you cannot afford the house in the first place.

 

[Yorkshire Blue]

Bottom line i'd say is if you need a loan to pay for the deposit, then you cannot afford the house in the first place.

This.


Home ownership is just taking on more responsibility, more bills anyway.