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Help to Buy scheme

  • 28-12-2013 12:14pm
    #1
    PH4T
    Registered Users, Registered Users 2 Posts: 931 ✭✭✭PH4T


    Do people think the Help to Buy scheme is a good idea?

    Is anyone here planning to avail of it?

    The whole thing feels a little like Ireland in 2007...


Comments

  • #2
    83ste
    Registered Users, Registered Users 2 Posts: 539 ✭✭✭83ste


    PH4T wrote: »
    Do people think the Help to Buy scheme is a good idea?

    Is anyone here planning to avail of it?

    The whole thing feels a little like Ireland in 2007...

    Do you mean mortgage guarantee, equity loans or shared ownership? I'm no expert in this field, but the first two seem to be worth looking at. The third seems to combine all the disadvantages of renting with all the disadvantages of owning and none of the advantages of either.


  • #3
    PH4T
    Registered Users, Registered Users 2 Posts: 931 ✭✭✭PH4T


    83ste wrote: »
    Do you mean mortgage guarantee, equity loans or shared ownership? I'm no expert in this field, but the first two seem to be worth looking at. The third seems to combine all the disadvantages of renting with all the disadvantages of owning and none of the advantages of either.

    I was thinking of the 20% government mortgage guarantee.

    It seems to allow someone with a £30k deposit to buy a £600k home (95% mortgage).


  • #4
    Playboy
    Registered Users, Registered Users 2 Posts: 2,923 ✭✭✭Playboy


    I think its going to create a housing bubble in the south east. Lots of people in London have good incomes but are unable to buy due to being unable to save for a deposit as rents and cost of living is high. I would expect the market will be flooded with buyers next year and as there is already a shortage of homes the only only way prices can go is up. I'm very disappointed by the tories as they havent addressed the issue of supply of housing in the south east but have put in place a scheme that will put further income in the pockets of property owners at the expense of people who are trying to get on the ladder.


  • #5
    Jon Blue Thankfulness
    Posts: 0 ✭ Jon Blue Thankfulness


    Totally reminds me of Ireland in 2007. Oh look, nobody can afford to buy a house because house prices are over 10 times a normal salary, so let's just lend people far more than they can afford to borrow, that'll sort it out.

    I've pretty much accepted that buying in London is just a dream for me. If you don't go in for this Help to Buy scam, you need more than a 40 grand deposit to buy an ex-council one-bed flat in Bow.


  • #6
    PH4T
    Registered Users, Registered Users 2 Posts: 931 ✭✭✭PH4T


    Jon Blue Thankfulness wrote: »
    Totally reminds me of Ireland in 2007. Oh look, nobody can afford to buy a house because house prices are over 10 times a normal salary, so let's just lend people far more than they can afford to borrow, that'll sort it out.

    Yeah it feels that way to me too but is London fundamentally different from Dublin and are measures like times average salary meaningless in Zone 1 with all the foreign money flooding in?


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